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Will Tencent Music Entertainment Group (NYSE: TME) In 2023 Be Worth Your Money?

In the last trading session, 3.69 million Tencent Music Entertainment Group (NYSE:TME) shares changed hands as the company’s beta touched 0.81. With the company’s per share price at $6.33 changed hands at $0.01 or 0.16% during last session, the market valuation stood at $10.86B. TME’s last price was a discount, traded about -46.76% off its 52-week high of $9.29. The share price had its 52-week low at $3.14, which suggests the last value was 50.39% up since then. When we look at Tencent Music Entertainment Group’s average trading volume, we note the 10-day average is 6.33 million shares, with the 3-month average coming to 6.82 million.

Analysts gave the Tencent Music Entertainment Group (TME) stock a consensus recommendation rating of an Overweight, calculated at a mean rating of 2.10. If we narrow down to specifics, the data shows that 1 out of 25 analysts rate the stock as a Sell, with a further 4 assigning it an Overweight rating. Of the remaining, 6 recommended TME as a Hold, 14 felt it is a Buy and 0 rated the stock as Underweight. Tencent Music Entertainment Group’s EPS for the current quarter is expected to be $0.12.

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Tencent Music Entertainment Group (NYSE:TME) trade information

Instantly TME was in green as seen at the end of in last trading. With action -2.62%, the performance over the past five days has been red. The jump to weekly highs of 6.55 on Monday, 09/18/23 added 0.16% to the stock’s daily price. The company’s shares are showing year-to-date downside of -23.55%, with the 5-day performance at -2.62% in the red. However, in the 30-day time frame, Tencent Music Entertainment Group (NYSE:TME) is -6.50% down. Looking at the short shares, we see there were 12.7 million shares sold at short interest cover period of 1.53 days.

The consensus price target for the stock as assigned by Wall Street analysts is $60.72, meaning bulls need an upside of 89.58% from its current market value. According to analyst projections, TME’s forecast low is $41.53 with $80.15 as the target high. To hit the forecast high, the stock’s price needs a -1166.19% plunge from its current level, while the stock would need to soar -556.08% for it to hit the projected low.

Tencent Music Entertainment Group (TME) estimates and forecasts

Data shows that the Tencent Music Entertainment Group share is performing relatively much better than most of its peers within the same industry. As can be gleaned from the statistics, the company’s share value shot -19.36% over the past 6 months, a 18.60% in annual growth rate that is considerably higher than the industry average of 16.30%. Moreover, analysts have looked to lower expectations by upgrading its fiscal year 2023 revenue estimates. The rating firms predict current quarter revenue for Tencent Music Entertainment Group will fall -7.70%. Year-over-year growth is forecast to reach -8.00% down from the last financial year.

Consensus estimates given by 7 financial analysts project the company’s revenue in the current quarter to hit an average of $864.93 million. 6 analysts are of the opinion that Tencent Music Entertainment Group’s revenue for the quarter ending Dec 2023 will be $866.5 million. The company’s revenue for the corresponding quarters a year ago was $1.1 billion and $1.06 billion respectively. According to analysts, the company will likely register a growth in its current quarter sales, forecast at -21.20%. The estimates for the next quarter sales put growth at -18.20%.

Looking at the company’s year-on-year earnings, data shows that the past 5-year has an earnings growth rate of 22.90%. The 2023 estimates are for Tencent Music Entertainment Group earnings to increase by 26.20%, but the outlook for the next 5-year period is at 12.69% per year.

TME Dividends

Tencent Music Entertainment Group is expected to release its next quarterly earnings report between November 13 and November 17.

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

If we look at who the major shareholders are, we find that insiders hold 0.00% of Tencent Music Entertainment Group shares while 48.41% of the shares are in the hands of institutional holders. The share float percentage for the stock currently stands at 48.41%. There are 48.41% institutions holding the Tencent Music Entertainment Group stock share, with Canada Pension Plan Investment Board the top institutional holder. As of Jun 29, 2023, the company held 4.36% of the shares, roughly 37.43 million TME shares worth $236.91 million.

Blackrock Inc. holds the second largest percentage of outstanding shares, with 3.90% or 33.49 million shares worth $212.01 million as of Jun 29, 2023.

Among Mutual Funds, the top two as of Jun 29, 2023 were KraneShares CSI China Internet ETF and Vanguard International Stock Index-Emerging Markets Stk. With 19.15 million shares estimated at $121.21 million under it, the former controlled 2.23% of total outstanding shares. On the other hand, Vanguard International Stock Index-Emerging Markets Stk held about 1.00% of the shares, roughly 8.62 million shares worth around $54.55 million.

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