Victory Capital Management Inc. Reduces Stake in Tencent Music Entertainment Group

Victory Capital Management Inc. has decreased its holdings in Tencent Music Entertainment Group (NYSE:TME) by 6.2% during the fourth quarter, as reported in its latest filing with the Securities and Exchange Commission (SEC). Following the sale of 129,457 shares during this period, the fund now owns a total of 1,973,827 shares of the company. At the close of the fourth quarter, Victory Capital Management's stake in Tencent Music was valued at approximately $22,403,000, representing about 0.12% of the company's stock.

In addition, several other institutional investors have also adjusted their positions in Tencent Music. DJE Kapital AG entered a new investment in the company during the fourth quarter, with a value of around $1,671,000. Similarly, SBI Securities Co. Ltd. acquired a new stake worth approximately $110,000. Cantillon Capital Management LLC increased its holdings by 18.3%, now owning 21,840,815 shares valued at approximately $247,893,000 after purchasing an additional 3,384,230 shares last quarter. Oppenheimer Asset Management Inc. also acquired a new stake valued at around $114,000. Furthermore, the National Pension Service raised its holdings by 4.4% in the fourth quarter, bringing its total to 205,781 shares valued at about $2,336,000 after adding 8,750 shares. Overall, institutional investors and hedge funds own approximately 24.32% of Tencent Music's shares.

Market Outlook for Tencent Music Entertainment Group

On a different note, analysts on Wall Street have expressed positive sentiments regarding Tencent Music Entertainment Group's growth potential. Morgan Stanley upgraded the company's stock rating from "equal weight" to an "overweight" position, establishing a target price of $13.00 per share in a report released on January 21st. Currently, three investment analysts have assigned a hold rating, while eight analysts have expressed a buy rating. According to MarketBeat data, the consensus rating for Tencent Music is "Moderate Buy" with an average price target of $14.04.

Tencent Music Entertainment Group Stock Performance

As of Tuesday, the shares of NYSE:TME opened at $12.88. The company's one-year stock range has a low of $9.41 and a high of $15.77, and it boasts a market capitalization of $22.11 billion. The company's price-to-earnings (PE) ratio stands at 23.86, with a price-to-earnings growth (PEG) ratio of 0.77, and a beta of 0.70. Its 50-day moving average is $12.01 while the 200-day moving average is $11.64. The business maintains a current ratio of 2.34, quick ratio of 2.34, and a low debt-to-equity ratio of 0.09.

About Tencent Music Entertainment Group

Tencent Music Entertainment Group operates various online music platforms that provide services including music streaming, live streaming, and online karaoke within the People's Republic of China. The company offers platforms such as QQ Music, Kugou Music, and Kuwo Music, which allow users to explore music according to their preferences. Additionally, it provides long-form audio content, including podcasts, audiobooks, and talk shows, as well as music videos and live performances. WeSing, another service of Tencent, enables users to enjoy karaoke by singing along to songs from its extensive library.

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