Tencent Music Entertainment Group (NYSE:TME) does about 12.97M shares in volume on a normal day but saw 4935795 shares change hands in Monday trading. The company now has a market cap of 14.13B USD. Its current market price is $8.48, marking an increase of 1.31% compared to the previous close of $8.37. The 52 week high reached by this stock is $9.29 whilst the lowest price level in 52 weeks is $2.95. The script in recent trading has seen the stock touch a high of $8.59 and a low of $8.41.
Tencent Music Entertainment Group (TME) has a 20-day trading average at $8.51 and the current price is -8.72% off the 52-week high compared with 187.46% distance from its 52-week low. The 50-day simple moving average of the closing price is $7.37 and its 200-day simple moving average is $5.12. If we look at the stock’s price movements over the week, volatility stands at 4.07%, which increases to 4.91% over 1 month. It is also key to look at other market indicators of price movement for the stock, where we see that the relative strength index (RSI) is at 54.98 to suggest the stock is neutral.
29 analysts observing the Tencent Music Entertainment Group (TME) stock have set the 12-month price targets for the company’s shares at between $31.86 and $74.54. The consensus objective for the share price is $8.32, suggesting that the stock has a potential downside of -1.92% over the period. The median price target is 86.22% away from the current levels at $61.53.
FactSet Research has provided data showing that 29 brokerages have issued ratings for the stock. 2 analysts have rated it as a sell, while 5 advise that it is a overweight. 14 analysts have rated it as a buy and 8 have advised that investors hold their positions. The consensus recommendation rating is Overweight and Wall Street’s advice is for investors to Moderate Buy the stock.
Goldman upgraded the stock to “Neutral” from Sell on January 09, 2023 at a price target of $8. Morgan Stanley upgraded its price target at $4.50-$8.50.
The current price level is -0.32%, 16.48%, and 66.17% away from its SMA20, SMA50, and SMA200 respectively, with the TME price moving below the 50-day SMA on January 23. Tencent Music Entertainment Group (TME) stock is down -5.67% over the week and 7.34% over the past month. Its price is 2.42% year-to-date and 25.82% over the past year.
The company’s next earnings report is expected on 05/15/2023, with forecasts estimating quarterly EPS at $0.07 and $0.35 for whole year. TME’s earnings per share are forecast to shrink by -23.90% this year and 11.40% over next year. Expected sales for next quarter are $1.32 billion, which analysts say will come at $4.95 billion for the current fiscal year and next year at $5.53 billion. In addition, estimates put the company’s current quarterly revenue at an average of $1.23 billion.
Its 12-month price target is $61.53. To reach the target analysts have set, the stock logically needs to shrink -1.92 percent from here. Of course, the average price target is just what the average analysts believe a stock will be worth in the next 52 weeks, and is only one metric. There are analysts with lower targets than the average, including one bearish Wall Street research firm advocating investors to wait for the price to pull back to $31.86, given the recent momentum. And then, on the bullish side of things, one analyst is expecting the stock to peak at $74.54.
Outstanding shares total 1.59B with insiders holding 0.00% of the shares and institutional holders owning 49.07% of the company’s common stock. The company has a return on investment of 4.10% and return on equity of 6.30%. The price to earnings ratio (P/E ratio) amounts to 30.50 while the forward price to earnings ratio is 18.04. The beta has a value of 0.78. Price to book ratio is 1.93 and price to sales ratio is 3.36.
According to a U.S. Securities and Exchange Commission filing, Canada Pension Plan has added its position in Tencent Music Entertainment Group (TME) to 36,084,000 shares, mirroring a recent increase by 110.24%. Canada Pension Plan added 18.92 million shares of Tencent Music Entertainment Group common stock bringing its total worth to about $298.78 million at the end of recent close, SEC documents show. Canada Pension Plan isn’t the only investment manager who changed stakes and is followed by KraneShares CSI China Internet ET, which added 96720.0 shares to end up with 35,545,068 shares worth $294.31 million. Stichting Pensioenfonds ABP raise their holdings by 5.89% in the company over the course of the most recent quarter. It now holds a 1.01% position in Tencent Music Entertainment Group thanks to 8.63 million shares amounting to $71.48 million.