Primecap Management Co. CA Sells 8,036,380 Shares of Sony Corporation (NYSE:SONY)

Key Points

• Primecap Management Co. CA has reduced its stake in Sony Corporation by 7.9%, selling 8,036,380 shares and now holding 93,959,475 shares, which represents 2.0% of its portfolio.
• Analysts have recently downgraded Sony from a "buy" to a "hold" rating, although the company maintains an average rating of "Moderate Buy" with a consensus price target of $28.00.
• Sony's stock is currently trading at $24.51, with a market capitalization of $148.20 billion and a 52-week price range between $16.41 and $26.94.

Primecap Management Co. CA trimmed its stake in Sony Corporation (NYSE:SONY - Free Report) by 7.9% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 93,959,475 shares of the company's stock after selling 8,036,380 shares during the quarter. Sony accounts for 2.0% of Primecap Management Co. CA's portfolio, making the stock its 12th biggest holding. Primecap Management Co. CA owned about 1.55% of Sony worth $2,385,631,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Capital Analysts LLC grew its position in Sony by 400.0% during the 4th quarter. Capital Analysts LLC now owns 1,170 shares of the company's stock valued at $25,000 after purchasing an additional 936 shares during the last quarter. City Holding Co. purchased a new stake in shares of Sony during the first quarter valued at approximately $30,000. Bartlett & CO. Wealth Management LLC bought a new stake in shares of Sony during the first quarter valued at approximately $31,000. Operose Advisors LLC lifted its position in Sony by 400.0% in the 4th quarter. Operose Advisors LLC now owns 1,520 shares of the company's stock valued at $32,000 after acquiring an additional 1,216 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in Sony by 155.4% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 2,268 shares of the company's stock valued at $48,000 after purchasing an additional 1,380 shares during the last quarter. 14.05% of the stock is currently owned by institutional investors.

Sony Trading Down 1.0%

Shares of SONY stock opened at $24.51 on Wednesday. The stock has a fifty day simple moving average of $25.33 and a two-hundred day simple moving average of $24.43. Sony Corporation has a 52-week low of $16.41 and a 52-week high of $26.94. The firm has a market capitalization of $148.20 billion, a PE ratio of 19.86, a PEG ratio of 12.08 and a beta of 0.91. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.57 and a current ratio of 0.70.

Analyst Upgrades and Downgrades

Separately, Wall Street Zen downgraded Sony from a "buy" rating to a "hold" rating in a report on Thursday, May 22nd. Two analysts have rated the stock with a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, Sony presently has an average rating of "Moderate Buy" and a consensus 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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