Tencent Music Entertainment Group (NYSE:TME) has a beta value of 0.78 and has seen 0.68 million shares traded in the recent trading session. The company, currently valued at $14.27B, closed the recent trade at $8.42 per share which meant it lost -$0.14 on the day or -1.64% during that session. The TME stock price is -10.33% off its 52-week high price of $9.29 and 64.96% above the 52-week low of $2.95. If we look at the company’s 10-day average daily trading volume, we find that it stood at 7.64 million shares traded. The 3-month trading volume is 12.70 million shares.
The consensus among analysts is that Tencent Music Entertainment Group (TME) is an Overweight stock at the moment, with a recommendation rating of 2.20. 2 analysts rate the stock as a Sell, while 5 rate it as Overweight. 8 out of 29 have rated it as a Hold, with 14 advising it as a Buy. 0 have rated the stock as Underweight. The expected earnings per share for the stock is $0.07.
Tencent Music Entertainment Group (NYSE:TME) trade information
Sporting -1.64% in the red today, the stock has traded in the green over the last five days, with the highest price hit on Tuesday, 01/24/23 when the TME stock price touched $8.42 or saw a rise of 2.55%. Year-to-date, Tencent Music Entertainment Group shares have moved 3.38%, while the 5-day performance has seen it change 0.82%. Over the past 30 days, the shares of Tencent Music Entertainment Group (NYSE:TME) have changed 0.94%. Short interest in the company has seen 30.18 million shares shorted with days to cover at 4.
Tencent Music Entertainment Group (TME) estimates and forecasts
Figures show that Tencent Music Entertainment Group shares have outperformed across the wider relevant industry. The company’s shares have gained 87.31% over the past 6 months, with this year growth rate of 12.82%, compared to 12.70% for the industry. Other than that, the company has, however, increased its growth outlook for the 2023 fiscal year revenue. Growth estimates for the current quarter are -41.70% and -41.70% for the next quarter. Revenue growth from the last financial year stood is estimated to be 9.10%.
12 analysts offering their estimates for the company have set an average revenue estimate of $1.23 billion for the current quarter. 11 have an estimated revenue figure of $1.32 billion for the next quarter concluding in Dec 2021. Year-ago sales stood $1.17 billion and $1.3 billion respectively for this quarter and the next, and analysts expect sales will grow by 5.40% for the current quarter and 1.70% for the next.
If we evaluate the company’s growth over the last 5-year and for the next 5-year period, we find that annual earnings growth was 104.70% over the past 5 years. Earnings growth for 2023 is a modest -27.20% while over the next 5 years, the company’s earnings are expected to increase by 4.38%.
Tencent Music Entertainment Group is expected to release its next earnings report between March 20 and March 24 this year, and investors are excited at the prospect of better dividends despite the company’s debt issue.
Tencent Music Entertainment Group (NYSE:TME)’s Major holders
Insiders own 0.00% of the company shares, while shares held by institutions stand at 49.07% with a share float percentage of 49.07%. Investors are also buoyed by the number of investors in a company, with Tencent Music Entertainment Group having a total of 391 institutions that hold shares in the company. The top two institutional holders are Canada Pension Plan Investment Board with over 36.99 million shares worth more than $185.7 million. As of Jun 29, 2022, Canada Pension Plan Investment Board held 4.31% of shares outstanding.
The other major institutional holder is Blackrock Inc., with the holding of over 32.95 million shares as of Jun 29, 2022. The firm’s total holdings are worth over $165.39 million and represent 3.84% of shares outstanding.
Also the top two Mutual Funds that are holding company’s shares are KraneShares CSI China Internet ETF and Vanguard International Stock Index-Emerging Markets Stk. As of Jun 29, 2022, the former fund manager holds about 2.73% shares in the company for having 23.44 million shares of worth $117.68 million while later fund manager owns 8.63 million shares of worth $36.32 million as of Jul 30, 2022, which makes it owner of about 1.01% of company’s outstanding stock.