KBC Group NV Reduces Stake in Tencent Music Entertainment Group (NYSE:TME)

KBC Group NV lessened its stake in shares of Tencent Music Entertainment Group (NYSE:TME) by 89.9% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 33,328 shares of the company’s stock after selling 296,385 shares during the period. 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 recently modified their holdings of the company. Wilmington Savings Fund Society FSB purchased a new position in Tencent Music Entertainment Group during the third quarter worth about $64,000. Avior Wealth Management LLC lifted its holdings in Tencent Music Entertainment Group by 253.8% in the third quarter. Avior Wealth Management LLC now owns 5,675 shares of the company’s stock valued at $68,000 after acquiring an additional 4,071 shares during the last quarter. Caprock Group LLC purchased a new position in Tencent Music Entertainment Group in the third quarter worth approximately $147,000. DRW Securities LLC acquired a new stake in Tencent Music Entertainment Group during the third quarter worth $169,000. Finally, Diversify Advisory Services LLC purchased a new stake in Tencent Music Entertainment Group in the third quarter valued at $166,000. Institutional investors and hedge funds own 24.32% of the company’s stock.

Tencent Music Entertainment Group Trading Down 2.4 %

NYSE TME opened at $11.98 on Monday. Tencent Music Entertainment Group has a 52 week low of $8.89 and a 52 week high of $15.77. The firm has a 50 day moving average of $11.52 and a two-hundred day moving average of $11.67. The stock has a market capitalization 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 company has a quick ratio of 2.34, a current ratio of 2.34 and a debt-to-equity ratio of 0.09.

Wall Street Analyst Weigh In

TME has been the subject of several research analyst reports. Morgan Stanley raised shares of Tencent Music Entertainment Group from an “equal weight” rating to an “overweight” rating and set a $13.00 target price for the company in a research note on Tuesday, January 21st. Sanford C. Bernstein initiated coverage on Tencent Music Entertainment Group in a research report on Monday, November 4th. They issued an “outperform” rating and a $14.00 target price on the stock. Finally, Barclays started coverage on Tencent Music Entertainment Group in a research report on Wednesday, November 6th. They set an “overweight” rating and a $16.00 price target for the company. Three equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $13.54.

Tencent Music Entertainment Group Company 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.