Wall Street analysts expect that Tencent Music Entertainment Group – (NYSE:TME) will announce $928.38 million in sales for the current fiscal quarter, according to Zacks. Four analysts have provided estimates for Tencent Music Entertainment Group’s earnings. The highest sales estimate is $963.80 million and the lowest is $903.65 million. The business is expected to announce its next quarterly earnings report on Monday, January 1st.

According to Zacks, analysts expect that Tencent Music Entertainment Group will report full year sales of $3.64 billion for the current financial year, with estimates ranging from $3.57 billion to $3.72 billion. For the next financial 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’ sales averages are a mean average based on a survey of research firms that follow Tencent Music Entertainment Group.

Tencent Music Entertainment Group (NYSE:TME) last announced its quarterly earnings results on Monday, August 12th. The company reported $0.09 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.08 by $0.01. The business had revenue of $859.00 million for the quarter, compared to analyst estimates of $872.51 million.

TME has been the subject of several research reports. Bank of America cut their price target on Tencent Music Entertainment Group from $19.20 to $18.00 and set a “buy” rating for the company in a report on Tuesday, August 13th. Loop Capital initiated coverage on Tencent Music Entertainment Group in a research note on Tuesday, June 4th. They set a “buy” rating and a $12.89 target price on the stock. Jefferies Financial Group initiated coverage on Tencent Music Entertainment Group in a research note on Monday, August 5th. They set a “buy” rating and a $16.90 target price on the stock. Oppenheimer initiated coverage on Tencent Music Entertainment Group in a research note on Monday, July 29th. They set an “outperform” rating and a $18.00 target price on the stock. Finally, China International Capital initiated coverage on Tencent Music Entertainment Group in a research note on Monday, May 13th. They set a “hold” rating on the stock. Six investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. Tencent Music Entertainment Group has an average rating of “Buy” and an average price target of $16.39.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Price T Rowe Associates Inc. MD lifted its stake in Tencent Music Entertainment Group by 4,995.0% in the 2nd quarter. Price T Rowe Associates Inc. MD now owns 58,749,764 shares of the company’s stock worth $880,659,000 after purchasing an additional 57,596,675 shares in the last quarter. Canada Pension Plan Investment Board acquired a new stake in shares of Tencent Music Entertainment Group in the second quarter worth $120,270,000. William Blair Investment Management LLC increased its position in shares of Tencent Music Entertainment Group by 271.3% in the first quarter. William Blair Investment Management LLC now owns 5,528,624 shares of the company’s stock worth $100,065,000 after acquiring an additional 4,039,589 shares in the last quarter. ICONIQ Capital LLC increased its position in shares of Tencent Music Entertainment Group by 257.7% in the second quarter. ICONIQ Capital LLC now owns 4,292,783 shares of the company’s stock worth $194,291,000 after acquiring an additional 3,092,783 shares in the last quarter. Finally, Morgan Stanley increased its position in shares of Tencent Music Entertainment Group by 147.6% in the second quarter. Morgan Stanley now owns 5,092,556 shares of the company’s stock worth $76,338,000 after acquiring an additional 3,035,825 shares in the last quarter. 6.95% of the stock is currently owned by hedge funds and other institutional investors.

Tencent Music Entertainment Group stock traded down $0.28 during mid-day trading on Friday, hitting $13.69. 55,115 shares of the company’s stock traded hands, compared to its average volume of 4,541,087. The firm has a 50 day simple moving average of $14.69 and a two-hundred day simple moving average of $15.85. Tencent Music Entertainment Group has a fifty-two week low of $11.81 and a fifty-two week high of $19.97. The stock has a market cap of $22.86 billion and a price-to-earnings ratio of 68.35.

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

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