$769.99 Million in Sales Expected for Tencent Music Entertainment Group – (TME) This Quarter

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Equities research analysts expect Tencent Music Entertainment Group – (NYSE:TME) to post sales of $769.99 million for the current fiscal quarter, Zacks reports. Three analysts have provided estimates for Tencent Music Entertainment Group’s earnings, with the lowest sales estimate coming in at $743.80 million and the highest estimate coming in at $797.37 million. The business is scheduled to issue its next earnings report on Monday, January 1st.

According to Zacks, analysts expect that Tencent Music Entertainment Group will report full-year sales of $2.77 billion for the current financial year, with estimates ranging from $2.72 billion to $2.84 billion. For the next fiscal year, analysts forecast that the business will post sales of $3.85 billion, with estimates ranging from $3.75 billion to $4.00 billion. Zacks Investment Research’s sales averages are an average based on a survey of research analysts that that provide coverage for Tencent Music Entertainment Group.

TME has been the subject of a number of recent analyst reports. Goldman Sachs Group initiated coverage on shares of Tencent Music Entertainment Group in a research note on Sunday, January 6th. They issued a “buy” rating for the company. Macquarie initiated coverage on shares of Tencent Music Entertainment Group in a research note on Tuesday, February 12th. They issued an “outperform” rating and a $15.03 price target for the company. HSBC initiated coverage on shares of Tencent Music Entertainment Group in a research note on Thursday, January 17th. They issued a “buy” rating and a $16.00 price target for the company. Morgan Stanley initiated coverage on shares of Tencent Music Entertainment Group in a research note on Monday, January 7th. They issued an “equal weight” rating for the company. Finally, Bank of America initiated coverage on shares of Tencent Music Entertainment Group in a research note on Monday, January 7th. They issued a “buy” rating and a $17.10 price target for the company. Two equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Tencent Music Entertainment Group presently has a consensus rating of “Buy” and a consensus target price of $15.54.

TME stock traded up $0.12 during trading hours on Friday, reaching $17.18. The stock had a trading volume of 6,704,022 shares, compared to its average volume of 5,957,657. Tencent Music Entertainment Group has a fifty-two week low of $11.81 and a fifty-two week high of $17.38.

A number of hedge funds have recently made changes to their positions in TME. Millennium Management LLC acquired a new stake in shares of Tencent Music Entertainment Group during the 4th quarter worth about $3,151,000. Springhouse Capital Management LP acquired a new stake in shares of Tencent Music Entertainment Group during the 4th quarter worth about $9,066,000. Legal & General Group Plc acquired a new stake in shares of Tencent Music Entertainment Group during the 4th quarter worth about $132,000. Jane Street Group LLC acquired a new stake in shares of Tencent Music Entertainment Group during the 4th quarter worth about $386,000. Finally, Hillhouse Capital Advisors Ltd. acquired a new stake in shares of Tencent Music Entertainment Group during the 4th quarter worth about $19,440,000. Hedge funds and other institutional investors own 0.18% of the company’s stock.

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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