Public Employees Retirement System of Ohio Acquires Shares of 2,631,605 Tencent Music Entertainment Group Sponsored ADR $TME

Public Employees Retirement System of Ohio acquired a new stake in Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 2,631,605 shares of the company’s stock, valued at approximately $21,974,000.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in TME. Vanguard Group Inc. boosted its holdings in Tencent Music Entertainment Group by 1.4% in the fourth quarter. Vanguard Group Inc. now owns 21,455,738 shares of the company’s stock valued at $376,119,000 after purchasing an additional 293,385 shares during the last quarter. Goldman Sachs Group Inc. lifted its holdings in Tencent Music Entertainment Group by 7.3% in the fourth quarter. Goldman Sachs Group Inc. now owns 7,863,263 shares of the company’s stock valued at $137,843,000 after acquiring an additional 537,047 shares during the period. Krane Funds Advisors LLC lifted its stake in shares of Tencent Music Entertainment Group by 5.4% in the 4th quarter. Krane Funds Advisors LLC now owns 20,047,192 shares of the company’s stock valued at $351,427,000 after purchasing an additional 1,026,551 shares during the period. Jennison Associates LLC boosted its stake in shares of Tencent Music Entertainment Group by 23.0% during the 4th quarter. Jennison Associates LLC now owns 1,508,978 shares of the company’s stock worth $26,452,000 after acquiring an additional 282,379 shares in the last quarter. Finally, Geode Capital Management LLC grew its position in shares of Tencent Music Entertainment Group by 6.1% during the 4th quarter. Geode Capital Management LLC now owns 3,831,308 shares of the company’s stock valued at $66,568,000 after acquiring an additional 218,949 shares during the period. Institutional investors and hedge funds own 24.32% of the company’s stock.

Tencent Music Entertainment Group Trading Down 1.3%

TME opened at $8.55 on Friday. The firm has a market capitalization of $13.46 billion, a price-to-earnings ratio of 10.56, a price-to-earnings-growth ratio of 1.50 and a beta of 0.84. The company’s 50 day simple moving average is $8.90 and its two-hundred day simple moving average is $10.19. Tencent Music Entertainment Group Sponsored ADR has a 1-year low of $7.94 and a 1-year high of $26.70. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.74 and a quick ratio of 1.74.

Tencent Music Entertainment Group (NYSE:TME) last posted its quarterly earnings results on Tuesday, June 30th. The company reported $0.25 earnings per share (EPS) for the quarter. Tencent Music Entertainment Group had a return on equity of 11.53% and a net margin of 26.27%.The business had revenue of $1.31 billion during the quarter. Analysts expect that Tencent Music Entertainment Group Sponsored ADR will post 0.87 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages have commented on TME. Mizuho dropped their price objective on Tencent Music Entertainment Group from $18.00 to $15.00 and set an “outperform” rating on the stock in a report on Wednesday, August 12th. Weiss Ratings upgraded shares of Tencent Music Entertainment Group from a “hold (c-)” rating to a “hold (c)” rating in a research report on Wednesday, July 1st. JPMorgan Chase & Co. decreased their price objective on shares of 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. Nomura set a $10.00 target price on shares of Tencent Music Entertainment Group and gave the company a “neutral” rating in a research report on Thursday, August 13th. Finally, Zacks Research upgraded Tencent Music Entertainment Group from a “strong sell” rating to a “hold” rating in a report on Tuesday, May 19th. Three analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $17.21.

Tencent Music Entertainment Group Company Profile

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.