California Public Employees Retirement System Has $22.66 Million Holdings in Tencent Music Entertainment Group (NYSE:TME)

California Public Employees Retirement System lowered its position in shares of Tencent Music Entertainment Group (NYSE:TMEGet Rating) by 0.9% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,308,511 shares of the company’s stock after selling 30,876 shares during the quarter. California Public Employees Retirement System owned 0.20% of Tencent Music Entertainment Group worth $22,663,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in TME. Two Sigma Advisers LP acquired a new stake in shares of Tencent Music Entertainment Group during the third quarter valued at approximately $55,391,000. Allspring Global Investments Holdings LLC purchased a new position in Tencent Music Entertainment Group during the fourth quarter valued at approximately $49,829,000. Krane Funds Advisors LLC grew its position in Tencent Music Entertainment Group by 102.1% during the third quarter. Krane Funds Advisors LLC now owns 12,945,463 shares of the company’s stock valued at $93,855,000 after purchasing an additional 6,539,774 shares in the last quarter. Franklin Resources Inc. grew its position in Tencent Music Entertainment Group by 66.3% during the third quarter. Franklin Resources Inc. now owns 8,872,266 shares of the company’s stock valued at $64,324,000 after purchasing an additional 3,537,153 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its position in Tencent Music Entertainment Group by 98.7% during the third quarter. Dimensional Fund Advisors LP now owns 6,190,960 shares of the company’s stock valued at $44,857,000 after purchasing an additional 3,075,104 shares in the last quarter.

Shares of Tencent Music Entertainment Group stock opened at $4.10 on Friday. The firm has a fifty day simple moving average of $4.51 and a 200-day simple moving average of $5.91. The company has a current ratio of 2.56, a quick ratio of 2.56 and a debt-to-equity ratio of 0.10. Tencent Music Entertainment Group has a 1-year low of $2.95 and a 1-year high of $16.53. The stock has a market capitalization of $6.88 billion, a price-to-earnings ratio of 14.64 and a beta of 1.12.

Tencent Music Entertainment Group (NYSE:TMEGet Rating) last issued its quarterly earnings data on Monday, March 21st. The company reported $0.06 earnings per share for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.01). The firm had revenue of $7.61 billion during the quarter, compared to analyst estimates of $7.66 billion. Tencent Music Entertainment Group had a return on equity of 6.82% and a net margin of 9.68%. Tencent Music Entertainment Group’s quarterly revenue was down 8.7% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.11 earnings per share. As a group, research analysts predict that Tencent Music Entertainment Group will post 0.25 earnings per share for the current year.

A number of research analysts recently commented on the stock. The Goldman Sachs Group assumed coverage on shares of Tencent Music Entertainment Group in a research report on Sunday, April 10th. They set a “sell” rating and a $5.60 price objective on the stock. downgraded shares of Tencent Music Entertainment Group from a “buy” rating to a “hold” rating and set a $7.30 price objective on the stock. in a research report on Thursday, January 20th. Citigroup decreased their target price on shares of Tencent Music Entertainment Group from $8.50 to $7.10 in a research report on Monday, January 24th. JPMorgan Chase & Co. decreased their target price on shares of Tencent Music Entertainment Group from $6.00 to $3.50 in a research report on Monday, March 14th. Finally, Zacks Investment Research raised shares of Tencent Music Entertainment Group from a “hold” rating to a “buy” rating and set a $4.25 target price for the company in a research report on Friday. Two research analysts have rated the stock with a sell rating, ten have given a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $10.92.

About Tencent Music Entertainment Group (Get Rating)

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 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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