Bank of America Corp DE Cuts Stake in Tencent Music Entertainment Group (NYSE:TME)

Bank of America Corp DE decreased its stake in shares of Tencent Music Entertainment Group (NYSE:TME - Free Report) by 39.3% during the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 2,185,737 shares of the company's stock after selling 1,412,514 shares during the period. Bank of America Corp DE owned 0.13% of Tencent Music Entertainment Group worth $24,808,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. SBI Securities Co. Ltd. purchased a new stake in Tencent Music Entertainment Group during the 4th quarter worth about $110,000. Oppenheimer Asset Management Inc. bought a new position in Tencent Music Entertainment Group in the 4th quarter worth about $114,000. PNC Financial Services Group Inc. increased its stake in Tencent Music Entertainment Group by 10.9% in the 4th quarter. PNC Financial Services Group Inc. now owns 11,138 shares of the company's stock worth $126,000 after acquiring an additional 1,094 shares during the last quarter. Unigestion Holding SA bought a new position in Tencent Music Entertainment Group in the 4th quarter worth about $161,000. Finally, Diametric Capital LP bought a new position in Tencent Music Entertainment Group in the 4th quarter worth about $162,000. Hedge funds and other institutional investors own 24.32% of the company's stock.

Tencent Music Entertainment Group Stock Up 3.5%

NYSE:TME traded up $0.60 during mid-day trading on Friday, hitting $17.53. 8,579,433 shares of the company's stock were exchanged, compared to its average volume of 8,224,984. Tencent Music Entertainment Group has a one year low of $9.41 and a one year high of $17.55. The company has a market cap of $30.08 billion, a PE ratio of 32.46, a P/E/G ratio of 0.77 and a beta of 0.46. The business has a fifty day moving average price of $14.05 and a 200 day moving average price of $12.67. The company has a debt-to-equity ratio of 0.09, a current ratio of 2.34 and a quick ratio of 2.34.

Tencent Music Entertainment Group Increases Dividend

The business also recently disclosed an annual dividend, which was paid on Thursday, April 24th. Stockholders of record on Thursday, April 3rd were paid a $0.18 dividend. The ex-dividend date was Thursday, April 3rd. This represents a dividend yield of 0.9%. This is an increase from Tencent Music Entertainment Group's previous annual dividend of $0.12. Tencent Music Entertainment Group's dividend payout ratio (DPR) is 20.24%.

Analyst Ratings Changes

A number of equities analysts have weighed in on the company. Deutsche Bank Aktiengesellschaft upgraded Tencent Music Entertainment Group from a "hold" rating to a "buy" rating in a research note on Wednesday, March 26th. Nomura Securities upgraded Tencent Music Entertainment Group to a "strong-buy" rating in a research note on Tuesday, April 8th. Morgan Stanley restated an "overweight" rating on shares of Tencent Music Entertainment Group in a research note on Tuesday, May 13th. Sanford C. Bernstein restated an "outperform" rating on shares of Tencent Music Entertainment Group in a research note on Wednesday, May 14th. Finally, Mizuho upped their target price on Tencent Music Entertainment Group from $16.00 to $17.00 and gave the stock an "outperform" rating in a research note on Wednesday, March 19th. Two analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $15.00.

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.