Bank of America Corp DE Has $5.35 Million Stock Holdings in Tencent Music Entertainment Group – (NYSE:TME)

Bank of America Corp DE cut its position in shares of Tencent Music Entertainment Group – (NYSE:TME) by 61.5% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 356,938 shares of the company’s stock after selling 569,808 shares during the quarter. Bank of America Corp DE’s holdings in Tencent Music Entertainment Group were worth $5,349,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Baillie Gifford & Co. grew its position in Tencent Music Entertainment Group by 15.2% during the second quarter. Baillie Gifford & Co. now owns 10,946,629 shares of the company’s stock worth $164,090,000 after buying an additional 1,440,595 shares in the last quarter. Canada Pension Plan Investment Board acquired a new stake in Tencent Music Entertainment Group during the second quarter worth about $120,270,000. William Blair Investment Management LLC grew its position in Tencent Music Entertainment Group by 16.9% during the second quarter. William Blair Investment Management LLC now owns 6,464,965 shares of the company’s stock worth $96,899,000 after buying an additional 936,341 shares in the last quarter. BlackRock Inc. grew its position in Tencent Music Entertainment Group by 5.8% during the second quarter. BlackRock Inc. now owns 4,400,066 shares of the company’s stock worth $65,957,000 after buying an additional 242,472 shares in the last quarter. Finally, TB Alternative Assets Ltd. acquired a new stake in Tencent Music Entertainment Group during the second quarter worth about $19,850,000. 9.56% of the stock is currently owned by institutional investors and hedge funds.

TME has been the topic of a number of recent research reports. Oppenheimer initiated coverage on Tencent Music Entertainment Group in a research report on Monday, July 29th. They set an “outperform” rating and a $18.00 target price on the stock. UBS Group raised Tencent Music Entertainment Group from a “hold” rating to a “buy” rating and set a $16.00 target price on the stock in a research report on Tuesday, October 8th. Bank of America cut their price target on shares of Tencent Music Entertainment Group from $19.20 to $18.00 and set a “buy” rating for the company in a research note on Tuesday, August 13th. Jefferies Financial Group began coverage on shares of Tencent Music Entertainment Group in a research note on Monday, August 5th. They set a “buy” rating and a $16.90 price target for the company. Finally, China Renaissance Securities upgraded shares of Tencent Music Entertainment Group from a “hold” rating to a “buy” rating in a research note on Tuesday, October 8th. Five equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. Tencent Music Entertainment Group currently has a consensus rating of “Buy” and a consensus price target of $16.29.

TME traded down $0.26 during midday trading on Monday, reaching $13.22. 1,089,547 shares of the company’s stock were exchanged, compared to its average volume of 4,594,745. The firm has a market capitalization of $21.69 billion and a price-to-earnings ratio of 66.10. Tencent Music Entertainment Group – has a one year low of $11.81 and a one year high of $19.97. The business has a 50-day simple moving average of $13.23 and a two-hundred day simple moving average of $14.91.

Tencent Music Entertainment Group (NYSE:TME) last announced its quarterly earnings results on Monday, August 12th. The company reported $0.09 EPS for the quarter, topping analysts’ consensus estimates of $0.08 by $0.01. The business had revenue of $859.00 million for the quarter, compared to the consensus estimate of $872.51 million. Analysts predict that Tencent Music Entertainment Group – will post 0.35 EPS for the current fiscal year.

Tencent Music Entertainment Group Company Profile

Tencent Music Entertainment Group operates an online music entertainment platform that provides online music and music-centric social entertainment services in China. It offers QQ Music, Kugou Music, and Kuwo Music that enable users to discover and listen to music in personalized ways; and WeSing, which enables users to have fun by singing and interacting with friends, sharing their singing performances with friends, and discovering songs that others have sung.

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Institutional Ownership by Quarter for Tencent Music Entertainment Group (NYSE:TME)

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