Primecap Management Co. CA Reduces Holdings in Sony Group Co. (NYSE:SONY)

Primecap Management Co. CA reduced its stake in shares of Sony Group Co. (NYSE:SONY) by 1.2% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 21,491,973 shares of the company’s stock after selling 253,310 shares during the quarter. Sony Group comprises approximately 1.3% of Primecap Management Co. CA’s portfolio, making the stock its 17th largest holding. Primecap Management Co. CA owned about 1.74% of Sony Group worth $1,825,743,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently bought and sold shares of SONY. Thurston Springer Miller Herd & Titak Inc. purchased a new stake in Sony Group in the second quarter valued at approximately $26,000. Sunbelt Securities Inc. purchased a new stake in Sony Group in the 1st quarter valued at $29,000. Rise Advisors LLC boosted its stake in Sony Group by 259.2% during the 1st quarter. Rise Advisors LLC now owns 352 shares of the company’s stock worth $30,000 after purchasing an additional 254 shares during the period. Ridgewood Investments LLC purchased a new position in Sony Group during the 2nd quarter worth $41,000. Finally, Family Firm Inc. acquired a new position in Sony Group in the second quarter valued at $44,000. 14.05% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Separately, StockNews.com downgraded shares of Sony Group from a “buy” rating to a “hold” rating in a research note on Wednesday, August 21st. Two analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $108.00.

Sony Group Price Performance

Shares of NYSE SONY opened at $93.06 on Tuesday. The stock has a fifty day moving average price of $91.09 and a 200 day moving average price of $86.43. Sony Group Co. has a 1-year low of $75.11 and a 1-year high of $100.88. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.63 and a quick ratio of 0.47. The company has a market cap of $114.86 billion, a PE ratio of 17.11 and a beta of 0.95.

Shares of Sony Group are set to split before the market opens on Monday, September 30th. The 5-1 split was announced on Tuesday, May 14th. The newly minted shares will be distributed to shareholders after the closing bell on Monday, September 30th.

Sony Group (NYSE:SONY) last posted its quarterly earnings results on Wednesday, August 7th. The company reported $1.22 earnings per share for the quarter, beating analysts’ consensus estimates of $1.11 by $0.11. The firm had revenue of $19.32 billion for the quarter, compared to the consensus estimate of $17.42 billion. Sony Group had a return on equity of 12.82% and a net margin of 7.59%. Sell-side analysts forecast that Sony Group Co. will post 5.63 EPS for the current year.

Sony Group Company Profile

Sony Group Corporation designs, develops, produces, and sells electronic equipment, instruments, and devices for the consumer, professional, and industrial markets in Japan, the United States, Europe, China, the Asia-Pacific, and internationally. The company distributes software titles and add-on content through digital networks; network services related to game, video, and music content; and home gaming consoles, packaged and game software, and peripheral devices.