Healthcare of Ontario Pension Plan Trust Fund Has $1.20 Million Stock Position in Tencent Music Entertainment Group (NYSE:TME)

Posted by on Feb 27th, 2023

Healthcare of Ontario Pension Plan Trust Fund cut its stake in shares of Tencent Music Entertainment Group (NYSE:TME – Get Rating) by 48.4% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 296,406 shares of the company’s stock after selling 278,208 shares during the period. Healthcare of Ontario Pension Plan Trust Fund’s holdings in Tencent Music Entertainment Group were worth $1,203,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of TME. Baillie Gifford & Co. raised its position in shares of Tencent Music Entertainment Group by 1.0% in the third quarter. Baillie Gifford & Co. now owns 31,409,903 shares of the company’s stock valued at $127,524,000 after buying an additional 316,685 shares in the last quarter. BlackRock Inc. raised its position in shares of Tencent Music Entertainment Group by 6.2% in the first quarter. BlackRock Inc. now owns 29,826,915 shares of the company’s stock valued at $145,258,000 after buying an additional 1,729,769 shares in the last quarter. Vanguard Group Inc. raised its position in shares of Tencent Music Entertainment Group by 1.0% in the first quarter. Vanguard Group Inc. now owns 22,050,245 shares of the company’s stock valued at $107,385,000 after buying an additional 207,658 shares in the last quarter. State Street Corp raised its position in shares of Tencent Music Entertainment Group by 4.7% in the second quarter. State Street Corp now owns 12,572,379 shares of the company’s stock valued at $63,113,000 after buying an additional 561,682 shares in the last quarter. Finally, Invesco Ltd. raised its position in shares of Tencent Music Entertainment Group by 75.0% in the first quarter. Invesco Ltd. now owns 11,245,066 shares of the company’s stock valued at $54,762,000 after buying an additional 4,818,787 shares in the last quarter. 21.77% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on TME shares. Benchmark upgraded shares of Tencent Music Entertainment Group from a “hold” rating to a “buy” rating and set a $7.00 price target for the company in a research report on Wednesday, November 16th. The Goldman Sachs Group raised shares of Tencent Music Entertainment Group from a “sell” rating to a “neutral” rating and lifted their price objective for the company from $5.00 to $8.00 in a research note on Monday, January 9th. 86 Research cut shares of Tencent Music Entertainment Group from a “buy” rating to a “hold” rating in a research note on Thursday, January 19th. Daiwa Capital Markets started coverage on shares of Tencent Music Entertainment Group in a research note on Friday, January 13th. They issued a “buy” rating on the stock. Finally, Morgan Stanley raised shares of Tencent Music Entertainment Group from an “equal weight” rating to an “overweight” rating and lifted their price objective for the company from $4.50 to $8.50 in a research note on Thursday, December 1st. Two research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, Tencent Music Entertainment Group currently has an average rating of “Moderate Buy” and a consensus target price of $7.02.

Tencent Music Entertainment Group Stock Performance

NYSE TME opened at $7.59 on Monday. The stock has a market cap of $12.87 billion, a PE ratio of 27.11, a PEG ratio of 0.67 and a beta of 0.78. The firm’s fifty day moving average price is $8.40 and its two-hundred day moving average price is $6.17. The company has a debt-to-equity ratio of 0.12, a quick ratio of 2.15 and a current ratio of 2.15. Tencent Music Entertainment Group has a fifty-two week low of $2.95 and a fifty-two week high of $9.29.

Tencent Music Entertainment Group Company Profile

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Tencent Music Entertainment Group is a holding company, which engages in the operation of an online music and audio entertainment platform. Its platform is composed of online music, online audio, online karaoke, music-centric live streaming, and online concert services. The company was founded on June 6, 2012 and is headquartered in Shenzhen, China.

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Institutional Ownership by Quarter for Tencent Music Entertainment Group (NYSE:TME)

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