Public Employees Retirement System of Ohio Acquires 714,637 Shares of Tencent Music Entertainment Group Sponsored ADR $TME

Public Employees Retirement System of Ohio boosted its holdings in shares of Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) by 47.6% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 2,214,815 shares of the company’s stock after purchasing an additional 714,637 shares during the quarter. Public Employees Retirement System of Ohio’s holdings in Tencent Music Entertainment Group were worth $20,553,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Sei Investments Co. raised its position in shares of Tencent Music Entertainment Group by 10.4% during the first quarter. Sei Investments Co. now owns 3,980,820 shares of the company’s stock valued at $36,942,000 after buying an additional 374,586 shares during the last quarter. NewEdge Wealth LLC bought a new position in shares of Tencent Music Entertainment Group during the first quarter worth $106,000. First Trust Advisors LP grew its stake in Tencent Music Entertainment Group by 1,023.3% during the first quarter. First Trust Advisors LP now owns 554,438 shares of the company’s stock valued at $5,145,000 after acquiring an additional 505,080 shares in the last quarter. Barometer Capital Management Inc. purchased a new position in Tencent Music Entertainment Group during the first quarter valued at $745,000. Finally, XY Capital Ltd increased its holdings in Tencent Music Entertainment Group by 251.3% in the 1st quarter. XY Capital Ltd now owns 338,618 shares of the company’s stock valued at $3,142,000 after acquiring an additional 242,218 shares during the last quarter. 24.32% of the stock is currently owned by institutional investors.

Tencent Music Entertainment Group Price Performance

TME stock opened at $8.86 on Friday. Tencent Music Entertainment Group Sponsored ADR has a 52 week low of $7.94 and a 52 week high of $26.70. The firm has a market capitalization of $13.94 billion, a P/E ratio of 11.07, a price-to-earnings-growth ratio of 0.58 and a beta of 0.82. The company has a fifty day simple moving average of $8.90 and a two-hundred day simple moving average of $11.54. The company has a quick ratio of 2.08, a current ratio of 2.09 and a debt-to-equity ratio of 0.06.

Tencent Music Entertainment Group (NYSE:TME) last announced its earnings results on Tuesday, March 31st. The company reported $0.11 earnings per share (EPS) for the quarter. Tencent Music Entertainment Group had a net margin of 26.45% and a return on equity of 11.20%. The firm had revenue of $1.15 billion for the quarter. Analysts anticipate that Tencent Music Entertainment Group Sponsored ADR will post 0.89 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several research analysts have commented on the stock. 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. Zacks Research upgraded Tencent Music Entertainment Group from a “strong sell” rating to a “hold” rating in a research report on Tuesday, May 19th. JPMorgan Chase & Co. reduced their target price 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. Finally, Mizuho decreased their target price on Tencent Music Entertainment Group from $23.00 to $18.00 and set an “outperform” rating on the stock in a research report on Wednesday, May 13th. Six investment analysts have rated the stock with a Buy rating and eight have given a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average target price of $21.44.

About Tencent Music Entertainment Group

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.