Equities analysts forecast that Tencent Music Entertainment Group – (NYSE:TME) will announce sales of $964.63 million for the current fiscal quarter, according to Zacks Investment Research. Four analysts have issued estimates for Tencent Music Entertainment Group’s earnings, with the highest sales estimate coming in at $969.72 million and the lowest estimate coming in at $955.42 million. Tencent Music Entertainment Group reported sales of $859.00 million during the same quarter last year, which indicates a positive year-over-year growth rate of 12.3%. The firm is scheduled to announce its next quarterly earnings report on Monday, August 10th.
According to Zacks, analysts expect that Tencent Music Entertainment Group will report full-year sales of $4.20 billion for the current fiscal year, with estimates ranging from $4.15 billion to $4.27 billion. For the next financial year, analysts expect that the company will post sales of $5.36 billion, with estimates ranging from $4.98 billion to $5.81 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of sell-side analysts that follow Tencent Music Entertainment Group.
Tencent Music Entertainment Group (NYSE:TME) last issued its quarterly earnings results on Monday, May 11th. The company reported $0.66 earnings per share for the quarter, beating analysts’ consensus estimates of $0.08 by $0.58. Tencent Music Entertainment Group had a net margin of 14.94% and a return on equity of 10.21%. The firm had revenue of $6.31 billion during the quarter, compared to the consensus estimate of $6.30 billion. During the same period in the prior year, the firm earned $0.74 EPS. The business’s revenue was up 9.9% on a year-over-year basis.
Tencent Music Entertainment Group stock traded up $1.58 during mid-day trading on Wednesday, reaching $15.73. The company had a trading volume of 30,518,318 shares, compared to its average volume of 9,685,089. Tencent Music Entertainment Group has a 52 week low of $9.22 and a 52 week high of $16.74. The company has a 50 day moving average of $12.62 and a 200-day moving average of $12.06. The firm has a market cap of $23.11 billion, a price-to-earnings ratio of 47.21, a PEG ratio of 1.90 and a beta of 1.39.
Several institutional investors have recently made changes to their positions in the stock. D1 Capital Partners L.P. increased its position in Tencent Music Entertainment Group by 19.7% in the 4th quarter. D1 Capital Partners L.P. now owns 23,350,000 shares of the company’s stock valued at $274,129,000 after acquiring an additional 3,850,000 shares in the last quarter. Baillie Gifford & Co. increased its position in Tencent Music Entertainment Group by 25.4% in the 1st quarter. Baillie Gifford & Co. now owns 20,260,972 shares of the company’s stock valued at $203,825,000 after acquiring an additional 4,102,896 shares in the last quarter. Wellington Management Group LLP increased its position in Tencent Music Entertainment Group by 2,867.5% in the 1st quarter. Wellington Management Group LLP now owns 13,723,463 shares of the company’s stock valued at $138,059,000 after acquiring an additional 13,261,009 shares in the last quarter. Vontobel Asset Management Inc. acquired a new stake in Tencent Music Entertainment Group in the 1st quarter valued at about $135,260,000. Finally, Schroder Investment Management Group acquired a new stake in Tencent Music Entertainment Group in the 1st quarter valued at about $110,423,000. Institutional investors and hedge funds own 16.61% of the company’s stock.
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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