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

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

Tencent Music Entertainment Group Stock Up 15.6 %

Tencent Music Entertainment Group stock opened at $15.10 on Wednesday. The company has a market capitalization of $25.91 billion, a P/E ratio of 27.96, a P/E/G ratio of 0.77 and a beta of 0.70. The firm’s fifty day simple moving average is $12.22 and its 200-day simple moving average is $11.75. The company has a current ratio of 2.34, a quick ratio of 2.34 and a debt-to-equity ratio of 0.09. Tencent Music Entertainment Group has a 1-year low of $9.41 and a 1-year high of $15.77.

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 price target for the company in a research report on Tuesday, January 21st. Three investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to MarketBeat.com, the stock currently 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.