Tencent Music Entertainment Group Sponsored ADR $TME Shares Acquired by Connor Clark & Lunn Investment Management Ltd.

Connor Clark & Lunn Investment Management Ltd. lifted its position in shares of Tencent Music Entertainment Group Sponsored ADR (NYSE:TME) by 1,979.4% in the 2nd quarter, Holdings Channel.com reports. The firm owned 379,675 shares of the company’s stock after purchasing an additional 361,416 shares during the period. Connor Clark & Lunn Investment Management Ltd.’s holdings in Tencent Music Entertainment Group were worth $7,400,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Mitsubishi UFJ Asset Management Co. Ltd. increased its holdings in Tencent Music Entertainment Group by 11.8% in the second quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 783,472 shares of the company’s stock valued at $15,270,000 after buying an additional 82,549 shares during the last quarter. Aviva PLC increased its holdings in shares of Tencent Music Entertainment Group by 2.4% in the 2nd quarter. Aviva PLC now owns 542,606 shares of the company’s stock valued at $10,575,000 after acquiring an additional 12,489 shares during the last quarter. AGF Management Ltd. purchased a new position in shares of Tencent Music Entertainment Group in the 2nd quarter valued at about $9,184,000. Resona Asset Management Co. Ltd. raised its position in shares of Tencent Music Entertainment Group by 5.4% during the 2nd quarter. Resona Asset Management Co. Ltd. now owns 208,310 shares of the company’s stock worth $4,049,000 after acquiring an additional 10,680 shares in the last quarter. Finally, Bank of Montreal Can purchased a new stake in Tencent Music Entertainment Group during the second quarter worth approximately $1,908,000. Institutional investors and hedge funds own 24.32% of the company’s stock.

Analyst Ratings Changes

TME has been the topic of several recent analyst reports. Macquarie set a $29.80 price target on shares of Tencent Music Entertainment Group and gave the company an “outperform” rating in a research note on Tuesday, August 12th. Bank of America assumed coverage on shares of Tencent Music Entertainment Group in a research report on Tuesday, October 28th. They issued a “neutral” rating and a $25.00 target price on the stock. Zacks Research cut shares of Tencent Music Entertainment Group from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 13th. Daiwa Capital Markets upgraded shares of Tencent Music Entertainment Group from a “neutral” rating to an “outperform” rating in a research note on Tuesday, August 12th. Finally, Weiss Ratings reiterated a “buy (b-)” rating on shares of Tencent Music Entertainment Group in a research report on Wednesday, October 8th. One equities research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, Tencent Music Entertainment Group presently has a consensus rating of “Moderate Buy” and an average price target of $24.66.

Tencent Music Entertainment Group Price Performance

Shares of TME opened at $19.03 on Thursday. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.87 and a current ratio of 1.87. Tencent Music Entertainment Group Sponsored ADR has a fifty-two week low of $10.11 and a fifty-two week high of $26.70. The firm has a 50-day simple moving average of $23.35 and a 200-day simple moving average of $21.01. The company has a market capitalization of $32.65 billion, a price-to-earnings ratio of 20.91, a price-to-earnings-growth ratio of 1.25 and a beta of 0.51.

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.