Tencent Music Entertainment Group (NYSE:TME) Shares Sold by KBC Group NV

KBC Group NV decreased its position in Tencent Music Entertainment Group (NYSE:TME) by 89.9% during the 4th quarter, Holdings Channel reports. The fund owned 33,328 shares of the company’s stock after selling 296,385 shares during the quarter. KBC Group NV’s holdings in Tencent Music Entertainment Group were worth $378,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. Envestnet Asset Management Inc. increased its holdings in shares of Tencent Music Entertainment Group by 320.2% in the 2nd quarter. Envestnet Asset Management Inc. now owns 123,759 shares of the company’s stock valued at $1,739,000 after purchasing an additional 94,308 shares in the last quarter. Creative Planning lifted its stake in Tencent Music Entertainment Group by 19.7% in the 2nd quarter. Creative Planning now owns 81,560 shares of the company’s stock valued at $1,146,000 after buying an additional 13,421 shares in the last quarter. Cetera Investment Advisers grew its holdings in Tencent Music Entertainment Group by 10.8% during the 2nd quarter. Cetera Investment Advisers now owns 84,366 shares of the company’s stock valued at $1,185,000 after buying an additional 8,216 shares during the last quarter. Handelsbanken Fonder AB increased its position in Tencent Music Entertainment Group by 2.4% during the third quarter. Handelsbanken Fonder AB now owns 179,636 shares of the company’s stock worth $2,165,000 after buying an additional 4,265 shares in the last quarter. Finally, Perpetual Ltd raised its holdings in shares of Tencent Music Entertainment Group by 6.7% in the third quarter. Perpetual Ltd now owns 1,556,751 shares of the company’s stock worth $18,759,000 after acquiring an additional 97,298 shares during the last quarter. 24.32% of the stock is currently owned by institutional investors and hedge funds.

Tencent Music Entertainment Group Price Performance

Shares of NYSE TME opened at $11.98 on Monday. Tencent Music Entertainment Group has a fifty-two week low of $8.89 and a fifty-two week high of $15.77. The company has a quick ratio of 2.34, a current ratio of 2.34 and a debt-to-equity ratio of 0.09. The firm has a market cap of $20.55 billion, a PE ratio of 22.18, a price-to-earnings-growth ratio of 0.70 and a beta of 0.69. The business has a 50 day moving average price of $11.52 and a two-hundred day moving average price of $11.67.

Analysts Set New Price Targets

A number of analysts recently commented on the company. Sanford C. Bernstein began coverage on Tencent Music Entertainment Group in a research report on Monday, November 4th. They set an “outperform” rating and a $14.00 price objective for the company. Morgan Stanley upgraded shares of Tencent Music Entertainment Group from an “equal weight” rating to an “overweight” rating and set a $13.00 price target for the company in a report on Tuesday, January 21st. Finally, Barclays initiated coverage on shares of 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. Three equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat, Tencent Music Entertainment Group has an average rating of “Moderate Buy” and a consensus target price of $13.54.

Tencent Music Entertainment Group 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.