$964.63 Million in Sales Expected for Tencent Music Entertainment Group – (NYSE:TME) This Quarter

Equities analysts expect Tencent Music Entertainment Group – (NYSE:TME) to report sales of $964.63 million for the current quarter, Zacks reports. Four analysts have made estimates for Tencent Music Entertainment Group’s earnings, with estimates ranging from $955.42 million to $969.72 million. Tencent Music Entertainment Group posted sales of $859.00 million during the same quarter last year, which suggests a positive year-over-year growth rate of 12.3%. The firm is scheduled to issue its next quarterly earnings results on Monday, August 10th.

On average, analysts expect that Tencent Music Entertainment Group will report full-year sales of $4.20 billion for the current fiscal year, with estimates ranging from $4.15 billion to $4.27 billion. For the next fiscal year, analysts forecast that the company will post sales of $5.36 billion, with estimates ranging from $4.98 billion to $5.81 billion. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side analysts that that provide coverage for Tencent Music Entertainment Group.

Tencent Music Entertainment Group (NYSE:TME) last announced its quarterly earnings data on Monday, May 11th. The company reported $0.66 earnings per share for the quarter, beating the consensus estimate of $0.08 by $0.58. Tencent Music Entertainment Group had a net margin of 14.94% and a return on equity of 10.21%. The firm had revenue of $6.31 billion for the quarter, compared to analyst estimates of $6.30 billion. During the same quarter in the prior year, the business earned $0.74 earnings per share. The business’s quarterly revenue was up 9.9% compared to the same quarter last year.

Several brokerages have recently weighed in on TME. Zacks Investment Research upgraded shares of Tencent Music Entertainment Group from a “sell” rating to a “hold” rating in a report on Friday, March 13th. BOCOM International upgraded shares of Tencent Music Entertainment Group from a “sell” rating to a “neutral” rating in a report on Wednesday, March 18th. ValuEngine lowered shares of Tencent Music Entertainment Group from a “buy” rating to a “hold” rating in a report on Thursday, April 2nd. Mizuho reissued a “buy” rating and set a $24.00 target price on shares of Tencent Music Entertainment Group in a research report on Monday, June 22nd. Finally, Citigroup began coverage on shares of Tencent Music Entertainment Group in a research report on Tuesday. They set a “buy” rating for the company. Five equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. Tencent Music Entertainment Group currently has an average rating of “Buy” and a consensus price target of $17.54.

A number of hedge funds have recently modified their holdings of TME. FMR LLC bought a new stake in Tencent Music Entertainment Group in the 1st quarter worth about $21,905,000. First Trust Advisors LP bought a new stake in Tencent Music Entertainment Group in the 1st quarter worth about $468,000. Amundi Pioneer Asset Management Inc. bought a new stake in Tencent Music Entertainment Group in the 1st quarter worth about $4,169,000. State Street Corp grew its position in Tencent Music Entertainment Group by 4.7% in the 4th quarter. State Street Corp now owns 1,756,016 shares of the company’s stock worth $20,616,000 after purchasing an additional 78,258 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its position in Tencent Music Entertainment Group by 5.8% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 147,752 shares of the company’s stock worth $1,735,000 after purchasing an additional 8,142 shares in the last quarter. 16.61% of the stock is owned by institutional investors and hedge funds.

Shares of NYSE TME opened at $13.25 on Wednesday. The firm’s 50-day moving average price is $12.51 and its 200-day moving average price is $12.04. Tencent Music Entertainment Group has a 1-year low of $9.22 and a 1-year high of $16.74. The firm has a market capitalization of $21.64 billion, a P/E ratio of 40.15, a P/E/G ratio of 1.78 and a beta of 1.39.

Tencent Music Entertainment Group Company Profile

Tencent Music Entertainment Group operates an online music entertainment platform that provides online music and music-centric social entertainment services in China. It offers QQ Music, Kugou Music, and Kuwo Music that enable users to discover and listen to music in personalized ways; and WeSing, which enables users to have fun by singing and interacting with friends, sharing their singing performances with friends, and discovering songs that others have sung.

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Earnings History and Estimates for Tencent Music Entertainment Group (NYSE:TME)

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