Stock analysts expect Tencent Music Entertainment Group (NYSE:TME – Get a rating) to post $1.04 billion in sales for the current fiscal quarter, according to Zacks Investment Research. Two analysts have made profit estimates for Tencent Music Entertainment Group, with the highest sales estimate at $1.05 billion and the lowest estimate at $1.02 billion. Tencent Music Entertainment Group recorded sales of $1.24 billion in the same quarter last year, suggesting a negative growth rate of 16.1% year-over-year. The company is expected to release its next quarterly results on Monday, January 1.
According to Zacks, analysts expect Tencent Music Entertainment Group to record annual sales of $4.06 billion for the current year, with estimates ranging from $3.99 billion to $4.11 billion. dollars. For the next fiscal year, analysts expect the company to record 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 companies that provide coverage for Tencent Music Entertainment Group.
Tencent Music Entertainment Group (NYSE:TME – Get a rating) last released its results on Monday, May 16. The company reported EPS of $0.54 for the quarter, beating consensus analyst estimates of $0.06 from $0.48. Tencent Music Entertainment Group achieved a return on equity of 6.21% and a net margin of 9.01%. The company posted revenue of $6.64 billion in the quarter, versus a consensus estimate of $6.65 billion. In the same period a year earlier, the company posted earnings per share of $0.09. Tencent Music Entertainment Group’s quarterly revenue fell 15.1% compared to the same quarter last year.
The TME has been the subject of several research reports. JPMorgan Chase & Co. reduced its target price on Tencent Music Entertainment Group from $6.00 to $3.50 in a Monday, March 14 research note. Zacks Investment Research moved Tencent Music Entertainment Group from a “buy” rating to a “sell” rating in a report on Saturday, May 21. Goldman Sachs Group began covering Tencent Music Entertainment Group in a report on Sunday, April 10. They set a rating of “sell” and a price target of $5.60 on the stock. Finally, HSBC reduced its price target on Tencent Music Entertainment Group from $5.10 to $3.90 in a Tuesday, May 17 report. Three analysts have assigned the stock a sell rating, nine have issued a hold rating and two have assigned the company a buy rating. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $8.67.
Shares of TME opened at $4.06 on Friday. The company has a quick ratio of 2.56, a current ratio of 2.28 and a debt ratio of 0.10. The company has a 50-day moving average of $4.49 and a 200-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 capitalization 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 company. Baillie Gifford & Co. increased its stake in Tencent Music Entertainment Group shares by 1.3% in the fourth quarter. Baillie Gifford & Co. now owns 51,483,559 shares of the company valued at $352,662,000 after purchasing an additional 668,196 shares last quarter. The Canada Pension Plan Investment Board increased its holdings of Tencent Music Entertainment Group shares by 1.7% in the first quarter. The Canada Pension Plan Investment Board now owns 36,083,557 shares of the company valued at $175,727,000 after buying an additional 617,300 shares last quarter. BlackRock Inc. increased its equity stake in Tencent Music Entertainment Group by 6.2% in the first quarter. BlackRock Inc. now owns 29,826,915 shares of the company valued at $145,258,000 after purchasing an additional 1,729,769 shares last quarter. Vanguard Group Inc. increased its stake 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 valued at $107,385,000 after purchasing an additional 207,658 shares last quarter. Finally, Krane Funds Advisors LLC increased its equity stake in Tencent Music Entertainment Group by 24.1% in the first quarter. Krane Funds Advisors LLC now owns 18,037,068 shares of the company valued at $87,841,000 after purchasing an additional 3,502,185 shares in the last quarter.
Tencent Music Entertainment Group Company Profile (Get a 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 which allow users to discover and listen to music in a personalized way. and WeSing, which allows users to have fun singing and interacting with friends, sharing their singing performances with friends, and discovering songs that others have sung.
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