Public Sector Pension Investment Board Sells 11,300 Shares of Tencent Music Entertainment Group (NYSE:TME)

Public Sector Pension Investment Board cut its holdings in Tencent Music Entertainment Group (NYSE:TME) by 4.4% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 243,829 shares of the company’s stock after selling 11,300 shares during the period. Public Sector Pension Investment Board’s holdings in Tencent Music Entertainment Group were worth $2,938,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. Progeny 3 Inc. bought a new position in shares of Tencent Music Entertainment Group in the second quarter worth $11,436,000. Diversified Trust Co purchased a new position in Tencent Music Entertainment Group during the 2nd quarter valued at about $632,000. SG Americas Securities LLC increased its position in shares of Tencent Music Entertainment Group by 33.3% during the second quarter. SG Americas Securities LLC now owns 317,594 shares of the company’s stock valued at $4,462,000 after buying an additional 79,307 shares during the period. Fiera Capital Corp lifted its holdings in shares of Tencent Music Entertainment Group by 21.2% in the third quarter. Fiera Capital Corp now owns 434,353 shares of the company’s stock worth $5,234,000 after buying an additional 75,991 shares in the last quarter. Finally, Principal Financial Group Inc. boosted its position in shares of Tencent Music Entertainment Group by 4.0% in the third quarter. Principal Financial Group Inc. now owns 5,478,297 shares of the company’s stock valued at $66,013,000 after acquiring an additional 211,873 shares during the period. 24.32% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

TME has been the topic of several recent analyst reports. Bank of America lowered 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. Barclays assumed coverage on Tencent Music Entertainment Group in a research note on Wednesday, November 6th. They set an “overweight” rating and a $16.00 price objective for the company. Mizuho decreased their target price on Tencent Music Entertainment Group from $17.00 to $16.00 and set an “outperform” rating on the stock in a research note on Wednesday, August 14th. Morgan Stanley downgraded 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, September 25th. Finally, Daiwa Capital Markets cut shares of Tencent Music Entertainment Group from an “outperform” rating to a “neutral” rating in a research report on Tuesday, August 13th. Four analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to MarketBeat, Tencent Music Entertainment Group has a consensus rating of “Moderate Buy” and a consensus target price of $13.28.

Tencent Music Entertainment Group Price Performance

Shares of Tencent Music Entertainment Group stock opened at $12.29 on Wednesday. The company has a debt-to-equity ratio of 0.09, a quick ratio of 2.34 and a current ratio of 2.34. Tencent Music Entertainment Group has a 52-week low of $7.93 and a 52-week high of $15.77. The company has a fifty day moving average of $11.84 and a 200-day moving average of $12.58. The stock has a market capitalization of $21.09 billion, a price-to-earnings ratio of 22.76, a price-to-earnings-growth ratio of 0.92 and a beta of 0.68.

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.