KBC Group NV Grows Position in Tencent Music Entertainment Group (NYSE:TME)

KBC Group NV grew its position in shares of Tencent Music Entertainment Group (NYSE:TME) by 889.3% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 329,713 shares of the company’s stock after purchasing an additional 296,385 shares during the quarter. KBC Group NV’s holdings in Tencent Music Entertainment Group were worth $3,973,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. Vanguard Group Inc. increased its holdings in Tencent Music Entertainment Group by 0.3% in the first quarter. Vanguard Group Inc. now owns 25,057,674 shares of the company’s stock valued at $280,395,000 after buying an additional 84,131 shares in the last quarter. Ninety One UK Ltd purchased a new position in shares of Tencent Music Entertainment Group in the 2nd quarter valued at about $122,775,000. Driehaus Capital Management LLC raised its holdings in Tencent Music Entertainment Group by 37.0% in the 2nd quarter. Driehaus Capital Management LLC now owns 7,129,342 shares of the company’s stock worth $100,167,000 after purchasing an additional 1,925,124 shares during the period. The Manufacturers Life Insurance Company boosted its position in Tencent Music Entertainment Group by 58.6% during the second quarter. The Manufacturers Life Insurance Company now owns 6,180,406 shares of the company’s stock worth $86,835,000 after purchasing an additional 2,284,347 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC grew its holdings in Tencent Music Entertainment Group by 14.4% in the third quarter. Allspring Global Investments Holdings LLC now owns 5,973,760 shares of the company’s stock valued at $71,984,000 after purchasing an additional 753,383 shares during the period. 24.32% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research analysts have recently weighed in on the company. Daiwa America downgraded Tencent Music Entertainment Group from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, August 13th. Benchmark reduced their price objective on shares of Tencent Music Entertainment Group from $19.00 to $15.00 and set a “buy” rating for the company in a research report on Wednesday, August 14th. Mizuho dropped their target price on shares of Tencent Music Entertainment Group from $17.00 to $16.00 and set an “outperform” rating on the stock in a research report on Wednesday, August 14th. Morgan Stanley downgraded shares of Tencent Music Entertainment Group from an “overweight” rating to an “equal weight” rating and reduced their price target for the stock from $15.00 to $13.00 in a research report on Wednesday, September 25th. Finally, Sanford C. Bernstein assumed coverage on Tencent Music Entertainment Group in a report on Monday, November 4th. They issued an “outperform” rating and a $14.00 price objective on the stock. Four analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $13.28.

Tencent Music Entertainment Group Stock Performance

Tencent Music Entertainment Group stock opened at $11.07 on Monday. The firm has a 50 day simple moving average of $11.45 and a 200-day simple moving average of $12.80. The stock has a market cap of $19.00 billion, a price-to-earnings ratio of 20.50, a price-to-earnings-growth ratio of 0.83 and a beta of 0.67. The company has a debt-to-equity ratio of 0.09, a current ratio of 2.34 and a quick ratio of 2.34. Tencent Music Entertainment Group has a 1-year low of $7.93 and a 1-year high of $15.77.

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.