State of New Jersey Common Pension Fund D Has $4.16 Million Position in Tencent Music Entertainment Group (NYSE:TME)

State of New Jersey Common Pension Fund D raised its holdings in shares of Tencent Music Entertainment Group (NYSE:TME) by 21.0% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 366,311 shares of the company’s stock after purchasing 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 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. Cantillon Capital Management LLC increased its position in shares of Tencent Music Entertainment Group by 39.9% during the third quarter. Cantillon Capital Management LLC now owns 18,456,585 shares of the company’s stock worth $222,402,000 after acquiring an additional 5,265,783 shares in the last quarter. State Street Corp boosted its stake in Tencent Music Entertainment Group by 1.3% during the 3rd quarter. State Street Corp now owns 12,821,488 shares of the company’s stock valued at $154,499,000 after purchasing an additional 166,225 shares during the last quarter. Allspring Global Investments Holdings LLC increased its holdings in Tencent Music Entertainment Group by 8.7% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 6,496,359 shares of the company’s stock worth $73,539,000 after purchasing an additional 522,599 shares in the last quarter. FMR LLC raised its stake in shares of Tencent Music Entertainment Group by 98.8% in the third quarter. FMR LLC now owns 5,970,773 shares of the company’s stock worth $71,948,000 after purchasing an additional 2,967,779 shares during the last quarter. Finally, Coronation Fund Managers Ltd. raised its stake in shares of Tencent Music Entertainment Group by 84.6% in the third quarter. Coronation Fund Managers Ltd. now owns 5,656,233 shares of the company’s stock worth $68,158,000 after purchasing an additional 2,592,381 shares during the last quarter. Institutional investors and hedge funds own 24.32% of the company’s stock.

Analyst Upgrades and Downgrades

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

Tencent Music Entertainment Group Price Performance

TME opened at $13.11 on Thursday. Tencent Music Entertainment Group has a fifty-two week low of $9.15 and a fifty-two week high of $15.77. The firm has a 50-day moving average of $11.69 and a 200 day moving average of $11.53. The company has a debt-to-equity ratio of 0.09, a quick ratio of 2.34 and a current ratio of 2.34. The firm has a market cap of $22.49 billion, a P/E ratio of 24.27, a PEG ratio of 0.82 and a beta of 0.70.

About Tencent Music Entertainment Group

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.