Public Employees Retirement System of Ohio Invests $21.97 Million in Tencent Music Entertainment Group Sponsored ADR $TME

Key Points

• Public Employees Retirement System of Ohio purchased 2.63 million Tencent Music shares worth approximately $21.97 million, representing about 0.17% of the company.
• Tencent Music reported quarterly revenue of $1.31 billion and earnings of $0.25 per share, while analysts expect full-year earnings of $0.87 per share.
• Analyst sentiment remains cautious: three analysts rate the stock a Buy and 10 rate it a Hold, with an average price target of $17.21 versus its recent $8.55 share price.

Public Employees Retirement System of Ohio purchased a new stake in shares of Tencent Music Entertainment Group Sponsored ADR (NYSE:TME - Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 2,631,605 shares of the company's stock, valued at approximately $21,974,000. Public Employees Retirement System of Ohio owned approximately 0.17% of Tencent Music Entertainment Group as of its most recent filing with the Securities & Exchange Commission.

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

Tencent Music Entertainment Group Stock Performance

Shares of Tencent Music Entertainment Group stock opened at $8.55 on Friday. The firm has a market capitalization of $13.46 billion, a P/E ratio of 10.56, a PEG ratio of 1.50 and a beta of 0.84. The company has a quick ratio of 1.74, a current ratio of 1.74 and a debt-to-equity ratio of 0.13. The company has a 50 day moving average price of $8.90 and a 200 day moving average price of $10.19. Tencent Music Entertainment Group Sponsored ADR has a 52 week low of $7.94 and a 52 week high of $26.70.

Tencent Music Entertainment Group (NYSE:TME - Get Free Report) last released its earnings results on Tuesday, June 30th. The company reported $0.25 earnings per share for the quarter. Tencent Music Entertainment Group had a net margin of 26.27% and a return on equity of 11.53%. The company had revenue of $1.31 billion for the quarter. Sell-side analysts expect that Tencent Music Entertainment Group Sponsored ADR will post 0.87 EPS for the current year.

Analyst Ratings Changes

A number of brokerages have recently issued reports on TME. Nomura set a $10.00 price target on Tencent Music Entertainment Group and gave the company a "neutral" rating in a report on Thursday, August 13th. Weiss Ratings upgraded shares of Tencent Music Entertainment Group from a "hold (c-)" rating to a "hold (c)" rating in a report on Wednesday, July 1st. JPMorgan Chase & Co. cut their price objective on shares of Tencent Music Entertainment Group from $12.00 to $10.00 and set a "neutral" rating on the stock in a research report on Thursday, May 14th. Mizuho reduced their price objective on shares of Tencent Music Entertainment Group from $18.00 to $15.00 and set an "outperform" rating for the company in a research note on Wednesday, August 12th. Finally, Zacks Research upgraded shares of Tencent Music Entertainment Group from a "strong sell" rating to a "hold" rating in a research note on Tuesday, May 19th. Three analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the stock. Based on data from MarketBeat.com, Tencent Music Entertainment Group has an average rating of "Hold" and an average target price of $17.21.

Tencent Music Entertainment Group Company 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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