Public Sector Pension Investment Board Purchases 4,100 Shares of Tencent Music Entertainment Group (NYSE:TME)

Public Sector Pension Investment Board increased its position in Tencent Music Entertainment Group (NYSE:TME) by 1.6% in the second quarter, HoldingsChannel.com reports. The institutional investor owned 255,129 shares of the company’s stock after buying an additional 4,100 shares during the quarter. Public Sector Pension Investment Board’s holdings in Tencent Music Entertainment Group were worth $3,585,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Sei Investments Co. lifted its holdings in shares of Tencent Music Entertainment Group by 80.1% in the 2nd quarter. Sei Investments Co. now owns 3,324,263 shares of the company’s stock worth $46,706,000 after acquiring an additional 1,478,147 shares during the last quarter. Skandinaviska Enskilda Banken AB publ raised its position in Tencent Music Entertainment Group by 9.8% in the 2nd quarter. Skandinaviska Enskilda Banken AB publ now owns 131,074 shares of the company’s stock worth $1,844,000 after purchasing an additional 11,700 shares during the period. Public Employees Retirement Association of Colorado purchased a new stake in Tencent Music Entertainment Group during the second quarter valued at about $532,000. Intech Investment Management LLC purchased a new stake in Tencent Music Entertainment Group during the second quarter valued at about $256,000. Finally, XTX Topco Ltd purchased a new position in shares of Tencent Music Entertainment Group in the second quarter worth about $325,000. Hedge funds and other institutional investors own 24.32% of the company’s stock.

Analyst Upgrades and Downgrades

TME has been the subject of several analyst reports. Mizuho dropped their target price on Tencent Music Entertainment Group from $17.00 to $16.00 and set an “outperform” rating for the company in a report on Wednesday, August 14th. Daiwa Capital Markets lowered Tencent Music Entertainment Group from an “outperform” rating to a “neutral” rating in a research note on Tuesday, August 13th. Bank of America decreased their target price on shares of Tencent Music Entertainment Group from $18.00 to $15.00 and set a “buy” rating on the stock in a research note on Wednesday, August 14th. Morgan Stanley cut shares of Tencent Music Entertainment Group from an “overweight” rating to an “equal weight” rating and dropped their price target for the company from $15.00 to $13.00 in a research report on Wednesday. Finally, Daiwa America cut shares of Tencent Music Entertainment Group from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, August 13th. Four research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $12.67.

Tencent Music Entertainment Group Trading Up 0.1 %

NYSE:TME opened at $12.28 on Friday. The company has a 50-day moving average price of $11.54 and a 200-day moving average price of $12.66. The stock has a market cap of $21.07 billion, a price-to-earnings ratio of 26.70, a P/E/G ratio of 0.88 and a beta of 0.65. The company has a current ratio of 2.34, a quick ratio of 2.34 and a debt-to-equity ratio of 0.09. Tencent Music Entertainment Group has a 12 month low of $6.09 and a 12 month high of $15.77.

Tencent Music Entertainment Group (NYSE:TME) last issued its quarterly earnings data on Tuesday, August 13th. The company reported $0.15 EPS for the quarter, missing the consensus estimate of $0.16 by ($0.01). Tencent Music Entertainment Group had a return on equity of 10.11% and a net margin of 20.35%. The company had revenue of $985.00 million during the quarter, compared to analysts’ expectations of $1 billion. Equities analysts predict that Tencent Music Entertainment Group will post 0.63 EPS for the current year.

Tencent Music Entertainment Group Company 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.