Connor Clark & Lunn Investment Management Ltd. Lowers Stock Holdings in Tencent Music Entertainment Group (NYSE:TME)

Connor Clark & Lunn Investment Management Ltd. decreased its position in shares of Tencent Music Entertainment Group (NYSE:TMEFree Report) by 49.7% during the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 917,902 shares of the company’s stock after selling 905,820 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.05% of Tencent Music Entertainment Group worth $10,418,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of TME. Wilmington Savings Fund Society FSB purchased a new position in shares of Tencent Music Entertainment Group during the 3rd quarter valued at $64,000. Avior Wealth Management LLC increased its holdings in Tencent Music Entertainment Group by 253.8% in the 3rd 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 last quarter. SBI Securities Co. Ltd. bought a new stake in Tencent Music Entertainment Group in the 4th quarter valued at $110,000. Oppenheimer Asset Management Inc. bought a new stake in Tencent Music Entertainment Group in the 4th quarter valued at $114,000. Finally, PNC Financial Services Group Inc. increased its holdings in Tencent Music Entertainment Group by 10.9% in the 4th quarter. PNC Financial Services Group Inc. now owns 11,138 shares of the company’s stock valued at $126,000 after acquiring an additional 1,094 shares during the last quarter. Hedge funds and other institutional investors own 24.32% of the company’s stock.

Tencent Music Entertainment Group Stock Performance

Tencent Music Entertainment Group stock opened at $12.53 on Friday. The company’s 50-day moving average price is $12.09 and its 200-day moving average price is $11.68. Tencent Music Entertainment Group has a twelve month low of $9.41 and a twelve month high of $15.77. 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 company has a market cap of $21.49 billion, a PE ratio of 23.19, a price-to-earnings-growth ratio of 0.77 and a beta of 0.70.

Analysts Set New Price Targets

Separately, Morgan Stanley upgraded shares of Tencent Music Entertainment Group from an “equal weight” rating to an “overweight” rating and set a $13.00 price target on the stock in a report on Tuesday, January 21st. Three investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $14.04.

Read Our Latest Analysis on TME

Tencent Music Entertainment Group Company Profile

(Free Report)

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.

Further Reading

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Institutional Ownership by Quarter for Tencent Music Entertainment Group (NYSE:TME)

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