Connor Clark & Lunn Investment Management Ltd. Has $263,000 Stock Position in Tencent Music Entertainment Group Sponsored ADR $TME

Key Points

• Connor Clark & Lunn Investment Management Ltd. has significantly reduced its holdings in Tencent Music Entertainment Group by 98% to only 18,259 shares, valued at approximately $263,000.
• Several institutional investors, including BNP Paribas and Ballentine Partners LLC, have increased their stakes in Tencent Music, indicating varying investor confidence despite the recent sell-off.
• Analysts have a consensus rating of "Buy" for Tencent Music, with target prices ranging from $27.00 to $29.80, reflecting optimistic growth expectations for the company.

Connor Clark & Lunn Investment Management Ltd. lowered its stake in shares of Tencent Music Entertainment Group Sponsored ADR (NYSE:TME - Free Report) by 98.0% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 18,259 shares of the company's stock after selling 899,643 shares during the period. Connor Clark & Lunn Investment Management Ltd.'s holdings in Tencent Music Entertainment Group were worth $263,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also modified their holdings of the business. Vanguard Group Inc. lifted its holdings in shares of Tencent Music Entertainment Group by 1.4% during the 1st quarter. Vanguard Group Inc. now owns 29,993,486 shares of the company's stock valued at $432,206,000 after purchasing an additional 404,674 shares in the last quarter. Krane Funds Advisors LLC lifted its holdings in shares of Tencent Music Entertainment Group by 20.8% during the 1st quarter. Krane Funds Advisors LLC now owns 23,984,629 shares of the company's stock valued at $345,619,000 after purchasing an additional 4,128,678 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of Tencent Music Entertainment Group by 3,382.1% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 4,481,537 shares of the company's stock valued at $64,579,000 after purchasing an additional 4,352,834 shares in the last quarter. Deutsche Bank AG lifted its holdings in shares of Tencent Music Entertainment Group by 11.9% during the 1st quarter. Deutsche Bank AG now owns 4,434,839 shares of the company's stock valued at $63,906,000 after purchasing an additional 469,945 shares in the last quarter. Finally, Northern Trust Corp lifted its holdings in shares of Tencent Music Entertainment Group by 242.2% during the 4th quarter. Northern Trust Corp now owns 3,682,994 shares of the company's stock valued at $41,802,000 after purchasing an additional 2,606,781 shares in the last quarter. Institutional investors own 24.32% of the company's stock.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the company. Barclays reiterated an "overweight" rating and set a $27.00 price objective (up previously from $16.00) on shares of Tencent Music Entertainment Group in a report on Tuesday, August 12th. Daiwa Capital Markets upgraded Tencent Music Entertainment Group from a "neutral" rating to an "outperform" rating in a report on Tuesday, August 12th. Wall Street Zen upgraded Tencent Music Entertainment Group from a "hold" rating to a "buy" rating in a report on Friday. Citigroup reiterated a "buy" rating and set a $29.00 price objective (up previously from $23.00) on shares of Tencent Music Entertainment Group in a report on Tuesday, August 12th. Finally, Benchmark lifted their target price on Tencent Music Entertainment Group from $19.00 to $28.00 and gave the company a "buy" rating in a research report on Wednesday, August 13th. One investment analyst has rated the stock with a Strong Buy rating and nine have given a Buy rating to the company. Based on data from MarketBeat.com, Tencent Music Entertainment Group presently has a consensus rating of "Buy" and an average price target of $24.47.

Tencent Music Entertainment Group Stock Up 1.6%

Shares of NYSE:TME traded up $0.42 during trading on Tuesday, hitting $26.14. 25,841,883 shares of the company were exchanged, compared to its average volume of 6,261,027. The stock has a market cap of $44.85 billion, a price-to-earnings ratio of 28.72 and a beta of 0.50. Tencent Music Entertainment Group Sponsored ADR has a fifty-two week low of $9.41 and a fifty-two week high of $26.54. The firm has a fifty day moving average price of $21.57 and a two-hundred day moving average price of $16.93. The company has a current ratio of 1.87, a quick ratio of 1.87 and a debt-to-equity ratio of 0.04.

Tencent Music Entertainment Group Company 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.