New York State Common Retirement Fund Increases Stake in Tencent Music Entertainment Group (NYSE:TME)


The New York State Common Retirement Fund increased its stake in Tencent Music Entertainment Group (NYSE: TMEGet a rating) by 12.7% in Q1, according to its latest 13F filing with the Securities and Exchange Commission (SEC). The company held 224,148 shares of the company after purchasing an additional 25,286 shares during the quarter. The New York State Common Retirement Fund’s holdings in Tencent Music Entertainment Group were worth $1,092,000 at the end of last quarter.

Other hedge funds and other institutional investors have also recently increased or reduced their stakes in the company. Yousif Capital Management LLC purchased a new stake in shares of Tencent Music Entertainment Group during Q4 for a value of approximately $157,000. Northwestern Mutual Wealth Management Co. increased its holdings of Tencent Music Entertainment Group shares by 25.3% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 18,150 shares of the company worth $123,000 after purchasing 3,668 additional shares during the period. Envestnet Asset Management Inc. purchased a new stake in shares of Tencent Music Entertainment Group during Q4 for a value of approximately $160,000. West Family Investments Inc. increased its holdings of Tencent Music Entertainment Group shares by 11.1% during the 4th quarter. West Family Investments Inc. now owns 37,823 shares of the company worth $259,000 after purchasing an additional 3,776 shares during the period. Finally, SG Americas Securities LLC increased its equity stake in Tencent Music Entertainment Group by 4.8% during the 4th quarter. SG Americas Securities LLC now owns 93,729 shares of the company worth $642,000 after purchasing an additional 4,329 shares during the period.

Wall Street analysts predict growth

Separately, HSBC lowered its target price on Tencent Music Entertainment Group from $5.10 to $3.90 in a Tuesday, May 17 report. One equity research analyst has assigned the stock a sell rating, six have issued a hold rating and one has assigned the stock a buy rating. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $8.16.

Tencent Music Entertainment Group stock performance

Tencent Music Entertainment Group Action opened at $4.61 on Thursday. The stock’s 50-day moving average price is $4.57 and its 200-day moving average price is $4.69. The company has a market capitalization of $7.73 billion, a PE ratio of 17.73, a growth price-earnings ratio of 1.41 and a beta of 0.71. The company has a debt ratio of 0.10, a quick ratio of 2.28 and a current ratio of 2.28. Tencent Music Entertainment Group has a one-year minimum of $2.95 and a one-year maximum of $9.53.

Tencent Music Entertainment Group (NYSE: TMEGet a rating) last announced its results on Monday, May 16. The company reported earnings per share (EPS) of $0.07 for the quarter, beating consensus analyst estimates of $0.06 by $0.01. Tencent Music Entertainment Group achieved a return on equity of 5.97% and a net margin of 9.43%. The company posted revenue of $6.64 billion for the quarter, versus analyst estimates of $6.65 billion. During the same period of the previous year, the company posted EPS of $0.09. Tencent Music Entertainment Group’s quarterly revenue fell 15.1% year-on-year. As a group, sell-side analysts expect Tencent Music Entertainment Group to post EPS of 0.24 for the current fiscal year.

About Tencent Music Entertainment Group

(Get a 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 which allow users to discover and listen to music in a personalized way. and WeSing, which allows users to have fun 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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