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

KBC Group NV grew its stake in shares of Tencent Music Entertainment Group (NYSE:TME - Free Report) by 889.3% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 329,713 shares of the company's stock after acquiring 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.

A number of other hedge funds also recently bought and sold shares of TME. Ashton Thomas Private Wealth LLC purchased a new stake in Tencent Music Entertainment Group during the second quarter valued at approximately $37,000. Tobam grew its holdings in Tencent Music Entertainment Group by 37.7% during the second quarter. Tobam now owns 3,498 shares of the company's stock valued at $49,000 after purchasing an additional 957 shares during the period. iA Global Asset Management Inc. increased its position in Tencent Music Entertainment Group by 728.9% in the first quarter. iA Global Asset Management Inc. now owns 11,687 shares of the company's stock worth $131,000 after buying an additional 10,277 shares in the last quarter. Wrapmanager Inc. purchased a new position in shares of Tencent Music Entertainment Group during the 2nd quarter valued at about $192,000. Finally, Diversify Advisory Services LLC bought a new position in shares of Tencent Music Entertainment Group during the 3rd quarter valued at approximately $166,000. Institutional investors own 24.32% of the company's stock.

Tencent Music Entertainment Group Stock Performance

TME traded up $0.41 during trading on Monday, reaching $11.48. 5,522,000 shares of the company's stock were exchanged, compared to its average volume of 8,650,732. 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. The company's fifty day simple moving average is $11.45 and its 200-day simple moving average is $12.80. The stock has a market capitalization of $19.70 billion, a P/E ratio of 21.31, a price-to-earnings-growth ratio of 0.83 and a beta of 0.67.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on the stock. Benchmark lowered their price target on shares of Tencent Music Entertainment Group from $19.00 to $15.00 and set a "buy" rating on the stock in a report on Wednesday, August 14th. Bank of America dropped their price objective on 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. Morgan Stanley cut Tencent Music Entertainment Group from an "overweight" rating to an "equal weight" rating and lowered their price target for the stock from $15.00 to $13.00 in a report on Wednesday, September 25th. Sanford C. Bernstein started coverage on shares of Tencent Music Entertainment Group in a research report on Monday, November 4th. They set an "outperform" rating and a $14.00 target price for the company. Finally, Barclays started coverage on Tencent Music Entertainment Group in a report on Wednesday, November 6th. They issued an "overweight" rating and a $16.00 target price for the company. Four research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to MarketBeat, Tencent Music Entertainment Group currently has a consensus 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.