Connor Clark & Lunn Investment Management Ltd. Takes $376,000 Position in Sony Corporation $SONY

Key Points

• Connor Clark & Lunn Investment Management Ltd. acquired 14,811 shares of Sony Corporation, valued at approximately $376,000, during the first quarter of 2023.
• Sony's stock recently opened at $28.2350 with a market capitalization of $170.76 billion and a price-to-earnings ratio of 22.41.
• Following a recent earnings report, an analyst downgraded Sony’s rating from "buy" to "hold", with a consensus rating of "Buy" and an average price target of $28.00.

Connor Clark & Lunn Investment Management Ltd. bought a new position in Sony Corporation (NYSE:SONY - Free Report) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 14,811 shares of the company's stock, valued at approximately $376,000.

Several other hedge funds also recently bought and sold shares of SONY. Teachers Retirement System of The State of Kentucky increased its holdings in shares of Sony by 435.8% during the 4th quarter. Teachers Retirement System of The State of Kentucky now owns 582,400 shares of the company's stock valued at $12,323,000 after acquiring an additional 473,700 shares during the last quarter. BSW Wealth Partners increased its holdings in shares of Sony by 87.0% during the 1st quarter. BSW Wealth Partners now owns 26,662 shares of the company's stock valued at $677,000 after acquiring an additional 12,404 shares during the last quarter. Ameriprise Financial Inc. increased its holdings in shares of Sony by 386.6% during the 4th quarter. Ameriprise Financial Inc. now owns 917,856 shares of the company's stock valued at $19,424,000 after acquiring an additional 729,218 shares during the last quarter. Mackenzie Financial Corp boosted its stake in Sony by 30.6% during the 1st quarter. Mackenzie Financial Corp now owns 481,381 shares of the company's stock valued at $12,222,000 after purchasing an additional 112,746 shares during the period. Finally, Ballentine Partners LLC boosted its stake in Sony by 18.4% during the 1st quarter. Ballentine Partners LLC now owns 86,779 shares of the company's stock valued at $2,203,000 after purchasing an additional 13,493 shares during the period. 14.05% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Separately, Wall Street Zen downgraded Sony from a "buy" rating to a "hold" rating in a research note on Thursday, May 22nd. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Buy" and an average target price of $28.00.

Sony Price Performance

Shares of Sony stock traded up $0.9450 during midday trading on Friday, hitting $28.5750. 4,489,735 shares of the company were exchanged, compared to its average volume of 3,797,277. The firm has a 50 day simple moving average of $25.61 and a 200-day simple moving average of $24.95. Sony Corporation has a 52 week low of $17.42 and a 52 week high of $29.16. The firm has a market cap of $172.81 billion, a P/E ratio of 22.68 and a beta of 0.91. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.09 and a quick ratio of 1.03.

Sony (NYSE:SONY - Get Free Report) last released its quarterly earnings results on Thursday, August 7th. The company reported $0.30 earnings per share for the quarter, beating analysts' consensus estimates of $0.24 by $0.06. Sony had a return on equity of 13.88% and a net margin of 9.14%.The firm had revenue of $17.79 billion during the quarter, compared to analysts' expectations of $18.88 billion. During the same period last year, the firm posted $189.90 EPS. Sony has set its FY 2025 guidance at EPS. Research analysts forecast that Sony Corporation will post 1.23 earnings per share for the current year.

About Sony

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.