Bank of America Corp DE Has $24.81 Million Stock Holdings in Tencent Music Entertainment Group (NYSE:TME)

Bank of America Corp DE reduced its stake in Tencent Music Entertainment Group (NYSE:TME - Free Report) by 39.3% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. 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.

Several other institutional investors have also recently made changes to their positions in the stock. SBI Securities Co. Ltd. bought a new stake in Tencent Music Entertainment Group in the 4th quarter valued at about $110,000. Oppenheimer Asset Management Inc. acquired a new stake in Tencent Music Entertainment Group in the fourth quarter valued at approximately $114,000. PNC Financial Services Group Inc. grew its stake in Tencent Music Entertainment Group by 10.9% in the fourth quarter. PNC Financial Services Group Inc. now owns 11,138 shares of the company's stock valued at $126,000 after acquiring an additional 1,094 shares during the period. Unigestion Holding SA bought a new stake in shares of Tencent Music Entertainment Group during the fourth quarter valued at approximately $161,000. Finally, Diametric Capital LP acquired a new position in shares of Tencent Music Entertainment Group during the fourth quarter worth approximately $162,000. Institutional investors and hedge funds own 24.32% of the company's stock.

Wall Street Analyst Weigh In

TME has been the subject of several research reports. Mizuho lifted their price target on shares of Tencent Music Entertainment Group from $16.00 to $17.00 and gave the company an "outperform" rating in a research report on Wednesday, March 19th. Nomura Securities raised shares of Tencent Music Entertainment Group to a "strong-buy" rating in a research note on Tuesday, April 8th. Morgan Stanley reissued an "overweight" rating on shares of Tencent Music Entertainment Group in a research report on Tuesday, May 13th. Deutsche Bank Aktiengesellschaft raised shares of Tencent Music Entertainment Group from a "hold" rating to a "buy" rating in a research report on Wednesday, March 26th. Finally, Sanford C. Bernstein reiterated an "outperform" rating on shares of Tencent Music Entertainment Group in a research note on Wednesday. Two investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $15.00.

Tencent Music Entertainment Group Trading Up 1.8%

Shares of TME stock opened at $16.65 on Monday. The company has a debt-to-equity ratio of 0.09, a quick ratio of 2.34 and a current ratio of 2.34. The company has a market capitalization of $28.58 billion, a price-to-earnings ratio of 30.84, a PEG ratio of 0.77 and a beta of 0.46. Tencent Music Entertainment Group has a 52-week low of $9.41 and a 52-week high of $17.05. The company has a 50-day simple moving average of $13.65 and a two-hundred day simple moving average of $12.48.

Tencent Music Entertainment Group Increases Dividend

The firm also recently announced an annual dividend, which was paid on Thursday, April 24th. Stockholders of record on Thursday, April 3rd were issued a $0.18 dividend. The ex-dividend date of this dividend was Thursday, April 3rd. This is a positive change from Tencent Music Entertainment Group's previous annual dividend of $0.12. This represents a dividend yield of 0.9%. Tencent Music Entertainment Group's dividend payout ratio is currently 20.24%.

About Tencent Music Entertainment Group

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.

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