Tencent Music Entertainment Group ADR (NYSE: TME) stock jumped 6.81% on Monday to $8.94 against a previous-day closing price of $8.37. With 11.6 million shares changed hands, the volume of the stock remained heavier than its average volume of 7.63 million shares. During the session, the Internet Content & Information company that operates in wider Communication Services sector, reached to the highest price of $8.99 whereas the lowest price it dropped to was $8.37. The 52-week range on TME shows that it touched its highest point at $9.29 and its lowest point at $5.44 during that stretch. It currently has a 1-year price target of $8.82. Beta for the stock currently stands at 0.81.
Price Performance and Earnings:
Stock performance is one of the indicators that investors use to determine whether they will profit from a stock. The price performance of TME was up-trending over the past week, with a rise of 20.32%, but this was up by 34.44% over a month. Three-month performance surged to 39.91% while six-month performance rose 17.02%. The stock gained 50.00% in the past year, while it has gained 7.97% so far this year. A look at the trailing 12-month EPS for TME yields 0.43 with Next year EPS estimates of 0.48. For the next quarter, that number is 0.12. This implies an EPS growth rate of 40.81% for this year and 8.39% for next year. EPS is expected to grow by 16.54% annually over the next five years; however, over the past five years, the company experienced an annual growth rate of 23.20%.
Float and Shares Shorts:
At present, 696.11 million TME shares are outstanding with a float of 695.95 million shares on hand for trading. On Oct 30, 2023, short shares totaled 13.99 million, which was 0.82% higher than short shares on Sep 28, 2023. In addition to Mr. Kar Shun Pang as the firm’s Executive Chairman, Mr. Zhu Liang serves as its CEO & Director.
Through their ownership of 48.41% of TME’s outstanding shares, institutional investors have minority control over the company. Other institutions hold 26.02% of TME, in contrast to 18.64% held by mutual funds. As the largest shareholder in TME with 3.86% of the stake, Canada Pension Plan Investment Bo holds 34,083,111 shares worth 34,083,111. A second-largest stockholder of TME, Baillie Gifford & Co., holds 27,594,963 shares, controlling over 3.12% of the firm’s shares. Krane Funds Advisors LLC is the third largest shareholder in TME, holding 23,385,671 shares or 2.65% stake. With a 4.19% stake in TME, the Canada Pension Plan is the largest stakeholder. A total of 36,993,000 shares are owned by the mutual fund manager. The KraneShares CSI China Internet ET, which owns about 2.44% of TME stock, is the second-largest Mutual Fund holder. It holds 21,521,326 shares valued at 156.24 million. E Fund CSI Overseas China Interne holds 0.97% of the stake in TME, owning 8,575,036 shares worth 62.25 million.
Reading analyst opinions is an effective way to decide where to invest, and there are several opinions available for TME since 0 analysts follow the stock currently. In the same way, a target price assigned to a stock can also reveal much about its potential. With TME analysts setting a high price target of $78.77 and a low target of $41.49, the average target price over the next 12 months is $63.84. Based on these targets, TME could surge 781.1% to reach the target high and rise by 364.09% to reach the target low. Reaching the average price target will result in a growth of 614.09% from current levels.