In the last trading session, 4.4 million shares of the Tencent Music Entertainment Group ADR (NYSE:TME) were traded, and its beta was 0.81. Most recently the company’s share price was $11.12, and it changed around -$0.07 or -0.63% from the last close, which brings the market valuation of the company to $8.02B. TME currently trades at a discount to its 52-week high of $11.80, offering almost -6.12% off that amount. The share price’s 52-week low was $5.70, which indicates that the current value has risen by an impressive 48.74% since then. We note from Tencent Music Entertainment Group ADR’s average daily trading volume that its 10-day average is 10.38 million shares, with the 3-month average coming to 9.30 million.
Tencent Music Entertainment Group ADR (NYSE:TME) trade information
Instantly TME has showed a red trend with a performance of -0.63% at the end of last trading. The performance over the last five days has remained in the green territory. The company’s shares are currently up 23.42% year-to-date, but still up 1.55% over the last five days. On the other hand, Tencent Music Entertainment Group ADR (NYSE:TME) is 6.21% up in the 30-day period. We can see from the shorts that 30.59 million shares have been sold at a short interest cover period of 3.64 day(s).
The consensus price target as assigned by Wall Street analysts is $14.56, which translates to bulls needing to increase their stock price by 23.63% from its current value. Analyst projections state that TME is forecast to be at a low of $9 and a high of $24.
Tencent Music Entertainment Group ADR (TME) estimates and forecasts
Tencent Music Entertainment Group ADR 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 78.49 percent over the past six months and at a 13.21% annual growth rate that is well below the industry average of 18.90%. Moreover, analysts have decided to roll up on their fiscal year 2024 revenue estimates. The rating firms predict that it will gain 16.70% in revenue this quarter, and will report an increase of 14.30% in the next quarter. The year-over-year growth rate is expected to be 3.20%, up from the previous year.
Consensus estimates provided by 10 financial analysts predict the company will bring in an average of $932.84 million in revenue for the current quarter. 9 analysts expect Tencent Music Entertainment Group ADR to make $999.57 million in revenue for the quarter ending Jun 2024. Analysts predict that the company’s current quarter sales will drop, forecast at -4.90%.
Looking at the company’s year-over-year earnings, the past five years showed a positive earnings growth rate of 19.83%. Tencent Music Entertainment Group ADR earnings are expected to increase by 25.12% in 2024, but the outlook is positive 14.89% per year for the next five years.
TME Dividends
Tencent Music Entertainment Group ADR’s next quarterly earnings report is expected to be released on March 19.
Tencent Music Entertainment Group ADR (NYSE:TME)’s Major holders
Upon looking at major shareholders, it appears that insiders hold 0.00% of Tencent Music Entertainment Group ADR shares, and 50.56% of them are in the hands of institutional investors. The stock currently has a share float of 50.56%. Tencent Music Entertainment Group ADR stock is held by 434 institutions, with Canada Pension Plan Investment Board being the largest institutional investor. By Jun 29, 2023, it held 4.36% of the shares, which is about 37.43 million shares worth $276.2 million.
Blackrock Inc., with 3.90% or 33.49 million shares worth $247.18 million as of Jun 29, 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 Jun 29, 2023. The former held 19.15 million shares worth $141.31 million, making up 2.23% of all outstanding shares. On the other hand, Vanguard International Stock Index-Emerging Markets Stk held roughly 8.63 million shares worth around $60.32 million, which represents about 1.01% of the total shares outstanding.
