State of New Jersey Common Pension Fund D Buys 284,718 Shares of Tencent Music Entertainment Group (NYSE:TME)

State of New Jersey Common Pension Fund D increased its position in shares of Tencent Music Entertainment Group (NYSE:TME - Free Report) by 1,583.7% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 302,696 shares of the company's stock after buying an additional 284,718 shares during the quarter. State of New Jersey Common Pension Fund D's holdings in Tencent Music Entertainment Group were worth $3,647,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Janney Montgomery Scott LLC increased its position in shares of Tencent Music Entertainment Group by 10.5% in the first quarter. Janney Montgomery Scott LLC now owns 54,547 shares of the company's stock valued at $610,000 after buying an additional 5,175 shares in the last quarter. Swiss National Bank boosted its holdings in shares of Tencent Music Entertainment Group by 0.3% in the first quarter. Swiss National Bank now owns 1,691,130 shares of the company's stock valued at $18,924,000 after acquiring an additional 4,500 shares in the last quarter. Atomi Financial Group Inc. lifted its position in shares of Tencent Music Entertainment Group by 12.0% during the 1st quarter. Atomi Financial Group Inc. now owns 25,435 shares of the company's stock valued at $285,000 after acquiring an additional 2,727 shares during the last quarter. Sei Investments Co. boosted its position in shares of Tencent Music Entertainment Group by 115.9% in the first quarter. Sei Investments Co. now owns 1,846,116 shares of the company's stock worth $20,658,000 after buying an additional 991,056 shares during the period. Finally, Russell Investments Group Ltd. increased its position in Tencent Music Entertainment Group by 102.8% in the 1st quarter. Russell Investments Group Ltd. now owns 707,683 shares of the company's stock worth $7,919,000 after purchasing an additional 358,694 shares during the last quarter. 24.32% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on TME shares. Morgan Stanley downgraded Tencent Music Entertainment Group from an "overweight" rating to an "equal weight" rating and cut their price objective for the company from $15.00 to $13.00 in a research report on Wednesday, September 25th. Barclays initiated coverage on Tencent Music Entertainment Group in a research report on Wednesday, November 6th. They issued an "overweight" rating and a $16.00 price objective for the company. Daiwa Capital Markets lowered shares of Tencent Music Entertainment Group from an "outperform" rating to a "neutral" rating in a research note on Tuesday, August 13th. Daiwa America lowered shares of Tencent Music Entertainment Group from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, August 13th. Finally, Benchmark dropped their price target on Tencent Music Entertainment Group from $19.00 to $15.00 and set a "buy" rating for the company in a research note on Wednesday, August 14th. Four equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $13.03.

Tencent Music Entertainment Group Trading Down 2.3 %

Shares of NYSE TME traded down $0.25 during midday trading on Wednesday, hitting $10.67. The company's stock had a trading volume of 8,517,102 shares, compared to its average volume of 8,641,982. The business's 50 day moving average is $11.42 and its two-hundred day moving average is $12.84. The company has a current ratio of 2.34, a quick ratio of 2.34 and a debt-to-equity ratio of 0.09. Tencent Music Entertainment Group has a 12-month low of $6.76 and a 12-month high of $15.77. The firm has a market cap of $18.31 billion, a P/E ratio of 19.72, a price-to-earnings-growth ratio of 0.81 and a beta of 0.67.

Tencent Music Entertainment Group (NYSE:TME - Get Free Report) last issued its quarterly earnings results on Tuesday, August 13th. The company reported $0.15 EPS for the quarter, missing the consensus estimate of $0.16 by ($0.01). Tencent Music Entertainment Group had a net margin of 21.53% and a return on equity of 10.67%. The business had revenue of $985.00 million during the quarter, compared to analysts' expectations of $1 billion. As a group, equities research analysts expect that Tencent Music Entertainment Group will post 0.63 EPS for the current year.

Tencent Music Entertainment Group Company Profile

Tencent Music Entertainment Group operates online music entertainment platforms to provide music streaming, online karaoke, and live streaming services in the People's Republic of China. It offers QQ Music, Kugou Music, and Kuwo Music that enable users to discover music in personalized ways; long-form audio content, including audiobooks, podcasts and talk shows, as well as music-oriented video content comprising music videos, live performances, and short videos; and WeSing, which enables users to sing along from its library of karaoke songs and share their performances in audio or video formats with friends.