New York State Common Retirement Fund Sells 1,208,092 Shares of Tencent Music Entertainment Group (NYSE:TME)

New York State Common Retirement Fund lessened its stake in Tencent Music Entertainment Group (NYSE:TME - Free Report) by 77.9% in the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 343,507 shares of the company's stock after selling 1,208,092 shares during the quarter. New York State Common Retirement Fund's holdings in Tencent Music Entertainment Group were worth $3,095,000 at the end of the most recent reporting period.

A number of other large investors also recently added to or reduced their stakes in the stock. Mirae Asset Global Investments Co. Ltd. lifted its position in Tencent Music Entertainment Group by 4.7% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 648,179 shares of the company's stock valued at $4,135,000 after buying an additional 29,145 shares during the last quarter. Advisor Partners II LLC grew its holdings in shares of Tencent Music Entertainment Group by 19.5% in the third quarter. Advisor Partners II LLC now owns 13,529 shares of the company's stock valued at $86,000 after purchasing an additional 2,207 shares in the last quarter. Matthews International Capital Management LLC increased its stake in Tencent Music Entertainment Group by 154.3% during the 3rd quarter. Matthews International Capital Management LLC now owns 3,421,650 shares of the company's stock worth $21,830,000 after buying an additional 2,076,272 shares during the period. Sumitomo Mitsui Trust Holdings Inc. boosted its position in Tencent Music Entertainment Group by 4.1% in the 3rd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,748,469 shares of the company's stock valued at $11,155,000 after buying an additional 68,185 shares during the period. Finally, Yousif Capital Management LLC grew its stake in shares of Tencent Music Entertainment Group by 15.0% in the third quarter. Yousif Capital Management LLC now owns 26,405 shares of the company's stock worth $168,000 after acquiring an additional 3,450 shares in the last quarter. 24.32% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

TME has been the subject of a number of recent research reports. HSBC lifted their target price on Tencent Music Entertainment Group from $9.50 to $10.40 and gave the company a "hold" rating in a report on Wednesday, March 20th. UBS Group upgraded shares of Tencent Music Entertainment Group from a "neutral" rating to a "buy" rating and set a $10.50 price objective on the stock in a report on Wednesday, January 24th. The Goldman Sachs Group raised Tencent Music Entertainment Group from a "neutral" rating to a "buy" rating and set a $14.00 price objective for the company in a research report on Wednesday, March 20th. Redburn Atlantic began coverage on Tencent Music Entertainment Group in a report on Monday, February 5th. They issued a "buy" rating and a $12.00 price target for the company. Finally, Citigroup upgraded shares of Tencent Music Entertainment Group from a "neutral" rating to a "buy" rating and upped their target price for the company from $9.00 to $13.00 in a report on Wednesday, March 20th. Two research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $11.63.

Tencent Music Entertainment Group Stock Performance

NYSE:TME traded down $0.23 during mid-day trading on Tuesday, reaching $13.34. The stock had a trading volume of 7,489,508 shares, compared to its average volume of 8,445,313. The company has a debt-to-equity ratio of 0.10, a quick ratio of 2.49 and a current ratio of 2.49. The business has a 50 day simple moving average of $11.34 and a 200 day simple moving average of $9.60. Tencent Music Entertainment Group has a twelve month low of $5.70 and a twelve month high of $13.66. The firm has a market capitalization of $22.88 billion, a price-to-earnings ratio of 30.86, a PEG ratio of 0.83 and a beta of 0.77.

Tencent Music Entertainment Group (NYSE:TME - Get Free Report) last announced its quarterly earnings data on Tuesday, March 19th. The company reported $0.13 earnings per share for the quarter, topping analysts' consensus estimates of $0.12 by $0.01. The firm had revenue of $971.00 million for the quarter, compared to analyst estimates of $925.06 million. Tencent Music Entertainment Group had a return on equity of 9.67% and a net margin of 17.71%. On average, analysts expect that Tencent Music Entertainment Group will post 0.58 earnings per share for the current fiscal year.

Tencent Music Entertainment Group 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; and WeSing, which enables users to sing from its library of karaoke songs and share their performances in audio or video formats with friends.