Connor Clark & Lunn Investment Management Ltd. Sells 905,820 Shares of Tencent Music Entertainment Group (NYSE:TME)

Connor Clark & Lunn Investment Management Ltd. cut its holdings in Tencent Music Entertainment Group (NYSE:TMEFree Report) by 49.7% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 917,902 shares of the company’s stock after selling 905,820 shares during the period. Connor Clark & Lunn Investment Management Ltd.’s holdings in Tencent Music Entertainment Group were worth $10,418,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in the company. PNC Financial Services Group Inc. grew its holdings in Tencent Music Entertainment Group by 10.9% during the 4th quarter. PNC Financial Services Group Inc. now owns 11,138 shares of the company’s stock valued at $126,000 after purchasing an additional 1,094 shares during the last quarter. Raymond James Financial Inc. bought a new position in Tencent Music Entertainment Group during the 4th quarter valued at about $731,000. DJE Kapital AG bought a new position in Tencent Music Entertainment Group during the 4th quarter valued at about $1,671,000. SBI Securities Co. Ltd. bought a new position in Tencent Music Entertainment Group during the 4th quarter valued at about $110,000. Finally, Cantillon Capital Management LLC grew its holdings in Tencent Music Entertainment Group by 18.3% during the 4th quarter. Cantillon Capital Management LLC now owns 21,840,815 shares of the company’s stock valued at $247,893,000 after purchasing an additional 3,384,230 shares during the last quarter. 24.32% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

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 research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat, Tencent Music Entertainment Group currently has a consensus rating of “Moderate Buy” and an average target price of $14.04.

View Our Latest Analysis on Tencent Music Entertainment Group

Tencent Music Entertainment Group Price Performance

Tencent Music Entertainment Group stock opened at $12.53 on Friday. The stock has a market cap of $21.49 billion, a price-to-earnings ratio of 23.19, a price-to-earnings-growth ratio of 0.77 and a beta of 0.70. The company has a debt-to-equity ratio of 0.09, a current ratio of 2.34 and a quick ratio of 2.34. Tencent Music Entertainment Group has a 1 year low of $9.41 and a 1 year high of $15.77. The firm has a 50-day moving average of $12.09 and a two-hundred day moving average of $11.68.

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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