CIBC Asset Management Inc Cuts Stake in Tencent Music Entertainment Group (NYSE:TME)

CIBC Asset Management Inc reduced its holdings in shares of Tencent Music Entertainment Group (NYSE:TME) by 9.8% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 11,613 shares of the company’s stock after selling 1,259 shares during the period. CIBC Asset Management Inc’s holdings in Tencent Music Entertainment Group were worth $132,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in the business. Cantillon Capital Management LLC increased its position in shares of Tencent Music Entertainment Group by 39.9% in the 3rd quarter. Cantillon Capital Management LLC now owns 18,456,585 shares of the company’s stock valued at $222,402,000 after purchasing an additional 5,265,783 shares during the last quarter. State Street Corp increased its position in shares of Tencent Music Entertainment Group by 1.3% in the 3rd quarter. State Street Corp now owns 12,821,488 shares of the company’s stock valued at $154,499,000 after purchasing an additional 166,225 shares during the last quarter. Allspring Global Investments Holdings LLC increased its position in shares of Tencent Music Entertainment Group by 8.7% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 6,496,359 shares of the company’s stock valued at $73,539,000 after purchasing an additional 522,599 shares during the last quarter. FMR LLC increased its position in shares of Tencent Music Entertainment Group by 98.8% in the 3rd quarter. FMR LLC now owns 5,970,773 shares of the company’s stock valued at $71,948,000 after purchasing an additional 2,967,779 shares during the last quarter. Finally, Coronation Fund Managers Ltd. increased its position in shares of Tencent Music Entertainment Group by 84.6% in the 3rd quarter. Coronation Fund Managers Ltd. now owns 5,656,233 shares of the company’s stock valued at $68,158,000 after purchasing an additional 2,592,381 shares during the last quarter. 24.32% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

TME has been the topic of a number of recent analyst reports. Morgan Stanley raised shares of Tencent Music Entertainment Group from an “equal weight” rating to an “overweight” rating and set a $13.00 price objective on the stock in a research report on Tuesday, January 21st. Sanford C. Bernstein initiated coverage on shares of Tencent Music Entertainment Group in a research report on Monday, November 4th. They issued an “outperform” rating and a $14.00 price objective on the stock. Finally, Barclays began coverage on shares of Tencent Music Entertainment Group in a research report on Wednesday, November 6th. They issued an “overweight” rating and a $16.00 price objective on the stock. Three research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $14.04.

Tencent Music Entertainment Group Stock Up 1.9 %

Shares of NYSE:TME opened at $12.95 on Thursday. The stock has a market cap of $22.23 billion, a P/E ratio of 23.99, a P/E/G ratio of 0.77 and a beta of 0.70. The firm has a fifty day moving average price of $11.83 and a 200 day moving average price of $11.53. 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 $9.15 and a 1-year high of $15.77.

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.