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

KBC Group NV reduced its stake in shares of Tencent Music Entertainment Group (NYSE:TME - Free Report) by 89.9% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 33,328 shares of the company's stock after selling 296,385 shares during the quarter. KBC Group NV's holdings in Tencent Music Entertainment Group were worth $378,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in TME. Wilmington Savings Fund Society FSB purchased a new stake in Tencent Music Entertainment Group during the 3rd quarter valued at $64,000. Avior Wealth Management LLC raised its stake in shares of 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 period. Caprock Group LLC purchased a new stake in shares of Tencent Music Entertainment Group in the third quarter valued at $147,000. Diversify Advisory Services LLC bought a new stake in shares of Tencent Music Entertainment Group in the 3rd quarter worth about $166,000. Finally, DRW Securities LLC purchased a new position in shares of Tencent Music Entertainment Group during the 3rd quarter worth about $169,000. 24.32% of the stock is currently owned by hedge funds and other institutional investors.

Tencent Music Entertainment Group Stock Up 2.6 %

Shares of Tencent Music Entertainment Group stock traded up $0.31 during trading on Thursday, hitting $12.06. 4,895,781 shares of the stock traded hands, compared to its average volume of 6,698,716. The company has a current ratio of 2.34, a quick ratio of 2.34 and a debt-to-equity ratio of 0.09. The stock's fifty day simple moving average is $11.55 and its 200 day simple moving average is $11.62. The firm has a market cap of $20.69 billion, a P/E ratio of 22.32, a price-to-earnings-growth ratio of 0.72 and a beta of 0.70. Tencent Music Entertainment Group has a 52-week low of $9.15 and a 52-week high of $15.77.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on TME. Barclays assumed coverage on shares of Tencent Music Entertainment Group in a research report on Wednesday, November 6th. They issued an "overweight" rating and a $16.00 price objective on the stock. Sanford C. Bernstein began coverage on Tencent Music Entertainment Group in a research note on Monday, November 4th. They set an "outperform" rating and a $14.00 price target for the company. Finally, Morgan Stanley raised Tencent Music Entertainment Group from an "equal weight" rating to an "overweight" rating and set a $13.00 price objective on the stock in a research report on Tuesday, January 21st. Three analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $14.04.

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.