In the latest trading session, 2.2 million Tencent Music Entertainment Group ADR (NYSE:TME) shares changed hands as the company’s beta touched 0.85. With the company’s most recent per share price at $8.78 changed hands at -$0.16 or -1.73% at last look, the market valuation stands at $6.12B. TME’s current price is a discount, trading about -5.81% off its 52-week high of $9.29. The share price had its 52-week low at $5.44, which suggests the last value was 38.04% up since then. When we look at Tencent Music Entertainment Group ADR’s average trading volume, we note the 10-day average is 11.92 million shares, with the 3-month average coming to 7.63 million.
Analysts gave the Tencent Music Entertainment Group ADR (TME) stock a consensus recommendation rating of an Overweight, calculated at a mean rating of 1.69. If we narrow down to specifics, the data shows that 1 out of 29 analysts rate the stock as a Sell, with a further 6 assigning it an Overweight rating. Of the remaining, 5 recommended TME as a Hold, 17 felt it is a Buy and 0 rated the stock as Underweight. Tencent Music Entertainment Group ADR’s EPS for the current quarter is expected to be $0.13.
Tencent Music Entertainment Group ADR (NYSE:TME) trade information
Instantly TME was in red as seen in intraday trades today. With action 14.69%, the performance over the past five days has been green. The drop to weekly highs of 8.99 on Monday, 11/20/23 subtracted -1.73% to the stock’s daily price. The company’s shares are showing year-to-date upside of 6.10%, with the 5-day performance at 14.69% in the green. However, in the 30-day time frame, Tencent Music Entertainment Group ADR (NYSE:TME) is 29.38% up. Looking at the short shares, we see there were 13.99 million shares sold at short interest cover period of 2.01 days.
The consensus price target for the stock as assigned by Wall Street analysts is $64.11, meaning bulls need an upside of 86.3% from its recent market value. According to analyst projections, TME’s forecast low is $41.49 with $78.94 as the target high. To hit the forecast high, the stock’s price needs a -799.09% plunge from its current level, while the stock would need to soar -372.55% for it to hit the projected low.
Tencent Music Entertainment Group ADR (TME) estimates and forecasts
Data shows that the Tencent Music Entertainment Group ADR share is performing relatively much not better than most of its peers within the same industry. As can be gleaned from the statistics, the company’s share value shot 19.20% over the past 6 months, a 18.60% in annual growth rate that is considerably lower than the industry average of 19.00%. Year-over-year growth is forecast to reach -5.30% down from the last financial year.
Consensus estimates given by 12 financial analysts project the company’s revenue in the current quarter to hit an average of $928.25 million. 4 analysts are of the opinion that Tencent Music Entertainment Group ADR’s revenue for the quarter ending Mar 2024 will be $877.06 million. The company’s revenue for the corresponding quarters a year ago was $1.06 billion and $980.64 million respectively. According to analysts, the company will likely register a growth in its current quarter sales, forecast at -12.40%. The estimates for the next quarter sales put growth at -10.60%.
Looking at the company’s year-on-year earnings, data shows that the past 5-year has an earnings growth rate of 23.20%. The 2023 estimates are for Tencent Music Entertainment Group ADR earnings to increase by 40.81%, but the outlook for the next 5-year period is at 16.54% per year.
Tencent Music Entertainment Group ADR is expected to release its next quarterly earnings report on November 14.
Tencent Music Entertainment Group ADR (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 ADR 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 ADR stock share, with Blackrock Inc. the top institutional holder. As of Sep 29, 2023, the company held 4.90% of the shares, roughly 42.09 million TME shares worth $369.79 million.
Canada Pension Plan Investment Board holds the second largest percentage of outstanding shares, with 3.97% or 34.08 million shares worth $299.42 million as of Sep 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 $168.21 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 1.01% of the shares, roughly 8.63 million shares worth around $75.81 million.