State of New Jersey Common Pension Fund D Has $13.70 Million Position in Tencent Music Entertainment Group Sponsored ADR $TME

State of New Jersey Common Pension Fund D increased its position in shares of Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) by 91.9% during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 703,001 shares of the company’s stock after acquiring an additional 336,690 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in Tencent Music Entertainment Group were worth $13,701,000 at the end of the most recent quarter.

Several other large investors have also made changes to their positions in TME. Oppenheimer Asset Management Inc. lifted its stake in shares of Tencent Music Entertainment Group by 35.6% during the first quarter. Oppenheimer Asset Management Inc. now owns 13,609 shares of the company’s stock valued at $196,000 after acquiring an additional 3,570 shares during the period. Asset Management One Co. Ltd. lifted its stake in shares of Tencent Music Entertainment Group by 0.5% during the first quarter. Asset Management One Co. Ltd. now owns 504,632 shares of the company’s stock valued at $7,272,000 after acquiring an additional 2,549 shares during the period. Mirae Asset Global Investments Co. Ltd. lifted its stake in shares of Tencent Music Entertainment Group by 3,382.1% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 4,481,537 shares of the company’s stock valued at $64,579,000 after acquiring an additional 4,352,834 shares during the period. Marathon Asset Management Ltd acquired a new position in shares of Tencent Music Entertainment Group during the first quarter valued at $47,215,000. Finally, Vontobel Holding Ltd. lifted its stake in Tencent Music Entertainment Group by 10.2% in the first quarter. Vontobel Holding Ltd. now owns 36,441 shares of the company’s stock valued at $525,000 after buying an additional 3,364 shares during the period. Institutional investors and hedge funds own 24.32% of the company’s stock.

Tencent Music Entertainment Group Stock Up 0.4%

NYSE:TME opened at $22.91 on Friday. 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 stock has a 50-day simple moving average of $24.15 and a 200 day simple moving average of $20.10. The company has a market cap of $39.32 billion, a PE ratio of 25.18 and a beta of 0.51. Tencent Music Entertainment Group Sponsored ADR has a 52-week low of $10.11 and a 52-week high of $26.70.

Analyst Upgrades and Downgrades

TME has been the topic of several analyst reports. Citigroup reissued a “buy” rating and issued a $29.00 target price (up previously from $23.00) on shares of Tencent Music Entertainment Group in a research note on Tuesday, August 12th. Daiwa Capital Markets raised Tencent Music Entertainment Group from a “neutral” rating to an “outperform” rating in a research note on Tuesday, August 12th. Benchmark increased their target price on Tencent Music Entertainment Group from $19.00 to $28.00 and gave the company a “buy” rating in a research note on Wednesday, August 13th. Macquarie set a $29.80 target price on Tencent Music Entertainment Group and gave the company an “outperform” rating in a research note on Tuesday, August 12th. Finally, Barclays reissued an “overweight” rating and issued a $27.00 target price (up previously from $16.00) on shares of Tencent Music Entertainment Group in a research note on Tuesday, August 12th. One investment analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and one has issued a Hold rating to the company. According to MarketBeat.com, Tencent Music Entertainment Group currently has an average rating of “Buy” and an average target price of $24.47.

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; 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.