New York State Common Retirement Fund Has $540,000 Stake in Tencent Music Entertainment Group Sponsored ADR (NYSE:TME)

Key Points

• New York State Common Retirement Fund has drastically reduced its stake in Tencent Music Entertainment Group by 83%, selling 183,300 shares and now holding only 37,500 shares valued at $540,000.
• Despite the fund's divestment, other institutional investors have increased their positions in Tencent Music, indicating continued interest in the company among larger financial entities.
• Tencent Music's stock currently trades at approximately $21.30, with analysts giving it a consensus rating of "Moderate Buy" and a price target averaging $16.60.

New York State Common Retirement Fund lessened its holdings in Tencent Music Entertainment Group Sponsored ADR (NYSE:TME - Free Report) by 83.0% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 37,500 shares of the company's stock after selling 183,300 shares during the quarter. New York State Common Retirement Fund's holdings in Tencent Music Entertainment Group were worth $540,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. Schroder Investment Management Group increased its holdings in Tencent Music Entertainment Group by 6.7% in the 4th quarter. Schroder Investment Management Group now owns 63,064,552 shares of the company's stock valued at $715,783,000 after buying an additional 3,987,116 shares during the period. Vanguard Group Inc. increased its holdings in Tencent Music Entertainment Group by 1.1% in the 4th quarter. Vanguard Group Inc. now owns 29,588,812 shares of the company's stock valued at $335,833,000 after buying an additional 332,264 shares during the period. Krane Funds Advisors LLC increased its holdings in Tencent Music Entertainment Group by 20.8% in the 1st quarter. Krane Funds Advisors LLC now owns 23,984,629 shares of the company's stock valued at $345,619,000 after buying an additional 4,128,678 shares during the period. JPMorgan Chase & Co. boosted its stake in shares of Tencent Music Entertainment Group by 558.2% in the 4th quarter. JPMorgan Chase & Co. now owns 11,773,523 shares of the company's stock valued at $133,629,000 after purchasing an additional 9,984,690 shares in the last quarter. Finally, Mawer Investment Management Ltd. boosted its stake in shares of Tencent Music Entertainment Group by 152.2% in the 4th quarter. Mawer Investment Management Ltd. now owns 11,467,410 shares of the company's stock valued at $130,155,000 after purchasing an additional 6,919,574 shares in the last quarter. Institutional investors own 24.32% of the company's stock.

Tencent Music Entertainment Group Stock Up 0.3%

Shares of NYSE:TME traded up $0.07 during midday trading on Friday, reaching $21.30. 5,045,100 shares of the company were exchanged, compared to its average volume of 5,723,395. Tencent Music Entertainment Group Sponsored ADR has a fifty-two week low of $9.41 and a fifty-two week high of $22.50. The company has a quick ratio of 1.83, a current ratio of 1.83 and a debt-to-equity ratio of 0.05. The stock has a fifty day simple moving average of $19.04 and a two-hundred day simple moving average of $15.03. The firm has a market cap of $36.55 billion, a PE ratio of 31.79 and a beta of 0.55.

Analysts Set New Price Targets

A number of research firms have commented on TME. Morgan Stanley restated an "overweight" rating on shares of Tencent Music Entertainment Group in a research report on Tuesday, May 13th. Sanford C. Bernstein restated an "outperform" rating on shares of Tencent Music Entertainment Group in a research report on Wednesday, May 14th. Nomura Securities upgraded shares of Tencent Music Entertainment Group to a "strong-buy" rating in a research report on Tuesday, April 8th. Macquarie set a $26.20 target price on shares of Tencent Music Entertainment Group and gave the company an "outperform" rating in a research report on Tuesday, June 17th. Finally, Wall Street Zen cut Tencent Music Entertainment Group from a "buy" rating to a "hold" rating in a research note on Saturday. Three investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $16.60.

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.