In the latest trading session, 1.06 million Tencent Music Entertainment Group ADR (NYSE:TME) shares changed hands as the company’s beta touched 0.80. With the company’s most recent per share price at $10.91 changed hands at -$0.16 or -1.45% at last look, the market valuation stands at $7.59B. TME’s current price is a discount, trading about -8.16% off its 52-week high of $11.80. The share price had its 52-week low at $5.70, which suggests the last value was 47.75% up since then. When we look at Tencent Music Entertainment Group ADR’s average trading volume, we note the 10-day average is 10.59 million shares, with the 3-month average coming to 9.21 million.
Tencent Music Entertainment Group ADR (NYSE:TME) trade information
Instantly TME was in red as seen in intraday trades today. With action -6.67%, the performance over the past five days has been red. The drop to weekly highs of 11.80 subtracted -1.45% to the stock’s daily price. The company’s shares are showing year-to-date upside of 21.09%, with the 5-day performance at -6.67% in the red. However, in the 30-day time frame, Tencent Music Entertainment Group ADR (NYSE:TME) is 4.80% up. Looking at the short shares, we see there were 26.19 million shares sold at short interest cover period of 3.24 days.
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 74.56% over the past 6 months, a 7.55% in annual growth rate that is considerably lower than the industry average of 18.00%. Moreover, analysts have looked to higher expectations by upgrading its fiscal year 2024 revenue estimates. The rating firms predict current quarter revenue for Tencent Music Entertainment Group ADR will rise 16.70%, while the growth in revenue is estimated to hit 14.30% for the next quarter. Year-over-year growth is forecast to reach 3.20% up from the last financial year.
Consensus estimates given by 10 financial analysts project the company’s revenue in the current quarter to hit an average of $920.67 million. 9 analysts are of the opinion that Tencent Music Entertainment Group ADR’s revenue for the quarter ending Jun 2024 will be $986.54 million. The company’s revenue for the corresponding quarters a year ago was $980.64 million. According to analysts, the company will likely register a growth in its current quarter sales, forecast at -6.10%.
Looking at the company’s year-on-year earnings, data shows that the past 5-year has an earnings growth rate of 19.83%. The 2024 estimates are for Tencent Music Entertainment Group ADR earnings to increase by 24.93%, but the outlook for the next 5-year period is at 2.30% per year.
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 50.56% of the shares are in the hands of institutional holders. The share float percentage for the stock currently stands at 50.56%. There are 50.56% institutions holding the Tencent Music Entertainment Group ADR 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 $276.2 million.
Blackrock Inc. holds the second largest percentage of outstanding shares, with 3.90% or 33.49 million shares worth $247.18 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 $141.31 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 $60.32 million.
