Commonwealth of Pennsylvania Public School Empls Retrmt SYS Cuts Stock Holdings in Tencent Music Entertainment Group Sponsored ADR $TME

Commonwealth of Pennsylvania Public School Empls Retrmt SYS lowered its position in shares of Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) by 42.3% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 610,581 shares of the company’s stock after selling 447,776 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS’s holdings in Tencent Music Entertainment Group were worth $5,666,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently added to or reduced their stakes in the company. Schroder Investment Management Group raised its holdings in Tencent Music Entertainment Group by 30.0% in the 4th quarter. Schroder Investment Management Group now owns 80,480,078 shares of the company’s stock worth $1,410,816,000 after acquiring an additional 18,554,567 shares during the last quarter. Overlook Investments LP purchased a new stake in Tencent Music Entertainment Group during the 4th quarter valued at $278,022,000. Norges Bank bought a new stake in shares of Tencent Music Entertainment Group in the 4th quarter worth $94,360,000. Green Court Capital Management Ltd increased its holdings in shares of Tencent Music Entertainment Group by 467.2% in the 4th quarter. Green Court Capital Management Ltd now owns 5,893,162 shares of the company’s stock worth $108,729,000 after purchasing an additional 4,854,084 shares in the last quarter. Finally, Invesco Ltd. raised its stake in shares of Tencent Music Entertainment Group by 195.9% in the fourth quarter. Invesco Ltd. now owns 6,991,937 shares of the company’s stock worth $122,569,000 after purchasing an additional 4,629,058 shares during the last quarter. 24.32% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages have recently issued reports on TME. JPMorgan Chase & Co. lowered their price target on Tencent Music Entertainment Group from $12.00 to $10.00 and set a “neutral” rating on the stock in a report on Thursday, May 14th. Daiwa Securities Group reiterated a “hold” rating and issued a $12.00 price objective on shares of Tencent Music Entertainment Group in a report on Wednesday, March 18th. Benchmark reissued a “hold” rating on shares of Tencent Music Entertainment Group in a research report on Wednesday, March 18th. Barclays lowered their target price on shares of Tencent Music Entertainment Group from $28.00 to $20.00 and set an “overweight” rating on the stock in a research note on Thursday, March 19th. Finally, Weiss Ratings raised shares of Tencent Music Entertainment Group from a “hold (c-)” rating to a “hold (c)” rating in a report on Wednesday, July 1st. Six analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $21.44.

Tencent Music Entertainment Group Price Performance

Shares of TME opened at $8.79 on Wednesday. The firm has a fifty day simple moving average of $8.92 and a two-hundred day simple moving average of $11.99. The firm has a market cap of $13.84 billion, a PE ratio of 10.99, a P/E/G ratio of 0.57 and a beta of 0.82. The company has a current ratio of 2.09, a quick ratio of 2.08 and a debt-to-equity ratio of 0.06. Tencent Music Entertainment Group Sponsored ADR has a 1-year low of $7.94 and a 1-year high of $26.70.

Tencent Music Entertainment Group (NYSE:TME) last released its quarterly earnings results on Tuesday, March 31st. The company reported $0.11 earnings per share (EPS) for the quarter. Tencent Music Entertainment Group had a return on equity of 11.20% and a net margin of 26.45%.The firm had revenue of $1.15 billion for the quarter. On average, equities analysts anticipate that Tencent Music Entertainment Group Sponsored ADR will post 0.9 EPS for the current year.

Tencent Music Entertainment Group 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.