Tencent Music Entertainment Group (NYSE:TME) Posts Quarterly Earnings Results, Beats Estimates By $1.28 EPS

Tencent Music Entertainment Group (NYSE:TME) issued its earnings results on Tuesday. The company reported $1.47 earnings per share for the quarter, beating the consensus estimate of $0.19 by $1.28, Briefing.com reports. Tencent Music Entertainment Group had a net margin of 21.53% and a return on equity of 10.67%. The business had revenue of $7.46 billion for the quarter, compared to analyst estimates of $1.01 billion. During the same period in the previous year, the business earned $1.00 EPS. The firm’s revenue was up 8.2% on a year-over-year basis.

Tencent Music Entertainment Group Price Performance

NYSE:TME opened at $15.10 on Wednesday. The firm has a market cap of $25.91 billion, a PE ratio of 27.96, a price-to-earnings-growth ratio of 0.77 and a beta of 0.70. Tencent Music Entertainment Group has a 12 month low of $9.41 and a 12 month high of $15.77. The company has a quick ratio of 2.34, a current ratio of 2.34 and a debt-to-equity ratio of 0.09. The company’s 50-day moving average price is $12.22 and its two-hundred day moving average price is $11.75.

Analysts Set New Price Targets

Separately, Morgan Stanley upgraded shares of Tencent Music Entertainment Group from an “equal weight” rating to an “overweight” rating and set a $13.00 target price on the stock in a research report on Tuesday, January 21st. Three research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $14.04.

About Tencent Music Entertainment Group

Tencent Music Entertainment Group operates online music entertainment platforms to provide music streaming, online karaoke, and live streaming services in the People's Republic of China. It offers QQ Music, Kugou Music, and Kuwo Music that enable users to discover music in personalized ways; long-form audio content, including audiobooks, podcasts and talk shows, as well as music-oriented video content comprising music videos, live performances, and short videos; and WeSing, which enables users to sing along from its library of karaoke songs and share their performances in audio or video formats with friends.