Commonwealth of Pennsylvania Public School Empls Retrmt SYS Reduces Holdings in Tencent Music Entertainment Group Sponsored ADR $TME

Key Points

• Commonwealth of Pennsylvania Public School Empls Retrmt SYS cut its Tencent Music Entertainment Group stake by 42.3% in the first quarter, leaving it with 610,581 shares worth about $5.67 million.
• Other institutional investors also made mixed moves in TME, and overall hedge funds and institutions now own 24.32% of the company’s stock.
• Analysts currently have a mixed outlook on Tencent Music, with a consensus “Hold” rating and an average price target of $21.44, while the stock recently traded at $8.79.

Commonwealth of Pennsylvania Public School Empls Retrmt SYS decreased its stake in shares of Tencent Music Entertainment Group Sponsored ADR (NYSE:TME - Free Report) by 42.3% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 610,581 shares of the company's stock after selling 447,776 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS's holdings in Tencent Music Entertainment Group were worth $5,666,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Allworth Financial LP raised its stake in Tencent Music Entertainment Group by 63.2% in the third quarter. Allworth Financial LP now owns 1,480 shares of the company's stock worth $35,000 after buying an additional 573 shares in the last quarter. Caitong International Asset Management Co. Ltd boosted its position in Tencent Music Entertainment Group by 5,777.1% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 2,057 shares of the company's stock valued at $36,000 after acquiring an additional 2,022 shares in the last quarter. Smartleaf Asset Management LLC grew its holdings in shares of Tencent Music Entertainment Group by 61.3% during the 4th quarter. Smartleaf Asset Management LLC now owns 2,123 shares of the company's stock worth $37,000 after acquiring an additional 807 shares during the period. Kestra Advisory Services LLC purchased a new position in shares of Tencent Music Entertainment Group during the 4th quarter worth approximately $46,000. Finally, EverSource Wealth Advisors LLC raised its position in shares of Tencent Music Entertainment Group by 83.0% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 3,005 shares of the company's stock worth $59,000 after acquiring an additional 1,363 shares in the last quarter. Hedge funds and other institutional investors own 24.32% of the company's stock.

Analysts Set New Price Targets

A number of research analysts have recently commented on TME shares. Daiwa Securities Group restated a "hold" rating and issued a $12.00 target price on shares of Tencent Music Entertainment Group in a research note on Wednesday, March 18th. Weiss Ratings raised Tencent Music Entertainment Group from a "hold (c-)" rating to a "hold (c)" rating in a research note on Wednesday, July 1st. Zacks Research upgraded Tencent Music Entertainment Group from a "strong sell" rating to a "hold" rating in a report on Tuesday, May 19th. JPMorgan Chase & Co. lowered their price objective on Tencent Music Entertainment Group from $12.00 to $10.00 and set a "neutral" rating for the company in a research report on Thursday, May 14th. Finally, Mizuho dropped their target price on shares of Tencent Music Entertainment Group from $23.00 to $18.00 and set an "outperform" rating on the stock in a report on Wednesday, May 13th. Six equities research analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $21.44.

Tencent Music Entertainment Group Stock Down 0.4%

Shares of NYSE:TME opened at $8.79 on Wednesday. The stock has a fifty day simple moving average of $8.92 and a two-hundred day simple moving average of $11.99. The stock has a market capitalization of $13.84 billion, a price-to-earnings ratio of 10.99, a PEG ratio of 0.57 and a beta of 0.82. Tencent Music Entertainment Group Sponsored ADR has a 12-month low of $7.94 and a 12-month high of $26.70. The company has a current ratio of 2.09, a quick ratio of 2.08 and a debt-to-equity ratio of 0.06.

Tencent Music Entertainment Group (NYSE:TME - Get Free Report) last released its earnings results on Tuesday, March 31st. The company reported $0.11 EPS for the quarter. Tencent Music Entertainment Group had a return on equity of 11.20% and a net margin of 26.45%.The firm had revenue of $1.15 billion for the quarter. On average, research analysts anticipate that Tencent Music Entertainment Group Sponsored ADR will post 0.9 earnings per share for the current fiscal year.

Tencent Music Entertainment Group Profile

Tencent Music Entertainment Group NYSE: TME is a China-based digital music and audio entertainment platform that operates a portfolio of leading music streaming and social entertainment services. Its core consumer-facing products include streaming apps, online karaoke (KTV) services and live music and entertainment broadcasts. The company monetizes its content through a mix of subscriptions, digital music sales, in-app purchases, virtual gifting, advertising and licensing arrangements with rights holders.

The company traces its roots to the consolidation of Tencent's music assets and was established in the mid-2010s to unify several prominent music properties under a single operating entity.

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