$1.04 Billion in Sales Expected for Tencent Music Entertainment Group (NYSE:TME) This Quarter

Equities analysts expect Tencent Music Entertainment Group (NYSE:TME – Get Rating) to post $1.04 billion in sales for the current fiscal quarter, according to Zacks Investment Research. Two analysts have made estimates for Tencent Music Entertainment Group’s earnings, with the highest sales estimate coming in at $1.05 billion and the lowest estimate coming in at $1.02 billion. Tencent Music Entertainment Group posted sales of $1.24 billion in the same quarter last year, which suggests a negative year-over-year growth rate of 16.1%. The business is expected to report its next quarterly earnings results on Monday, January 1st.

According to Zacks, analysts expect that Tencent Music Entertainment Group will report full-year sales of $4.06 billion for the current year, with estimates ranging from $3.99 billion to $4.11 billion. For the next fiscal year, analysts forecast that the company will report sales of $4.40 billion, with estimates ranging from $4.30 billion to $4.50 billion. Zacks’ sales calculations are an average based on a survey of sell-side research firms that that provide coverage for Tencent Music Entertainment Group.

Tencent Music Entertainment Group (NYSE:TME – Get Rating) last issued its earnings results on Monday, May 16th. The company reported $0.54 EPS for the quarter, beating analysts’ consensus estimates of $0.06 by $0.48. Tencent Music Entertainment Group had a return on equity of 6.21% and a net margin of 9.01%. The company had revenue of $6.64 billion during the quarter, compared to the consensus estimate of $6.65 billion. During the same period in the previous year, the firm posted $0.09 earnings per share. Tencent Music Entertainment Group’s quarterly revenue was down 15.1% compared to the same quarter last year.

TME has been the subject of a number of research reports. JPMorgan Chase & Co. decreased their target price on Tencent Music Entertainment Group from $6.00 to $3.50 in a research note on Monday, March 14th. Zacks Investment Research cut Tencent Music Entertainment Group from a “buy” rating to a “sell” rating in a report on Saturday, May 21st. The Goldman Sachs Group began coverage on Tencent Music Entertainment Group in a report on Sunday, April 10th. They set a “sell” rating and a $5.60 price target on the stock. Finally, HSBC cut their price target on Tencent Music Entertainment Group from $5.10 to $3.90 in a report on Tuesday, May 17th. Three analysts have rated the stock with a sell rating, nine have issued a hold rating and two have issued a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $8.67.

Shares of TME stock opened at $4.06 on Friday. The company has a quick ratio of 2.56, a current ratio of 2.28 and a debt-to-equity ratio of 0.10. The business has a 50 day moving average of $4.49 and a two-hundred day moving average of $5.66. Tencent Music Entertainment Group has a 52 week low of $2.95 and a 52 week high of $16.53. The company has a market cap of $6.81 billion, a P/E ratio of 15.62, a PEG ratio of 1.31 and a beta of 1.12.

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Baillie Gifford & Co. increased its holdings in shares of Tencent Music Entertainment Group by 1.3% in the fourth quarter. Baillie Gifford & Co. now owns 51,483,559 shares of the company’s stock valued at $352,662,000 after buying an additional 668,196 shares in the last quarter. Canada Pension Plan Investment Board increased its holdings in shares of Tencent Music Entertainment Group by 1.7% in the first quarter. Canada Pension Plan Investment Board now owns 36,083,557 shares of the company’s stock valued at $175,727,000 after buying an additional 617,300 shares in the last quarter. BlackRock Inc. increased its holdings in shares of Tencent Music Entertainment Group by 6.2% in the first quarter. BlackRock Inc. now owns 29,826,915 shares of the company’s stock valued at $145,258,000 after buying an additional 1,729,769 shares in the last quarter. Vanguard Group Inc. increased its holdings in shares of Tencent Music Entertainment Group by 1.0% in the first quarter. Vanguard Group Inc. now owns 22,050,245 shares of the company’s stock valued at $107,385,000 after buying an additional 207,658 shares in the last quarter. Finally, Krane Funds Advisors LLC increased its holdings in shares of Tencent Music Entertainment Group by 24.1% in the first quarter. Krane Funds Advisors LLC now owns 18,037,068 shares of the company’s stock valued at $87,841,000 after buying an additional 3,502,185 shares in the last quarter.

Tencent Music Entertainment Group Company Profile (Get Rating)

Tencent Music Entertainment Group operates online music entertainment platforms to provide music streaming, online karaoke, and live streaming services in the People's Republic of 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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