New York State Common Retirement Fund Reduces Stake in Tencent Music

The New York State Common Retirement Fund has reduced its shareholding in Tencent Music Entertainment Group (NYSE:TME) by 57.4% during the fourth quarter, as outlined in the latest Form 13F filing with the SEC. Following this adjustment, the retirement fund now holds 220,800 shares after selling 297,350 shares during this period. According to the recent SEC filing, the value of these holdings stands at approximately $2,506,000.

Other institutional investors have also recently adjusted their stakes in Tencent Music Entertainment Group. The State of New Jersey Common Pension Fund D increased its investment by 21.0% during the fourth quarter and now owns 366,311 shares, worth about $4,158,000, after acquiring an additional 63,615 shares. Vontobel Holding Ltd. established a new position in the company during the same period, valued at around $375,000. Meanwhile, Asset Management One Co. Ltd. also raised its stake by 2.2%, bringing their total ownership to 502,083 shares, with a value of $5,884,000 after adding 10,905 shares. Furthermore, Allspring Global Investments Holdings LLC increased its stake by 8.7%, amassing 6,496,359 shares worth approximately $73,539,000 after an additional purchase of 522,599 shares. Lastly, Sumitomo Mitsui DS Asset Management Company Ltd. enhanced its holdings by 3.9%, resulting in ownership of 51,636 shares valued at $586,000 after acquiring 1,923 more shares. In total, institutional investors now hold approximately 24.32% of the company's stock.

Wall Street Analysts Project Future Growth

Several research analysts have recently provided their insights on TME shares. On November 4th, Sanford C. Bernstein initiated coverage and assigned an 'outperform' rating along with a target price of $14.00. Subsequently, Barclays initiated coverage with an 'overweight' rating and set a target price of $16.00 on November 6th. Morgan Stanley also raised its rating from 'equal weight' to 'overweight', establishing a price target of $13.00 on January 21st. According to MarketBeat, among equity research analysts, three have recommended a hold rating while eight have issued buy ratings, leading to an average rating of 'Moderate Buy' with a consensus price target of $14.04.

Tencent Music Entertainment Group Stock Performance

As of Friday, Tencent Music Entertainment Group opened at $12.19, showing a decline of 4.4%. The company's quick ratio and current ratio are both at 2.34, and it carries a low debt-to-equity ratio of 0.09. The stock's 50-day moving average is $11.86 while the 200-day moving average is $11.54. Over the past twelve months, the stock has reached a low of $9.15 and a high of $15.77, with a market capitalization of $20.91 billion. Its price-to-earnings ratio stands at 22.56, while the PEG ratio is 0.77 and the beta is 0.70.

About Tencent Music Entertainment Group

Tencent Music Entertainment Group operates various online music entertainment platforms, offering music streaming, online karaoke, and live streaming services across the People's Republic of China. Its services include QQ Music, Kugou Music, and Kuwo Music, which allow users to explore music in personalized ways. The company also provides long-form audio content such as audiobooks, podcasts, and talk shows, along with music-oriented video content including music videos and live performances. The WeSing platform allows users to sing along to a vast library of karaoke songs and share their performances.

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