Tencent Music Entertainment Group ADR (NYSE:TME) has a beta value of 0.80 and has seen 7.64 million shares traded in the recent trading session. The company, currently valued at $7.49B, closed the recent trade at $10.76 per share which meant it gained $0.38 on the day or 3.69% during that session. The TME stock price is -1.21% off its 52-week high price of $10.89 and 47.03% above the 52-week low of $5.70. If we look at the company’s 10-day average daily trading volume, we find that it stood at 9.78 million shares traded. The 3-month trading volume is 8.72 million shares.
Tencent Music Entertainment Group ADR (NYSE:TME) trade information
Sporting 3.69% in the green today, the stock has traded in the green over the last five days, when the TME stock price touched $10.76 or saw a rise of 2.98%. Year-to-date, Tencent Music Entertainment Group ADR shares have moved 19.46%, while the 5-day performance has seen it change 1.06%. Over the past 30 days, the shares of Tencent Music Entertainment Group ADR (NYSE:TME) have changed 6.36%. Short interest in the company has seen 26.19 million shares shorted with days to cover at 3.24.
Tencent Music Entertainment Group ADR (TME) estimates and forecasts
Figures show that Tencent Music Entertainment Group ADR shares have underperformed across the wider relevant industry. The company’s shares have gained 70.04% over the past 6 months, with this year growth rate of 18.60%, compared to 23.10% for the industry. Other than that, the company has, however, increased its growth outlook for the 2024 fiscal year revenue. Growth estimates for the current quarter are 7.70% and 8.30% for the next quarter. Revenue growth from the last financial year stood is estimated to be -4.10%.
14 analysts offering their estimates for the company have set an average revenue estimate of $943.3 million for the current quarter. 8 have an estimated revenue figure of $896.41 million for the next quarter concluding in Mar 2024. Year-ago sales stood $1.06 billion and $980.64 million respectively for this quarter and the next, and analysts expect sales will shrink by -11.00% for the current quarter and -8.60% 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 23.20% over the past 5 years. Earnings growth for 2024 is a modest 16.76% while over the next 5 years, the company’s earnings are expected to increase by 2.30%.
TME Dividends
Tencent Music Entertainment Group ADR is expected to release its next earnings report on March 19 this year, and investors are excited at the prospect of better dividends despite the company’s debt issue.
Tencent Music Entertainment Group ADR (NYSE:TME)’s Major holders
Insiders own 0.00% of the company shares, while shares held by institutions stand at 50.55% with a share float percentage of 50.55%. Investors are also buoyed by the number of investors in a company, with Tencent Music Entertainment Group ADR having a total of 433 institutions that hold shares in the company. The top two institutional holders are Canada Pension Plan Investment Board with over 37.43 million shares worth more than $276.2 million. As of Jun 29, 2023, Canada Pension Plan Investment Board held 4.36% of shares outstanding.
The other major institutional holder is Blackrock Inc., with the holding of over 33.49 million shares as of Jun 29, 2023. The firm’s total holdings are worth over $247.18 million and represent 3.90% 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, 2023, the former fund manager holds about 2.23% shares in the company for having 19.15 million shares of worth $141.31 million while later fund manager owns 8.63 million shares of worth $60.32 million as of Jul 30, 2023, which makes it owner of about 1.01% of company’s outstanding stock.
