Public Employees Retirement System of Ohio Sells 33,413 Shares of Tencent Music Entertainment Group Sponsored ADR $TME

Key Points

• The Public Employees Retirement System of Ohio sold 33,413 shares of Tencent Music Entertainment Group, reducing its stake by 1.4% to 2,281,221 shares, valued at approximately $44.5 million.
• Various institutional investors have recently modified their positions in Tencent Music, with notable increases in stakes by firms like Vident Advisory LLC and Myriad Asset Management US LP.
• Analyst ratings for Tencent Music have been positive, with banks like Barclays and Citigroup issuing "buy" recommendations and price targets reflecting significant upside potential, such as a price objective of $27.00 set by Barclays.

Public Employees Retirement System of Ohio lessened its holdings in Tencent Music Entertainment Group Sponsored ADR (NYSE:TME - Free Report) by 1.4% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 2,281,221 shares of the company's stock after selling 33,413 shares during the period. Public Employees Retirement System of Ohio owned 0.13% of Tencent Music Entertainment Group worth $44,461,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also added to or reduced their stakes in TME. Vident Advisory LLC raised its stake in Tencent Music Entertainment Group by 23.0% in the 4th quarter. Vident Advisory LLC now owns 18,889 shares of the company's stock valued at $214,000 after acquiring an additional 3,538 shares during the period. Vise Technologies Inc. acquired a new position in Tencent Music Entertainment Group in the 4th quarter valued at $169,000. Toronto Dominion Bank acquired a new position in Tencent Music Entertainment Group in the 4th quarter valued at $286,000. First Hawaiian Bank acquired a new position in Tencent Music Entertainment Group in the 1st quarter valued at $1,292,000. Finally, Myriad Asset Management US LP acquired a new position in Tencent Music Entertainment Group in the 1st quarter valued at $2,574,000. Institutional investors own 24.32% of the company's stock.

Tencent Music Entertainment Group Stock Performance

TME opened at $23.29 on Wednesday. The firm has a market cap of $39.97 billion, a P/E ratio of 25.59 and a beta of 0.54. Tencent Music Entertainment Group Sponsored ADR has a 52-week low of $10.11 and a 52-week high of $26.70. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.87 and a current ratio of 1.87. The business's fifty day moving average is $23.79 and its 200-day moving average is $18.59.

Analyst Ratings Changes

TME has been the topic of a number of research reports. Barclays reaffirmed an "overweight" rating and issued a $27.00 price objective (up from $16.00) on shares of Tencent Music Entertainment Group in a report on Tuesday, August 12th. Daiwa Capital Markets raised Tencent Music Entertainment Group from a "neutral" rating to an "outperform" rating in a report on Tuesday, August 12th. Sanford C. Bernstein set a $27.50 price objective on Tencent Music Entertainment Group and gave the company an "outperform" rating in a report on Wednesday, August 13th. Zacks Research raised Tencent Music Entertainment Group from a "hold" rating to a "strong-buy" rating in a report on Tuesday, August 26th. Finally, Citigroup reissued a "buy" rating and set a $29.00 target price (up from $23.00) on shares of Tencent Music Entertainment Group in a report on Tuesday, August 12th. Two research analysts have rated the stock with a Strong Buy rating and nine have assigned a Buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Buy" and an average price target of $24.47.

About Tencent Music Entertainment Group

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.

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