DAVENPORT & Co LLC Cuts Stock Position in Sony Corporation $SONY

Key Points

• DAVENPORT & Co LLC reduced its stock position in Sony Corporation by 7.9% in the second quarter, owning 176,669 shares worth approximately $4.6 million after selling 15,255 shares.
• Several hedge funds, including Marks Group Wealth Management and QRG Capital Management, increased their positions in Sony during the same period, indicating fluctuating institutional interest.
• Despite reporting quarterly earnings that exceeded estimates, Sony's revenue for the quarter fell short of analyst projections, amounting to $17.79 billion against an expected $18.88 billion.

DAVENPORT & Co LLC reduced its position in Sony Corporation (NYSE:SONY - Free Report) by 7.9% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 176,669 shares of the company's stock after selling 15,255 shares during the quarter. DAVENPORT & Co LLC's holdings in Sony were worth $4,599,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of SONY. Marks Group Wealth Management Inc boosted its holdings in Sony by 1.4% during the 2nd quarter. Marks Group Wealth Management Inc now owns 72,768 shares of the company's stock valued at $1,894,000 after acquiring an additional 1,030 shares during the period. Figure 8 Investment Strategies LLC boosted its holdings in Sony by 4.4% during the 2nd quarter. Figure 8 Investment Strategies LLC now owns 109,388 shares of the company's stock valued at $2,847,000 after acquiring an additional 4,620 shares during the period. QRG Capital Management Inc. boosted its holdings in Sony by 17.6% during the 2nd quarter. QRG Capital Management Inc. now owns 585,467 shares of the company's stock valued at $15,240,000 after acquiring an additional 87,649 shares during the period. Ascent Group LLC boosted its holdings in Sony by 32.7% during the 2nd quarter. Ascent Group LLC now owns 15,985 shares of the company's stock valued at $416,000 after acquiring an additional 3,938 shares during the period. Finally, Ameritas Advisory Services LLC purchased a new stake in Sony during the 2nd quarter valued at about $91,000. 14.05% of the stock is currently owned by hedge funds and other institutional investors.

Sony Price Performance

Shares of SONY stock opened at $29.70 on Wednesday. The firm has a market cap of $179.64 billion, a P/E ratio of 23.57 and a beta of 0.95. Sony Corporation has a fifty-two week low of $17.42 and a fifty-two week high of $30.25. The business's 50 day moving average price is $27.99 and its 200-day moving average price is $25.99. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.03 and a current ratio of 1.09.

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

Analyst Upgrades and Downgrades

Separately, Weiss Ratings restated a "buy (b)" rating on shares of Sony in a report on Saturday, September 27th. Five analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. According to MarketBeat.com, Sony has an average rating of "Moderate Buy" and an average price target of $28.00.

Sony 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.

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