Scotia Capital Inc. Sells 57,837 Shares of Sony Corporation (NYSE:SONY)

Key Points

• Scotia Capital Inc. reduced its stake in Sony Corporation by 14.5% in the first quarter, selling 57,837 shares, bringing its total ownership to 342,100 shares valued at approximately $8.7 million.
• Various institutional investors, such as Capital Investment Advisory Services and Stonegate Investment Group, have made additions to their positions in Sony, indicating ongoing interest in the stock.
• The consensus rating for Sony stock is currently a "Moderate Buy", with an average target price of $28.00, reflecting mixed views from analysts.

Scotia Capital Inc. cut its position in Sony Corporation (NYSE:SONY - Free Report) by 14.5% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 342,100 shares of the company's stock after selling 57,837 shares during the quarter. Scotia Capital Inc.'s holdings in Sony were worth $8,686,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Capital Investment Advisory Services LLC grew its stake in shares of Sony by 3.1% in the first quarter. Capital Investment Advisory Services LLC now owns 12,977 shares of the company's stock valued at $329,000 after buying an additional 392 shares in the last quarter. Stonegate Investment Group LLC boosted its position in Sony by 2.6% during the first quarter. Stonegate Investment Group LLC now owns 16,898 shares of the company's stock worth $429,000 after purchasing an additional 433 shares during the period. Hexagon Capital Partners LLC boosted its position in Sony by 9.0% during the first quarter. Hexagon Capital Partners LLC now owns 5,333 shares of the company's stock worth $135,000 after purchasing an additional 442 shares during the period. First Foundation Advisors boosted its position in Sony by 3.4% during the first quarter. First Foundation Advisors now owns 14,543 shares of the company's stock worth $369,000 after purchasing an additional 478 shares during the period. Finally, Naviter Wealth LLC boosted its position in Sony by 0.4% during the first quarter. Naviter Wealth LLC now owns 138,840 shares of the company's stock worth $3,483,000 after purchasing an additional 530 shares during the period. 14.05% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on SONY shares. Wolfe Research reissued a "peer perform" rating on shares of Sony in a research report on Monday, April 7th. Wall Street Zen cut shares of Sony from a "buy" rating to a "hold" rating in a research report on Thursday, May 22nd. Two equities research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $28.00.

Sony Stock Performance

Shares of SONY stock opened at $24.39 on Monday. The business's 50 day simple moving average is $25.38 and its 200 day simple moving average is $24.40. Sony Corporation has a one year low of $15.96 and a one year high of $26.94. The stock has a market capitalization of $147.50 billion, a PE ratio of 19.77, a PEG ratio of 11.89 and a beta of 0.91. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.70 and a quick ratio of 0.57.

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.

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