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Tencent Music Entertainment Group (NYSE: TME) Stock: Can It Change The Game?

In the last trading session, 6.37 million shares of the Tencent Music Entertainment Group (NYSE:TME) were traded, and its beta was 0.78. Most recently the company’s share price was $7.37, and it changed around -$0.27 or -3.53% from the last close, which brings the market valuation of the company to $12.96B. TME currently trades at a discount to its 52-week high of $9.29, offering almost -26.05% off that amount. The share price’s 52-week low was $3.14, which indicates that the current value has risen by an impressive 57.39% since then. We note from Tencent Music Entertainment Group’s average daily trading volume that its 10-day average is 7.9 million shares, with the 3-month average coming to 6.19 million.

Tencent Music Entertainment Group stock received a consensus recommendation rating of an Overweight, based on a mean score of 2.00. If we narrow it down even further, the data shows that 1 out of 30 analysts rate the stock as a Sell; another 6 rate it as Overweight. Among the rest, 6 recommended TME as a Hold, whereas 17 deemed it a Buy, and 0 rated it as Underweight. Tencent Music Entertainment Group is expected to report earnings per share of $0.14 for the current quarter.

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Tencent Music Entertainment Group (NYSE:TME) trade information

Instantly TME has showed a red trend with a performance of -3.53% at the end of last trading. The performance over the last five days has remained in the red territory. The rise to weekly highs of 8.37 on Tuesday, 05/23/23 increased the stock’s daily price by 11.95%. The company’s shares are currently down -10.99% year-to-date, but still down -3.91% over the last five days. On the other hand, Tencent Music Entertainment Group (NYSE:TME) is 0.14% down in the 30-day period. We can see from the shorts that 19.44 million shares have been sold at a short interest cover period of 3.87 day(s).

The consensus price target as assigned by Wall Street analysts is $69.48, which translates to bulls needing to increase their stock price by 89.39% from its current value. Analyst projections state that TME is forecast to be at a low of $42.72 and a high of $82.22. In order for the stock price to hit the forecast high, the stock would need to plunge -1015.6% from its current level, while the stock would need to crash -479.65% from its current level to reach the projected low.

Tencent Music Entertainment Group (TME) estimates and forecasts

Tencent Music Entertainment Group share prices are performing particularly well not compared to other companies within the same industry. As is evident from the statistics, the company’s shares have risen 32.08 percent over the past six months and at a 23.26% annual growth rate that is well below the industry average of 27.00%. Moreover, analysts have decided to roll up on their fiscal year 2023 revenue estimates. The rating firms predict that it will gain 55.60% in revenue this quarter, and will report an increase of 15.40% in the next quarter. The year-over-year growth rate is expected to be 5.80%, up from the previous year.

Consensus estimates provided by 9 financial analysts predict the company will bring in an average of $1.06 billion in revenue for the current quarter. 7 analysts expect Tencent Music Entertainment Group to make $1.1 billion in revenue for the quarter ending Sep 2023. The company’s sales for the same quarters a year ago were $959.43 million and $1.1 billion respectively. Analysts predict that the company’s current quarter sales will jump, forecast at 10.20%. Forecasts for the next quarter put sales growth at -0.10%.

Looking at the company’s year-over-year earnings, the past five years showed a positive earnings growth rate of 22.90%. Tencent Music Entertainment Group earnings are expected to increase by 26.20% in 2023, but the outlook is positive 12.59% per year for the next five years.

TME Dividends

Tencent Music Entertainment Group’s next quarterly earnings report is expected to be released on May 16.

Tencent Music Entertainment Group (NYSE:TME)’s Major holders

Upon looking at major shareholders, it appears that insiders hold 0.00% of Tencent Music Entertainment Group shares, and 48.63% of them are in the hands of institutional investors. The stock currently has a share float of 48.63%. Tencent Music Entertainment Group stock is held by 418 institutions, with Canada Pension Plan Investment Board being the largest institutional investor. By Mar 30, 2023, it held 4.31% of the shares, which is about 36.99 million shares worth $306.3 million.

Krane Funds Advisors LLC, with 4.03% or 34.57 million shares worth $286.2 million as of Mar 30, 2023, holds the second largest percentage of outstanding shares.

KraneShares CSI China Internet ETF and Vanguard International Stock Index-Emerging Markets Stk were the top two Mutual Funds as of Dec 30, 2022. The former held 35.4 million shares worth $293.11 million, making up 4.12% of all outstanding shares. On the other hand, Vanguard International Stock Index-Emerging Markets Stk held roughly 8.57 million shares worth around $71.93 million, which represents about 1.00% of the total shares outstanding.

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