State of New Jersey Common Pension Fund D Takes $1.21 Million Position in Tencent Music Entertainment Group – (NYSE:TME)

State of New Jersey Common Pension Fund D acquired a new stake in Tencent Music Entertainment Group – (NYSE:TME) during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 94,750 shares of the company’s stock, valued at approximately $1,210,000.

Other hedge funds have also added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD lifted its stake in shares of Tencent Music Entertainment Group by 4,995.0% in the 2nd quarter. Price T Rowe Associates Inc. MD now owns 58,749,764 shares of the company’s stock valued at $880,659,000 after purchasing an additional 57,596,675 shares during the period. Baillie Gifford & Co. raised its position in Tencent Music Entertainment Group by 15.2% during the second quarter. Baillie Gifford & Co. now owns 10,946,629 shares of the company’s stock worth $164,090,000 after acquiring an additional 1,440,595 shares during the period. Canada Pension Plan Investment Board acquired a new position in Tencent Music Entertainment Group during the second quarter worth $120,270,000. William Blair Investment Management LLC raised its position in Tencent Music Entertainment Group by 16.9% during the second quarter. William Blair Investment Management LLC now owns 6,464,965 shares of the company’s stock worth $96,899,000 after acquiring an additional 936,341 shares during the period. Finally, Morgan Stanley grew its holdings in shares of Tencent Music Entertainment Group by 147.6% during the second quarter. Morgan Stanley now owns 5,092,556 shares of the company’s stock worth $76,338,000 after buying an additional 3,035,825 shares in the last quarter. 9.69% of the stock is currently owned by institutional investors and hedge funds.

TME stock traded down $1.05 during midday trading on Tuesday, reaching $13.32. 271,078 shares of the company were exchanged, compared to its average volume of 4,279,246. Tencent Music Entertainment Group – has a 1-year low of $11.81 and a 1-year high of $19.97. The stock’s 50-day simple moving average is $13.50 and its 200 day simple moving average is $14.28. The company has a market cap of $23.47 billion and a price-to-earnings ratio of 65.46.

Tencent Music Entertainment Group (NYSE:TME) last released its quarterly earnings data on Monday, November 11th. The company reported $0.74 earnings per share for the quarter, topping analysts’ consensus estimates of $0.08 by $0.66. The company had revenue of $6.51 billion for the quarter, compared to analyst estimates of $6.43 billion. Tencent Music Entertainment Group’s quarterly revenue was up 31.0% compared to the same quarter last year. As a group, sell-side analysts predict that Tencent Music Entertainment Group – will post 0.34 EPS for the current year.

A number of equities research analysts have recently issued reports on the stock. KeyCorp dropped their target price on shares of Tencent Music Entertainment Group from $19.00 to $18.00 and set an “overweight” rating for the company in a report on Wednesday, October 2nd. Jefferies Financial Group started coverage on shares of Tencent Music Entertainment Group in a report on Monday, August 5th. They issued a “buy” rating and a $16.90 target price on the stock. New Street Research started coverage on shares of Tencent Music Entertainment Group in a report on Friday, October 18th. They issued a “buy” rating and a $16.00 target price on the stock. Bank of America reduced their target price on shares of Tencent Music Entertainment Group from $19.20 to $18.00 and set a “buy” rating on the stock in a report on Tuesday, August 13th. Finally, Zacks Investment Research cut shares of Tencent Music Entertainment Group from a “hold” rating to a “sell” rating in a report on Wednesday, October 16th. One analyst has rated the stock with a sell rating, four have given a hold rating and thirteen have issued a buy rating to the company’s stock. Tencent Music Entertainment Group currently has a consensus rating of “Buy” and a consensus price target of $16.27.

Tencent Music Entertainment Group Company Profile

Tencent Music Entertainment Group operates an online music entertainment platform that provides online music and music-centric social entertainment services in China. It offers QQ Music, Kugou Music, and Kuwo Music that enable users to discover and listen to music in personalized ways; and WeSing, which enables users to have fun by singing and interacting with friends, sharing their singing performances with friends, and discovering songs that others have sung.

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Institutional Ownership by Quarter for Tencent Music Entertainment Group (NYSE:TME)

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