Sunday, June 26, 2022

Investing in Tencent Music Entertainment Group (TME): What You Must Know

PT values the company’s stock at a premium of 16.43 to its Tuesday closing price. A number of analysts have revised their coverage, including Goldman’s analysts, who decreased its forecast for the stock in mid February from “a Neutral” to “a Sell”. China Renaissance also remained covering TME and has decreased its forecast on January 20, 2022 with a “Hold” recommendation from previously “Buy” rating. The Benchmark Company started covering the stock on December 28, 2021. It rated TME as “a Hold”.


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Price Performance Review of TME

On Tuesday, Tencent Music Entertainment Group [NYSE:TME] saw its stock jump 3.31% to $4.68. On the same session, the stock had its day’s lowest price of $4.56, but rose to a high of $4.84. Over the last five days, the stock has gained 9.35%. Tencent Music Entertainment Group shares have fallen nearly -31.68% since the year began. Nevertheless, the stocks have fallen -69.03% over the past one year. While a 52-week high of $16.17 was reached on 01/12/22, a 52-week low of $2.95 was recorded on 03/14/22. SMA at 50 days reached $4.27, while 200 days put it at $6.04. A total of 14.49 million shares were traded, compared to the trading of 15.21 million shares in the previous session.

Levels Of Support And Resistance For TME Stock

The 24-hour chart illustrates a support level at 4.55, which if violated will result in even more drops to 4.41. On the upside, there is a resistance level at 4.83. A further resistance level may holdings at 4.97. The Relative Strength Index (RSI) on the 14-day chart is 59.65, which indicates neutral technical sentiment, while the Moving Average Convergence Divergence (MACD) stands at 0.14, which suggests price will go down in the next trading period. Percent R suggests that price movement has been bullish at 26.37%. Stochastics %K at 62.64% indicates the stock is a holding.

Tencent Music Entertainment Group [TME] – Who Are The Largest Shareholders?

In filings from Baillie Gifford & Co., it is revealed that the company now owns 50,090,578 shares, or roughly 6.44% of the outstanding TME shares. In other words, the investor’s shares have fallen by -1,392,981 from its previous 13-F filing of 51483559.0. Additionally, Canada Pension Plan Investment Bo increased 1.74% of its stake after which the total value it holdings stand at $150,829,268, while BlackRock Fund Advisors added 4.68% of its stake to hold $79.05 million in the firm. Over the last quarter, Krane Funds Advisors LLC purchased 3,502,185 shares of Tencent Music Entertainment Group, while The Vanguard Group, Inc. bought -73,842 shares. At present, Coronation Asset Management is holding 14,527,777 shares valued at $60.73 million. HSBC Global Asset Management owned 13,180,063 shares of the company at the time of its most recent 13F filing, worth $55.09 million.

According to FactSet, Tencent Music Entertainment Group’s share price will average $5.54 in the next year, based on opinions of analysts polled by the firm. This is up nearly 12.58 percent from its previous closing price of $4.53. Analysts expect Tencent Music Entertainment Group stock to reach the higher price of $8.00, while the lowest price estimate is $3.60. However, 27 analysts have rated TME stock as an Overweight in their predictions for 2022.

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