Victory Capital Management Inc. Cuts Position in Tencent Music Entertainment Group (NYSE:TME)

Victory Capital Management Inc. trimmed its position in shares of Tencent Music Entertainment Group (NYSE:TME) by 12.3% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,103,284 shares of the company’s stock after selling 295,072 shares during the period. Victory Capital Management Inc. owned approximately 0.12% of Tencent Music Entertainment Group worth $25,345,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of TME. Ashton Thomas Private Wealth LLC purchased a new stake in Tencent Music Entertainment Group during the second quarter valued at $37,000. Tobam increased its holdings in shares of Tencent Music Entertainment Group by 37.7% in the 2nd quarter. Tobam now owns 3,498 shares of the company’s stock worth $49,000 after buying an additional 957 shares during the last quarter. iA Global Asset Management Inc. raised its position in shares of Tencent Music Entertainment Group by 728.9% during the 1st quarter. iA Global Asset Management Inc. now owns 11,687 shares of the company’s stock valued at $131,000 after buying an additional 10,277 shares in the last quarter. Wrapmanager Inc. bought a new position in shares of Tencent Music Entertainment Group in the 2nd quarter valued at about $192,000. Finally, Diversify Advisory Services LLC purchased a new position in Tencent Music Entertainment Group in the third quarter worth about $166,000. 24.32% of the stock is currently owned by institutional investors.

Tencent Music Entertainment Group Stock Up 2.4 %

Shares of NYSE TME opened at $11.07 on Monday. Tencent Music Entertainment Group has a 52-week low of $7.93 and a 52-week high of $15.77. The firm has a market capitalization of $19.00 billion, a price-to-earnings ratio of 20.50, a PEG ratio of 0.83 and a beta of 0.67. The stock has a 50 day moving average price of $11.45 and a 200 day moving average price of $12.80. The company has a debt-to-equity ratio of 0.09, a quick ratio of 2.34 and a current ratio of 2.34.

Analyst Upgrades and Downgrades

TME has been the subject of several analyst reports. Daiwa America lowered Tencent Music Entertainment Group from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, August 13th. Morgan Stanley cut shares of Tencent Music Entertainment Group from an “overweight” rating to an “equal weight” rating and cut their price objective for the company from $15.00 to $13.00 in a research report on Wednesday, September 25th. Daiwa Capital Markets downgraded shares of Tencent Music Entertainment Group from an “outperform” rating to a “neutral” rating in a research note on Tuesday, August 13th. Bank of America dropped their price target on shares of Tencent Music Entertainment Group from $18.00 to $15.00 and set a “buy” rating for the company in a research note on Wednesday, August 14th. Finally, Benchmark reduced their price objective on shares of Tencent Music Entertainment Group from $19.00 to $15.00 and set a “buy” rating on the stock in a research report on Wednesday, August 14th. Four research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat.com, Tencent Music Entertainment Group presently has an average rating of “Moderate Buy” and an average price target of $13.28.

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.