State of New Jersey Common Pension Fund D Purchases 63,615 Shares of Tencent Music Entertainment Group (NYSE:TME)

State of New Jersey Common Pension Fund D lifted its position in shares of Tencent Music Entertainment Group (NYSE:TME) by 21.0% in the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 366,311 shares of the company’s stock after acquiring an additional 63,615 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in Tencent Music Entertainment Group were worth $4,158,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. Vontobel Holding Ltd. bought a new position in Tencent Music Entertainment Group during the fourth quarter worth about $375,000. Asset Management One Co. Ltd. lifted its stake in shares of Tencent Music Entertainment Group by 2.2% during the 4th quarter. Asset Management One Co. Ltd. now owns 502,083 shares of the company’s stock valued at $5,884,000 after buying an additional 10,905 shares in the last quarter. Allspring Global Investments Holdings LLC boosted its holdings in Tencent Music Entertainment Group by 8.7% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 6,496,359 shares of the company’s stock worth $73,539,000 after buying an additional 522,599 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd grew its stake in Tencent Music Entertainment Group by 3.9% in the 4th quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 51,636 shares of the company’s stock valued at $586,000 after buying an additional 1,923 shares in the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. raised its holdings in Tencent Music Entertainment Group by 0.3% during the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,767,319 shares of the company’s stock valued at $20,059,000 after acquiring an additional 4,837 shares during the period. Hedge funds and other institutional investors own 24.32% of the company’s stock.

Analysts Set New Price Targets

TME has been the subject of a number of analyst reports. Barclays assumed coverage on Tencent Music Entertainment Group in a report on Wednesday, November 6th. They issued an “overweight” rating and a $16.00 price target for the company. Sanford C. Bernstein assumed coverage on Tencent Music Entertainment Group in a report on Monday, November 4th. They set an “outperform” rating and a $14.00 target price for the company. Finally, Morgan Stanley raised shares of Tencent Music Entertainment Group from an “equal weight” rating to an “overweight” rating and set a $13.00 price target on the stock in a report on Tuesday, January 21st. Three analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat, Tencent Music Entertainment Group currently has a consensus rating of “Moderate Buy” and an average price target of $14.04.

Tencent Music Entertainment Group Stock Down 3.7 %

TME stock opened at $13.11 on Thursday. The company’s 50 day moving average is $11.69 and its 200 day moving average is $11.53. The stock has a market cap of $22.49 billion, a price-to-earnings ratio of 24.27, a price-to-earnings-growth ratio of 0.82 and a beta of 0.70. 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 1-year low of $9.15 and a 1-year high of $15.77.

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.