Analysts expect Tencent Music Entertainment Group – (NYSE:TME) to report sales of $928.38 million for the current quarter, Zacks Investment Research reports. Four analysts have issued estimates for Tencent Music Entertainment Group’s earnings. The highest sales estimate is $963.80 million and the lowest is $903.65 million. The company is scheduled to issue its next quarterly earnings results on Monday, January 1st.
On average, analysts expect that Tencent Music Entertainment Group will report full year sales of $3.64 billion for the current year, with estimates ranging from $3.57 billion to $3.72 billion. For the next fiscal year, analysts expect that the company will report sales of $4.93 billion, with estimates ranging from $4.80 billion to $5.04 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of research analysts that follow Tencent Music Entertainment Group.
Tencent Music Entertainment Group (NYSE:TME) last announced its quarterly earnings data on Monday, August 12th. The company reported $0.09 EPS for the quarter, topping the Zacks’ consensus estimate of $0.08 by $0.01. The firm had revenue of $859.00 million during the quarter, compared to analyst estimates of $872.51 million.
TME has been the subject of several analyst reports. Bank of America lowered their price target on shares of Tencent Music Entertainment Group from $19.20 to $18.00 and set a “buy” rating for the company in a research report on Tuesday, August 13th. Jefferies Financial Group began coverage on Tencent Music Entertainment Group in a report on Monday, August 5th. They set a “buy” rating and a $16.90 target price on the stock. Loop Capital started coverage on Tencent Music Entertainment Group in a research report on Tuesday, June 4th. They set a “buy” rating and a $12.89 target price for the company. Oppenheimer began coverage on Tencent Music Entertainment Group in a research note on Monday, July 29th. They issued an “outperform” rating and a $18.00 price target for the company. Finally, Zacks Investment Research downgraded shares of Tencent Music Entertainment Group from a “buy” rating to a “hold” rating in a research report on Wednesday, May 22nd. Six investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. Tencent Music Entertainment Group currently has an average rating of “Buy” and an average price target of $16.39.
Institutional investors have recently made changes to their positions in the business. Aviva PLC lifted its holdings in shares of Tencent Music Entertainment Group by 3.3% during the 2nd quarter. Aviva PLC now owns 28,400 shares of the company’s stock valued at $426,000 after buying an additional 900 shares during the period. Sumitomo Mitsui Trust Holdings Inc. bought a new stake in shares of Tencent Music Entertainment Group in the 1st quarter worth about $6,554,000. William Blair Investment Management LLC raised its stake in shares of Tencent Music Entertainment Group by 271.3% in the 1st quarter. William Blair Investment Management LLC now owns 5,528,624 shares of the company’s stock valued at $100,065,000 after purchasing an additional 4,039,589 shares in the last quarter. Baillie Gifford & Co. raised its stake in shares of Tencent Music Entertainment Group by 15.2% in the 2nd quarter. Baillie Gifford & Co. now owns 10,946,629 shares of the company’s stock valued at $164,090,000 after purchasing an additional 1,440,595 shares in the last quarter. Finally, Stone Ridge Asset Management LLC bought a new position in shares of Tencent Music Entertainment Group during the second quarter worth about $1,247,000. Institutional investors own 9.54% of the company’s stock.
Tencent Music Entertainment Group stock traded up $0.48 during trading hours on Friday, reaching $13.69. 7,386,439 shares of the company’s stock traded hands, compared to its average volume of 5,718,811. Tencent Music Entertainment Group has a fifty-two week low of $11.81 and a fifty-two week high of $19.97. The firm has a market capitalization of $21.70 billion and a price-to-earnings ratio of 68.45. The firm’s 50 day moving average is $13.81 and its 200-day moving average is $15.61.
About Tencent Music Entertainment Group
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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