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

Connor Clark & Lunn Investment Management Ltd. grew its holdings in Tencent Music Entertainment Group (NYSE:TME - Free Report) by 150.2% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,823,722 shares of the company's stock after purchasing an additional 1,094,714 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned about 0.11% of Tencent Music Entertainment Group worth $21,976,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Ashton Thomas Private Wealth LLC bought a new stake in Tencent Music Entertainment Group in the second quarter valued at $37,000. Tobam increased its position in Tencent Music Entertainment Group by 37.7% in the 2nd quarter. Tobam now owns 3,498 shares of the company's stock valued at $49,000 after buying an additional 957 shares in the last quarter. Avior Wealth Management LLC increased its position 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 buying an additional 4,071 shares in the last quarter. iA Global Asset Management Inc. raised its stake in Tencent Music Entertainment Group by 728.9% during the 1st quarter. iA Global Asset Management Inc. now owns 11,687 shares of the company's stock worth $131,000 after buying an additional 10,277 shares during the period. Finally, Caprock Group LLC bought a new position in Tencent Music Entertainment Group in the third quarter worth approximately $147,000. Institutional investors own 24.32% of the company's stock.

Analysts Set New Price Targets

Several research firms have recently commented on TME. Morgan Stanley downgraded Tencent Music Entertainment Group from an "overweight" rating to an "equal weight" rating and decreased their price objective for the company from $15.00 to $13.00 in a report on Wednesday, September 25th. Benchmark lowered their price objective 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. Sanford C. Bernstein started coverage on shares of Tencent Music Entertainment Group in a research note on Monday, November 4th. They issued an "outperform" rating and a $14.00 price objective on the stock. Bank of America decreased their target price on shares of Tencent Music Entertainment Group from $18.00 to $15.00 and set a "buy" rating for the company in a research report on Wednesday, August 14th. Finally, Mizuho dropped their price target on shares of Tencent Music Entertainment Group from $17.00 to $16.00 and set an "outperform" rating on the stock in a research report on Wednesday, August 14th. Four analysts have rated the stock with a hold rating and ten have given a buy rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $13.28.

Tencent Music Entertainment Group Stock Performance

Shares of NYSE TME traded down $0.05 during midday trading on Thursday, reaching $11.39. The company's stock had a trading volume of 874,417 shares, compared to its average volume of 8,600,305. The stock has a market capitalization of $19.55 billion, a P/E ratio of 21.19, a PEG ratio of 0.84 and a beta of 0.67. The company has a debt-to-equity ratio of 0.09, a current ratio of 2.34 and a quick ratio of 2.34. The firm has a 50 day moving average price of $11.54 and a 200-day moving average price of $12.76. Tencent Music Entertainment Group has a 12-month low of $7.93 and a 12-month high of $15.77.

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.