KeyCorp Analysts Increase Earnings Estimates for Tencent Music Entertainment Group – (NYSE:TME)

Tencent Music Entertainment Group – (NYSE:TME) – Research analysts at KeyCorp upped their FY2019 earnings per share (EPS) estimates for shares of Tencent Music Entertainment Group in a report released on Tuesday, November 12th. KeyCorp analyst H. Chung now expects that the company will post earnings of $0.36 per share for the year, up from their previous estimate of $0.34. KeyCorp has a “Overweight” rating and a $18.00 price objective on the stock. KeyCorp also issued estimates for Tencent Music Entertainment Group’s Q1 2020 earnings at $0.10 EPS and Q2 2020 earnings at $0.10 EPS.

Tencent Music Entertainment Group (NYSE:TME) last issued its earnings results on Monday, November 11th. The company reported $0.74 earnings per share for the quarter, topping the consensus estimate of $0.08 by $0.66. The business had revenue of $6.51 billion for the quarter, compared to analyst estimates of $6.43 billion. Tencent Music Entertainment Group had a return on equity of 6.11% and a net margin of 8.77%. The firm’s revenue for the quarter was up 31.0% compared to the same quarter last year.

Several other research analysts have also commented on the company. Oppenheimer started coverage on Tencent Music Entertainment Group in a research report on Monday, July 29th. They issued an “outperform” rating and a $18.00 price objective on the stock. Zacks Investment Research lowered Tencent Music Entertainment Group from a “hold” rating to a “sell” rating in a research report on Thursday. Jefferies Financial Group started coverage on Tencent Music Entertainment Group in a research report on Monday, August 5th. They issued a “buy” rating and a $16.90 price objective on the stock. Bank of America cut their price objective 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. Finally, China Renaissance Securities raised Tencent Music Entertainment Group from a “hold” rating to a “buy” rating in a research report on Tuesday, October 8th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and thirteen have issued a buy rating to the company. The company currently has an average rating of “Buy” and a consensus target price of $16.27.

Shares of TME opened at $12.67 on Friday. The firm has a market capitalization of $21.57 billion and a P/E ratio of 63.35. The stock’s fifty day simple moving average is $13.47 and its 200 day simple moving average is $14.21. Tencent Music Entertainment Group has a twelve month low of $11.81 and a twelve month high of $19.97.

Several institutional investors have recently made changes to their positions in the company. Price T Rowe Associates Inc. MD grew its stake in shares of Tencent Music Entertainment Group by 4,995.0% during the second 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 in the last quarter. Baillie Gifford & Co. grew its stake in shares of Tencent Music Entertainment Group by 15.2% during the second quarter. Baillie Gifford & Co. now owns 10,946,629 shares of the company’s stock valued at $164,090,000 after acquiring an additional 1,440,595 shares in the last quarter. Canada Pension Plan Investment Board acquired a new stake in shares of Tencent Music Entertainment Group during the second quarter valued at about $120,270,000. William Blair Investment Management LLC grew its stake in shares of Tencent Music Entertainment Group by 16.9% during the second quarter. William Blair Investment Management LLC now owns 6,464,965 shares of the company’s stock valued at $96,899,000 after acquiring an additional 936,341 shares in the last quarter. Finally, Matthews International Capital Management LLC grew its stake in shares of Tencent Music Entertainment Group by 188.4% during the third quarter. Matthews International Capital Management LLC now owns 5,256,200 shares of the company’s stock valued at $67,122,000 after acquiring an additional 3,433,435 shares in the last quarter. Institutional investors own 9.69% 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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Earnings History and Estimates for Tencent Music Entertainment Group (NYSE:TME)

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