KBC Group NV Boosts Stock Holdings in Tencent Music Entertainment Group (NYSE:TME)

KBC Group NV lifted its holdings in Tencent Music Entertainment Group (NYSE:TME) by 889.3% in the 3rd quarter, according to its most recent filing with the SEC. The firm owned 329,713 shares of the company’s stock after purchasing an additional 296,385 shares during the period. KBC Group NV’s holdings in Tencent Music Entertainment Group were worth $3,973,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Janney Montgomery Scott LLC boosted its position in Tencent Music Entertainment Group by 10.5% during the 1st quarter. Janney Montgomery Scott LLC now owns 54,547 shares of the company’s stock valued at $610,000 after acquiring an additional 5,175 shares in the last quarter. Russell Investments Group Ltd. boosted its position in Tencent Music Entertainment Group by 102.8% during the first quarter. Russell Investments Group Ltd. now owns 707,683 shares of the company’s stock valued at $7,919,000 after purchasing an additional 358,694 shares in the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. purchased a new position in Tencent Music Entertainment Group in the first quarter valued at about $418,000. Mitsubishi UFJ Asset Management Co. Ltd. raised its holdings in Tencent Music Entertainment Group by 13.5% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 454,971 shares of the company’s stock worth $5,091,000 after purchasing an additional 54,174 shares in the last quarter. Finally, Mitsubishi UFJ Trust & Banking Corp lifted its position in shares of Tencent Music Entertainment Group by 13.1% during the first quarter. Mitsubishi UFJ Trust & Banking Corp now owns 205,075 shares of the company’s stock valued at $2,290,000 after buying an additional 23,827 shares during the last quarter. 24.32% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on TME shares. Mizuho cut their price objective 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. Sanford C. Bernstein assumed coverage on Tencent Music Entertainment Group in a report on Monday, November 4th. They set an “outperform” rating and a $14.00 price objective for the company. Barclays started coverage on Tencent Music Entertainment Group in a research note on Wednesday, November 6th. They set an “overweight” rating and a $16.00 target price on the stock. Daiwa America cut Tencent Music Entertainment Group from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, August 13th. Finally, Morgan Stanley lowered Tencent Music Entertainment Group from an “overweight” rating to an “equal weight” rating and dropped their price target for the stock from $15.00 to $13.00 in a research note on Wednesday, September 25th. Four 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, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $13.28.

Tencent Music Entertainment Group Stock Performance

Shares of NYSE TME opened at $11.07 on Monday. The stock has a market cap of $19.00 billion, a price-to-earnings ratio of 20.50, a PEG ratio of 0.83 and a beta of 0.67. Tencent Music Entertainment Group has a 12 month low of $7.93 and a 12 month high of $15.77. The company has a 50 day simple moving average of $11.45 and a two-hundred day simple moving average of $12.80. The company has a current ratio of 2.34, a quick ratio of 2.34 and a debt-to-equity ratio of 0.09.

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.