Brokers Offer Predictions for Tencent Music Entertainment Group -‘s FY2019 Earnings (TME)

Tencent Music Entertainment Group – (NYSE:TME) – Equities research analysts at KeyCorp lowered their FY2019 earnings per share (EPS) estimates for shares of Tencent Music Entertainment Group in a research note issued to investors on Tuesday, May 14th. KeyCorp analyst H. Chung now expects that the company will earn $0.33 per share for the year, down from their previous forecast of $0.34. KeyCorp also issued estimates for Tencent Music Entertainment Group’s Q1 2020 earnings at $0.08 EPS, Q2 2020 earnings at $0.12 EPS and FY2020 earnings at $0.45 EPS.

A number of other analysts have also weighed in on TME. Macquarie initiated coverage on Tencent Music Entertainment Group in a research note on Tuesday, February 12th. They issued an “outperform” rating and a $15.03 target price on the stock. Bank of America increased their target price on Tencent Music Entertainment Group from $17.10 to $20.10 and gave the stock a “buy” rating in a research note on Tuesday, March 5th. Stifel Nicolaus reiterated a “hold” rating and issued a $16.00 target price on shares of Tencent Music Entertainment Group in a research note on Tuesday, March 12th. Zacks Investment Research upgraded Tencent Music Entertainment Group from a “hold” rating to a “buy” rating and set a $20.00 target price on the stock in a research note on Friday, March 15th. Finally, Credit Suisse Group lowered Tencent Music Entertainment Group from an “outperform” rating to a “neutral” rating and set a $18.00 target price on the stock. in a research note on Wednesday, March 20th. Five investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus target price of $16.73.

TME stock opened at $13.86 on Friday. Tencent Music Entertainment Group has a twelve month low of $11.81 and a twelve month high of $19.97. The firm has a market capitalization of $23.66 billion and a price-to-earnings ratio of 69.30.

Tencent Music Entertainment Group (NYSE:TME) last released its earnings results on Monday, May 13th. The company reported $0.10 earnings per share for the quarter, topping analysts’ consensus estimates of $0.08 by $0.02. The business had revenue of $855.00 million during the quarter, compared to analysts’ expectations of $861.27 million.

Institutional investors and hedge funds have recently bought and sold shares of the company. Virtu Financial LLC bought a new stake in Tencent Music Entertainment Group during the fourth quarter valued at about $580,000. TB Alternative Assets Ltd. acquired a new stake in Tencent Music Entertainment Group in the fourth quarter worth about $4,755,000. Bank Pictet & Cie Asia Ltd. acquired a new stake in Tencent Music Entertainment Group in the fourth quarter worth about $500,000. SG Americas Securities LLC acquired a new stake in Tencent Music Entertainment Group in the fourth quarter worth about $441,000. Finally, TD Asset Management Inc. acquired a new stake in Tencent Music Entertainment Group in the fourth quarter worth about $1,489,000. 5.37% of the stock is currently owned by institutional investors and hedge funds.

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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