Handle With Care: Tencent Music Entertainment Group ADR (NYSE: TME)

Krane Funds Advisors LLC recently announced the acquisition of new stake in Tencent Music Entertainment Group ADR (NYSE:TME). The institutional investor has increased its shareholding in the Communication Services company by 13.59% to 23.39 million shares with purchase of 2.8 million shares. This fresh investment now brings its stake to 2.65% valued currently at $210.7 million. In addition, The Vanguard Group, Inc. raised its holdings by 51557.0 to 18.55 million shares. And SSgA Funds Management, Inc. has lifted its position by 2.61% or 0.33 million shares – to 12.94 million shares.

With over 9.85 million Tencent Music Entertainment Group ADR (TME) shares trading Friday and a closing price of $9.39 on the day, the dollar volume was approximately $92.5 million. The shares have shown a positive half year performance of 23.72% and its price on 01/12/24 lost nearly -0.42%. Currently, there are 696.11M common shares owned by the public and among those 695.95M shares have been available to trade.

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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 27 analysts who have offered their price forecasts for TME have a consensus price objective of $36.53. The analysts have set the share’s price value over the next 12 months at a high of $43.01 and a low of $28.89. The average price target is 0.53% above its recent price level and an upside to the estimated low will see the stock gain 67.5% over that period. But an upside of 78.17% will see the stock hit the forecast high price target while median target price for the stock is $35.14.

The top 3 mutual fund holders in Tencent Music Entertainment Group ADR are Canada Pension Plan, KraneShares CSI China Internet ET, and E Fund CSI Overseas China Interne. Canada Pension Plan owns 36.99 million shares of the company’s stock, all valued at over $333.31 million. The company bought an additional 0.91 million shares recently to bring their total holdings to about 4.19% of the shares outstanding. E Fund CSI Overseas China Interne bought 5.04 million shares to bring its total holdings to over 8.58 million shares at a value of $77.26 million. E Fund CSI Overseas China Interne now owns shares totaling to 0.97% of the shares outstanding.

Shares of Tencent Music Entertainment Group ADR (NYSE: TME) opened at $9.47, up $0.04 from a prior closing price of $9.43. The company’s stock has a 5-day price change of 5.86% and 40.15% over the past three months. TME shares are trading 4.22% year to date (YTD), with the 12-month market performance up to 10.60% higher. It has a 12-month low price of $5.70 and touched a high of $9.53 over the same period. TME has an average intraday trading volume of 8.42 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 6.20%, 12.23%, and 26.83% respectively.

Institutional ownership of Tencent Music Entertainment Group ADR (NYSE: TME) shares accounts for 55.83% of the company’s 696.11M shares outstanding. Mutual fund holders own 18.98%, while other institutional holders and individual stakeholders account for 25.73% and — respectively.

It has a market capitalization of $6.54B and a beta (3y monthly) value of 0.80. The stock’s trailing 12-month PE ratio is 22.06, while the earnings-per-share (ttm) stands at $0.43. The company has a PEG of 9.55 and a Quick Ratio of 2.46 with the debt-to-equity ratio at 0.11. Price movements for the stock have been influenced by the stock’s volatility, which stands at 3.45% over the week and 3.35% over the month.

Analysts forecast that Tencent Music Entertainment Group ADR (TME) will achieve an EPS of $0.14 for the current quarter, $0.13 for the next quarter and $0.58 for 2024. The lowest estimate earnings-per-share for the quarter is $0.13 while analysts give the company a high EPS estimate of $0.15. Comparatively, EPS for the current quarter was $0.13 a year ago. Earnings per share for the fiscal year are expected to increase by 44.10%, and 10.08% over the next financial year. EPS should shrink at an annualized rate of 2.31% over the next five years, compared to 23.20% over the past 5-year period.

If you are looking to buy this stock, then you may note that the average analyst recommendation by 27 brokerage firm advisors rate Tencent Music Entertainment Group ADR (TME) as a “Strong Buy” at a consensus score of 1.52. Specifically, 18 Wall Street analysts polled rate the stock as a buy, while 5 of the 27 advise that investors “hold,” and 0 rated it as a “Sell.”

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