Connor Clark & Lunn Investment Management Ltd. Has $263,000 Holdings 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. cut its position in 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 & Exchange Commission. The institutional investor 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 SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. BNP Paribas boosted its position in Tencent Music Entertainment Group by 2.0% in the fourth quarter. BNP Paribas now owns 58,066 shares of the company's stock valued at $659,000 after buying an additional 1,131 shares in the last quarter. Ballentine Partners LLC boosted its position in Tencent Music Entertainment Group by 10.6% in the first quarter. Ballentine Partners LLC now owns 21,054 shares of the company's stock valued at $303,000 after buying an additional 2,019 shares in the last quarter. Asset Management One Co. Ltd. boosted its position in Tencent Music Entertainment Group by 0.5% in the first quarter. Asset Management One Co. Ltd. now owns 504,632 shares of the company's stock valued at $7,272,000 after buying an additional 2,549 shares in the last quarter. Vontobel Holding Ltd. boosted its position in Tencent Music Entertainment Group by 10.2% in the first quarter. Vontobel Holding Ltd. now owns 36,441 shares of the company's stock valued at $525,000 after buying an additional 3,364 shares in the last quarter. Finally, Vident Advisory LLC boosted its position in Tencent Music Entertainment Group by 23.0% in the fourth quarter. Vident Advisory LLC now owns 18,889 shares of the company's stock valued at $214,000 after buying an additional 3,538 shares in the last quarter. 24.32% of the stock is currently owned by institutional investors and hedge funds.

Tencent Music Entertainment Group Trading Down 0.8%

TME opened at $25.0810 on Thursday. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.87 and a quick ratio of 1.87. The company has a market cap of $43.04 billion, a price-to-earnings ratio of 27.56 and a beta of 0.50. The firm has a 50 day simple moving average of $21.02 and a 200 day simple moving average of $16.52. Tencent Music Entertainment Group Sponsored ADR has a fifty-two week low of $9.41 and a fifty-two week high of $26.54.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on TME shares. Barclays restated an "overweight" rating and issued a $27.00 price target (up from $16.00) on shares of Tencent Music Entertainment Group in a research report on Tuesday, August 12th. Benchmark upped their target price on shares of Tencent Music Entertainment Group from $19.00 to $28.00 and gave the stock a "buy" rating in a research report on Wednesday, August 13th. Sanford C. Bernstein set a $27.50 target price on shares of Tencent Music Entertainment Group and gave the stock an "outperform" rating in a research report on Wednesday, August 13th. Macquarie set a $29.80 target price on shares of Tencent Music Entertainment Group and gave the stock an "outperform" rating in a research report on Tuesday, August 12th. Finally, Daiwa Capital Markets upgraded shares of Tencent Music Entertainment Group from a "neutral" rating to an "outperform" rating in a research report on Tuesday, August 12th. One analyst has rated the stock with a Strong Buy rating and nine have issued a Buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Buy" and a consensus target price of $24.47.

Tencent Music Entertainment Group 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.

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