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

Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its position in shares of Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) by 0.5% in the 2nd quarter, HoldingsChannel reports. The institutional investor owned 1,247,192 shares of the company’s stock after purchasing an additional 6,384 shares during the quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS’s holdings in Tencent Music Entertainment Group were worth $24,308,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of TME. SVB Wealth LLC bought a new position in shares of Tencent Music Entertainment Group during the first quarter valued at about $34,000. Banque Transatlantique SA purchased a new position in Tencent Music Entertainment Group during the 1st quarter valued at about $46,000. Brooklyn Investment Group raised its position in Tencent Music Entertainment Group by 957.1% during the 1st quarter. Brooklyn Investment Group now owns 4,757 shares of the company’s stock valued at $69,000 after purchasing an additional 4,307 shares during the last quarter. iA Global Asset Management Inc. bought a new position in Tencent Music Entertainment Group during the 2nd quarter valued at approximately $131,000. Finally, Eschler Asset Management LLP purchased a new stake in Tencent Music Entertainment Group in the 1st quarter worth approximately $206,000. Hedge funds and other institutional investors own 24.32% of the company’s stock.

Tencent Music Entertainment Group Price Performance

Shares of TME stock opened at $18.90 on Friday. The business’s fifty day moving average is $23.12 and its 200 day moving average is $21.09. The company has a quick ratio of 1.87, a current ratio of 1.87 and a debt-to-equity ratio of 0.04. The stock has a market cap of $32.43 billion, a price-to-earnings ratio of 19.68, a PEG ratio of 1.14 and a beta of 0.51. Tencent Music Entertainment Group Sponsored ADR has a twelve month low of $10.26 and a twelve month high of $26.70.

Analyst Ratings Changes

Several equities analysts have recently issued reports on the company. Wall Street Zen cut Tencent Music Entertainment Group from a “buy” rating to a “hold” rating in a research note on Saturday, November 8th. Benchmark dropped their price target on Tencent Music Entertainment Group from $28.00 to $25.00 and set a “buy” rating for the company in a research note on Thursday. Zacks Research downgraded shares of Tencent Music Entertainment Group from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 13th. Daiwa Capital Markets upgraded shares of Tencent Music Entertainment Group from a “neutral” rating to an “outperform” rating in a report on Tuesday, August 12th. Finally, Bank of America initiated coverage on shares of Tencent Music Entertainment Group in a research report on Tuesday, October 28th. They issued a “neutral” rating and a $25.00 target price for the company. One equities research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, Tencent Music Entertainment Group presently has a consensus rating of “Moderate Buy” and an average price target of $24.29.

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.