Preheat the oven to 400 degrees and lightly grease a 9x13 baking dish with the olive oil.
In a large bowl, combine the ground turkey, breadcrumbs, egg, milk, onion, thyme, salt, and black pepper. Mix gently with your hands until just combined.
Shape the mixture into 16 meatballs and arrange them in a single layer in the prepared baking dish.
Stir together the cranberry sauce and chicken broth in a small bowl until smooth, then pour evenly over the meatballs.
Bake for 25 minutes until the meatballs are cooked through and the sauce is bubbling around the edges.
Remove the dish from the oven and sprinkle the chopped parsley over the top before serving.