Tencent Music Entertainment Group (NYSE:TME) Shares Sold by Victory Capital Management Inc.

Victory Capital Management Inc. decreased its position in Tencent Music Entertainment Group (NYSE:TME - Free Report) by 12.3% in the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 2,103,284 shares of the company's stock after selling 295,072 shares during the period. Victory Capital Management Inc. owned 0.12% of Tencent Music Entertainment Group worth $25,345,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of TME. Progeny 3 Inc. purchased a new position in Tencent Music Entertainment Group during the second quarter valued at approximately $11,436,000. Swedbank AB bought a new position in shares of Tencent Music Entertainment Group in the 1st quarter worth $1,980,000. Russell Investments Group Ltd. lifted its stake in shares of Tencent Music Entertainment Group by 102.8% during the 1st quarter. Russell Investments Group Ltd. now owns 707,683 shares of the company's stock worth $7,919,000 after purchasing an additional 358,694 shares during the last quarter. Diversified Trust Co bought a new stake in Tencent Music Entertainment Group during the second quarter valued at about $632,000. Finally, SG Americas Securities LLC grew its stake in Tencent Music Entertainment Group by 33.3% in the second quarter. SG Americas Securities LLC now owns 317,594 shares of the company's stock valued at $4,462,000 after purchasing an additional 79,307 shares during the last quarter. Institutional investors own 24.32% of the company's stock.

Analysts Set New Price Targets

TME has been the topic of a number of recent analyst reports. 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. Mizuho lowered their target price on shares of Tencent Music Entertainment Group from $17.00 to $16.00 and set an "outperform" rating for the company in a research note on Wednesday, August 14th. Daiwa Capital Markets downgraded shares of Tencent Music Entertainment Group from an "outperform" rating to a "neutral" rating in a report on Tuesday, August 13th. 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 research report on Wednesday, September 25th. Finally, Daiwa America lowered shares of Tencent Music Entertainment Group from a "strong-buy" rating to a "hold" rating in a report on Tuesday, August 13th. Four equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $13.28.

Tencent Music Entertainment Group Price Performance

Shares of Tencent Music Entertainment Group stock traded up $0.40 during trading hours on Monday, reaching $11.47. 4,447,677 shares of the company's stock were exchanged, compared to its average volume of 8,645,915. The company has a quick ratio of 2.34, a current ratio of 2.34 and a debt-to-equity ratio of 0.09. The business has a fifty day moving average of $11.45 and a two-hundred day moving average of $12.80. Tencent Music Entertainment Group has a 1 year low of $7.93 and a 1 year high of $15.77. The company has a market capitalization of $19.68 billion, a P/E ratio of 20.50, a price-to-earnings-growth ratio of 0.83 and a beta of 0.67.

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.