Wall Street analysts expect Tencent Music Entertainment Group – (NYSE:TME) to announce $922.98 million in sales for the current quarter, according to Zacks Investment Research. Four analysts have provided estimates for Tencent Music Entertainment Group’s earnings, with estimates ranging from $903.65 million to $942.20 million. The firm is scheduled to announce its next quarterly earnings results on Monday, January 1st.

On average, analysts expect that Tencent Music Entertainment Group will report full-year sales of $3.63 billion for the current fiscal year, with estimates ranging from $3.57 billion to $3.69 billion. For the next financial year, analysts forecast that the business will report sales of $4.91 billion, with estimates ranging from $4.80 billion to $5.04 billion. Zacks Investment Research’s sales calculations are an average based on a survey of research firms that that provide coverage for Tencent Music Entertainment Group.

Tencent Music Entertainment Group (NYSE:TME) last issued its quarterly earnings data on Monday, August 12th. The company reported $0.09 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.08 by $0.01. The firm had revenue of $859.00 million for the quarter, compared to analysts’ expectations of $872.51 million.

Several equities analysts have recently weighed in on TME shares. Jefferies Financial Group started coverage on Tencent Music Entertainment Group in a research report on Monday, August 5th. They set a “buy” rating and a $16.90 target price on the stock. Bank of America cut their target price on Tencent Music Entertainment Group from $19.20 to $18.00 and set a “buy” rating on the stock in a research report on Tuesday, August 13th. CICC Research started coverage on Tencent Music Entertainment Group in a research report on Thursday, June 13th. They set a “buy” rating on the stock. KeyCorp cut their target price on Tencent Music Entertainment Group from $19.00 to $18.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 2nd. Finally, UBS Group raised Tencent Music Entertainment Group from a “hold” rating to a “buy” rating and set a $16.00 target price on the stock in a research report on Tuesday. Five equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. The company has an average rating of “Buy” and an average price target of $16.29.

A number of institutional investors have recently made changes to their positions in TME. Price T Rowe Associates Inc. MD grew its position 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 valued at $880,659,000 after acquiring an additional 57,596,675 shares during the last quarter. Canada Pension Plan Investment Board bought a new position in Tencent Music Entertainment Group in the 2nd quarter valued at $120,270,000. William Blair Investment Management LLC grew its position in Tencent Music Entertainment Group by 271.3% in the 1st quarter. William Blair Investment Management LLC now owns 5,528,624 shares of the company’s stock valued at $100,065,000 after acquiring an additional 4,039,589 shares during the last quarter. ICONIQ Capital LLC grew its position in Tencent Music Entertainment Group by 257.7% in the 2nd quarter. ICONIQ Capital LLC now owns 4,292,783 shares of the company’s stock valued at $194,291,000 after acquiring an additional 3,092,783 shares during the last quarter. Finally, Morgan Stanley grew its position in Tencent Music Entertainment Group by 147.6% in the 2nd quarter. Morgan Stanley now owns 5,092,556 shares of the company’s stock valued at $76,338,000 after acquiring an additional 3,035,825 shares during the last quarter. 9.56% of the stock is currently owned by institutional investors.

Shares of TME traded up $0.17 during mid-day trading on Wednesday, hitting $12.87. 4,943,900 shares of the stock were exchanged, compared to its average volume of 5,593,287. The company has a market cap of $21.56 billion and a PE ratio of 64.35. Tencent Music Entertainment Group has a 52-week low of $11.81 and a 52-week high of $19.97. The firm has a 50-day moving average of $13.24 and a two-hundred day moving average of $14.94.

Tencent Music Entertainment Group Company Profile

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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