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.
Institutional Ownership:
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.
Analysts Ratings:
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.
