Baillie Gifford & Co. recently announced the acquisition of new stake in Tencent Music Entertainment Group (NYSE:TME). The institutional investor has increased its shareholding in the Communication Services company by 1.02% to 31.41 million shares with purchase of 0.32 million shares. This fresh investment now brings its stake to 3.66% valued currently at $113.39 million. In addition, BlackRock Fund Advisors raised its holdings by 0.85 million to 21.37 million shares. And The Vanguard Group, Inc. has lifted its position by 0.78% or 0.14 million shares – to 18.22 million shares.
With over 10.92 million Tencent Music Entertainment Group (TME) shares trading Monday and a closing price of $5.56 on the day, the dollar volume was approximately $60.72 million. The shares have shown a positive half year performance of 39.70% and its price on 11/21/22 lost nearly -0.36%. Currently, there are 1.59B common shares owned by the public and among those 837.34M shares have been available to trade.
An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 29 analysts who have offered their price forecasts for TME have a consensus price objective of $43.89. The analysts have set the share’s price value over the next 12 months at a high of $58.38 and a low of $18.52. The average price target is 10.61% above its recent price level and an upside to the estimated low will see the stock gain 69.98% over that period. But an upside of 90.48% will see the stock hit the forecast high price target while median target price for the stock is $44.80.
The top 3 mutual fund holders in Tencent Music Entertainment Group are Canada Pension Plan, KraneShares CSI China Internet ET, and Stichting Pensioenfonds ABP. Canada Pension Plan owns 36.08 million shares of the company’s stock, all valued at over $130.26 million. The company bought an additional 18.92 million shares recently to bring their total holdings to about 4.20% of the shares outstanding. KraneShares CSI China Internet ET bought 33383.0 shares to see its total holdings expand to 19.19 million shares valued at over $69.28 million and representing 2.24% of the shares outstanding. Stichting Pensioenfonds ABP bought 0.48 million shares to bring its total holdings to over 8.63 million shares at a value of $31.16 million. Stichting Pensioenfonds ABP now owns shares totaling to 1.01% of the shares outstanding.
However, the script later moved the day high at 5.74, down -0.36%. The company’s stock has a 5-day price change of 24.94% and 26.36% over the past three months. TME shares are trading -18.83% year to date (YTD), with the 12-month market performance down to -27.03% lower. It has a 12-month low price of $2.95 and touched a high of $7.83 over the same period. TME has an average intraday trading volume of 10.09 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 31.93%, 31.55%, and 22.22% respectively.
Institutional ownership of Tencent Music Entertainment Group (NYSE: TME) shares accounts for 47.60% of the company’s 1.59B shares outstanding. Mutual fund holders own 19.90%, while other institutional holders and individual stakeholders account for 26.02% and — respectively.
It has a market capitalization of $10.07B and a beta (3y monthly) value of 0.66. The stock’s trailing 12-month PE ratio is 21.14, while the earnings-per-share (ttm) stands at $0.26. Price movements for the stock have been influenced by the stock’s volatility, which stands at 12.42% over the week and 8.05% over the month.
Analysts forecast that Tencent Music Entertainment Group (TME) will achieve an EPS of $0.07 for the current quarter, $0.07 for the next quarter and $0.39 for 2022. The lowest estimate earnings-per-share for the quarter is $0.07 while analysts give the company a high EPS estimate of $0.08. Comparatively, EPS for the current quarter was $0.12 a year ago. Earnings per share for the fiscal year are expected to decrease by -27.20%, and 8.46% over the next financial year. EPS should shrink at an annualized rate of -1.87% over the next five years, compared to 104.70% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 29 brokerage firm advisors rate Tencent Music Entertainment Group (TME) as a “Moderate Buy” at a consensus score of 2.30. Specifically, 13 Wall Street analysts polled rate the stock as a buy, while 9 of the 29 advise that investors “hold,” and 2 rated it as a “Sell.”
The Benchmark Company coverage for the Tencent Music Entertainment Group (TME) stock in a research note released on November 16, 2022 offered a Buy rating with a price target of $7. Goldman was of a view on April 11, 2022 that the stock is Sell, while Goldman gave the stock Sell rating on February 18, 2022, issuing a price target of $7.70- $5.70. China Renaissance on their part issued Hold rating on January 20, 2022.