$1.24 Billion in Sales Expected for Tencent Music Entertainment Group (NYSE:TME) This Quarter


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Wall Street brokerages forecast that Tencent Music Entertainment Group (NYSE:TME) will announce $1.24 billion in sales for the current quarter, according to Zacks. Five analysts have provided estimates for Tencent Music Entertainment Group’s earnings, with the lowest sales estimate coming in at $1.22 billion and the highest estimate coming in at $1.26 billion. Tencent Music Entertainment Group posted sales of $1.05 billion during the same quarter last year, which suggests a positive year-over-year growth rate of 18.1%. The business is scheduled to announce its next earnings report after the market closes on Monday, March 15th.

According to Zacks, analysts expect that Tencent Music Entertainment Group will report full year sales of $4.38 billion for the current fiscal year, with estimates ranging from $4.29 billion to $4.51 billion. For the next financial year, analysts anticipate that the company will post sales of $5.31 billion, with estimates ranging from $5.18 billion to $5.49 billion. Zacks’ sales calculations are a mean average based on a survey of analysts that that provide coverage for Tencent Music Entertainment Group.

A number of analysts have commented on TME shares. Zacks Investment Research cut shares of Tencent Music Entertainment Group from a “buy” rating to a “hold” rating in a report on Friday, December 18th. TheStreet raised shares of Tencent Music Entertainment Group from a “c” rating to a “b-” rating in a report on Friday, December 11th. Oppenheimer upped their target price on shares of Tencent Music Entertainment Group from $20.00 to $28.00 and gave the company an “outperform” rating in a report on Tuesday, January 19th. UBS Group upped their target price on shares of Tencent Music Entertainment Group from $19.00 to $26.00 and gave the company a “buy” rating in a report on Tuesday, January 19th. Finally, Needham & Company LLC upped their target price on shares of Tencent Music Entertainment Group from $17.00 to $21.00 and gave the company a “buy” rating in a report on Wednesday, December 23rd. Four equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. The company has an average rating of “Buy” and an average price target of $20.70.

Shares of TME traded up $0.80 during mid-day trading on Tuesday, hitting $25.67. 16,960,982 shares of the company traded hands, compared to its average volume of 14,021,696. The company has a debt-to-equity ratio of 0.11, a quick ratio of 3.48 and a current ratio of 3.48. The stock has a 50-day moving average price of $24.88 and a two-hundred day moving average price of $18.23. Tencent Music Entertainment Group has a 1 year low of $9.22 and a 1 year high of $29.01. The stock has a market cap of $43.06 billion, a price-to-earnings ratio of 69.62, a P/E/G ratio of 2.08 and a beta of 1.34.

Large investors have recently modified their holdings of the stock. AXA S.A. bought a new position in shares of Tencent Music Entertainment Group during the third quarter worth $28,000. NEXT Financial Group Inc bought a new position in shares of Tencent Music Entertainment Group during the third quarter worth $36,000. Signaturefd LLC boosted its position in shares of Tencent Music Entertainment Group by 108.3% during the fourth quarter. Signaturefd LLC now owns 2,777 shares of the company’s stock worth $53,000 after acquiring an additional 1,444 shares during the last quarter. James Investment Research Inc. bought a new position in shares of Tencent Music Entertainment Group during the third quarter worth $67,000. Finally, American International Group Inc. raised its stake in Tencent Music Entertainment Group by 506.2% during the third quarter. American International Group Inc. now owns 4,801 shares of the company’s stock valued at $71,000 after purchasing an additional 4,009 shares in the last quarter.

Tencent Music Entertainment Group Company Profile

Tencent Music Entertainment Group operates online music entertainment platforms that provides 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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