Tencent Music Entertainment Group Sponsored ADR $TME Shares Sold by Police & Firemen s Retirement System of New Jersey

Police & Firemen s Retirement System of New Jersey decreased its position in Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) by 3.2% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 189,742 shares of the company’s stock after selling 6,316 shares during the quarter. Police & Firemen s Retirement System of New Jersey’s holdings in Tencent Music Entertainment Group were worth $3,698,000 at the end of the most recent quarter.

A number of other institutional investors also recently added to or reduced their stakes in TME. PDS Planning Inc increased its position in shares of Tencent Music Entertainment Group by 5.6% in the 2nd quarter. PDS Planning Inc now owns 12,561 shares of the company’s stock valued at $245,000 after purchasing an additional 665 shares during the last quarter. DekaBank Deutsche Girozentrale grew its stake in shares of Tencent Music Entertainment Group by 0.8% during the second quarter. DekaBank Deutsche Girozentrale now owns 101,362 shares of the company’s stock worth $1,975,000 after purchasing an additional 842 shares in the last quarter. PNC Financial Services Group Inc. increased its holdings in Tencent Music Entertainment Group by 11.0% in the second quarter. PNC Financial Services Group Inc. now owns 12,799 shares of the company’s stock valued at $249,000 after buying an additional 1,269 shares during the last quarter. Fortis Capital Advisors LLC increased its holdings in Tencent Music Entertainment Group by 4.4% in the second quarter. Fortis Capital Advisors LLC now owns 46,925 shares of the company’s stock valued at $915,000 after buying an additional 1,958 shares during the last quarter. Finally, Belpointe Asset Management LLC raised its stake in Tencent Music Entertainment Group by 4.4% in the second quarter. Belpointe Asset Management LLC now owns 46,925 shares of the company’s stock valued at $915,000 after buying an additional 1,958 shares in the last quarter. Hedge funds and other institutional investors own 24.32% of the company’s stock.

Wall Street Analyst Weigh In

TME has been the subject of several analyst reports. Zacks Research cut Tencent Music Entertainment Group from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 13th. Barclays boosted their target price on Tencent Music Entertainment Group from $27.00 to $28.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 12th. Macquarie set a $29.80 price target on Tencent Music Entertainment Group and gave the company an “outperform” rating in a report on Tuesday, August 12th. Daiwa Capital Markets upgraded shares of Tencent Music Entertainment Group from a “neutral” rating to an “outperform” rating in a research note on Tuesday, August 12th. Finally, Citigroup restated a “buy” rating and set a $29.00 price objective (up previously from $23.00) on shares of Tencent Music Entertainment Group in a research report on Tuesday, August 12th. One investment analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $24.29.

Tencent Music Entertainment Group Trading Up 1.2%

NYSE:TME opened at $18.90 on Monday. The company has a market capitalization of $32.43 billion, a PE ratio of 19.68, a P/E/G ratio of 1.14 and a beta of 0.51. Tencent Music Entertainment Group Sponsored ADR has a 52-week low of $10.26 and a 52-week high of $26.70. The stock’s 50 day moving average price is $23.12 and its 200 day moving average price is $21.14. The company has a quick ratio of 2.08, a current ratio of 2.09 and a debt-to-equity ratio of 0.04.

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.