$895.80 Million in Sales Expected for Tencent Music Entertainment Group – (TME) This Quarter

Share on StockTwits

Brokerages expect Tencent Music Entertainment Group – (NYSE:TME) to post $895.80 million in sales for the current quarter, according to Zacks. Three analysts have provided estimates for Tencent Music Entertainment Group’s earnings. The highest sales estimate is $922.64 million and the lowest is $880.35 million. The firm is scheduled to report its next earnings results on Monday, May 13th.

According to Zacks, analysts expect that Tencent Music Entertainment Group will report full year sales of $3.85 billion for the current year, with estimates ranging from $3.81 billion to $3.90 billion. For the next year, analysts anticipate that the business will report sales of $5.14 billion, with estimates ranging from $5.09 billion to $5.29 billion. Zacks’ sales averages are a mean average based on a survey of analysts that cover Tencent Music Entertainment Group.

Tencent Music Entertainment Group (NYSE:TME) last posted its quarterly earnings data on Monday, May 13th. The company reported $0.10 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.08 by $0.02. The business had revenue of $855.00 million for the quarter, compared to analysts’ expectations of $861.27 million.

A number of equities analysts recently issued reports on TME shares. Macquarie started coverage on Tencent Music Entertainment Group in a report on Tuesday, February 12th. They set an “outperform” rating and a $15.03 price objective for the company. Bank of America boosted their price objective on Tencent Music Entertainment Group from $17.10 to $20.10 and gave the company a “buy” rating in a report on Tuesday, March 5th. Stifel Nicolaus restated a “hold” rating and set a $16.00 price objective on shares of Tencent Music Entertainment Group in a report on Tuesday, March 12th. Zacks Investment Research upgraded Tencent Music Entertainment Group from a “hold” rating to a “buy” rating and set a $20.00 price objective for the company in a report on Friday, March 15th. Finally, Credit Suisse Group cut Tencent Music Entertainment Group from an “outperform” rating to a “neutral” rating and set a $18.00 price objective for the company. in a report on Wednesday, March 20th. Five analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus price target of $16.73.

Several hedge funds have recently modified their holdings of TME. Virtu Financial LLC purchased a new stake in shares of Tencent Music Entertainment Group in the 4th quarter worth $580,000. TB Alternative Assets Ltd. purchased a new stake in shares of Tencent Music Entertainment Group in the 4th quarter worth $4,755,000. Bank Pictet & Cie Asia Ltd. purchased a new stake in shares of Tencent Music Entertainment Group in the 4th quarter worth $500,000. SG Americas Securities LLC purchased a new stake in shares of Tencent Music Entertainment Group in the 4th quarter worth $441,000. Finally, TD Asset Management Inc. purchased a new stake in shares of Tencent Music Entertainment Group in the 4th quarter worth $1,489,000. Institutional investors and hedge funds own 5.37% of the company’s stock.

TME traded down $0.20 during trading hours on Friday, reaching $13.66. 5,040,756 shares of the company’s stock traded hands, compared to its average volume of 5,658,988. Tencent Music Entertainment Group has a 52-week low of $11.81 and a 52-week high of $19.97. The stock has a market cap of $22.32 billion and a P/E ratio of 68.30.

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.

Featured Story: What does the Dow Jones Industrial Average (DJIA) measure?

Get a free copy of the Zacks research report on Tencent Music Entertainment Group (TME)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

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

Receive News & Ratings for Tencent Music Entertainment Group Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Tencent Music Entertainment Group and related companies with MarketBeat.com's FREE daily email newsletter.