Sony Corporation $SONY Stock Position Boosted by Fisher Asset Management LLC

Key Points

• Fisher Asset Management increased its Sony stake by 1.2% in the third quarter, adding about 1.4 million shares to bring its holding to 113.6 million shares, valued at roughly $2.67 billion.
• Sony’s latest quarterly results beat expectations: EPS was $0.49 versus a $0.38 estimate, and revenue of $21.77 billion exceeded forecasts and rose 10.3% year over year.
• Analyst views are mostly cautious: the consensus rating is Hold, with a $26 price target; two analysts rate the stock Buy and three rate it Hold.

Fisher Asset Management LLC lifted its holdings in shares of Sony Corporation (NYSE:SONY - Free Report) by 1.2% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 113,614,725 shares of the company's stock after purchasing an additional 1,397,912 shares during the period. Fisher Asset Management LLC owned 1.92% of Sony worth $2,673,355,000 as of its most recent filing with the SEC.

Other institutional investors also recently modified their holdings of the company. WCM Investment Management LLC increased its stake in shares of Sony by 337.6% in the first quarter. WCM Investment Management LLC now owns 1,949,592 shares of the company's stock valued at $38,836,000 after buying an additional 1,504,035 shares during the period. Wellington Management Group LLP acquired a new position in shares of Sony in the second quarter worth approximately $10,232,000. Arrowstreet Capital Limited Partnership acquired a new position in shares of Sony in the first quarter worth approximately $39,998,000. XY Capital Ltd bought a new stake in Sony in the second quarter valued at approximately $10,246,000. Finally, Entropy Technologies LP bought a new stake in Sony in the first quarter valued at approximately $1,925,000. Institutional investors own 14.05% of the company's stock.

Analysts Set New Price Targets

A number of analysts have weighed in on the stock. Weiss Ratings raised shares of Sony from a "sell (d+)" rating to a "hold (c-)" rating in a research report on Monday. Benchmark restated a "buy" rating on shares of Sony in a research report on Monday, August 3rd. Wall Street Zen lowered shares of Sony from a "buy" rating to a "hold" rating in a research note on Sunday, August 9th. Sanford C. Bernstein reissued a "market perform" rating and set a $26.00 target price on shares of Sony in a research note on Thursday, November 5th. Finally, Zacks Research lowered shares of Sony from a "strong-buy" rating to a "hold" rating in a report on Wednesday, September 30th. Two investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $26.00.

Latest Sony News

Here's some of the latest news about SONY:

• Positive Sentiment: Sony’s PlayStation 5 has passed 100 million units sold or shipped, a milestone that underscores the platform’s large installed base and potential to drive game, subscription, and accessory revenue. PS5 Passes 100 Million Units as Sony Lays Groundwork for Its Next Console
• Negative Sentiment: Sony has canceled its unreleased live-service game Fairgame$. The move avoids further development spending, but also reflects difficulty converting its live-service ambitions into releases and potential revenue. Reports say the cancellation did not involve layoffs. Sony Cancels Live-Service PS5 Game Fairgames, But No Layoffs
• Negative Sentiment: Sony plans to discontinue its PlayStation Plus streaming app for PC, ending cloud streaming on Windows. This reduces the service’s reach, though reports characterize PC app usage as limited, which may constrain the financial impact. Sony is discontinuing its PlayStation Plus streaming app on PC

Sony Trading Up 0.7%

NYSE SONY opened at $26.66 on Friday. The business has a 50 day simple moving average of $24.65 and a 200 day simple moving average of $22.46. Sony Corporation has a one year low of $19.32 and a one year high of $30.33. The stock has a market capitalization of $157.54 billion, a P/E ratio of 20.86, a P/E/G ratio of 1.62 and a beta of 0.98. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.25 and a quick ratio of 0.96.

Sony (NYSE:SONY - Get Free Report) last posted its quarterly earnings results on Thursday, November 5th. The company reported $0.49 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.38 by $0.11. The firm had revenue of $21.77 billion for the quarter, compared to analysts' expectations of $20.15 billion. Sony had a positive return on equity of 14.20% and a negative net margin of 1.54%. The company's revenue for the quarter was up 10.3% compared to the same quarter last year. During the same period in the prior year, the business earned $60.10 EPS. Research analysts expect that Sony Corporation will post 1.46 earnings per share for the current year.

Insider Transactions at Sony

In related news, insider Kenji Tanaka sold 20,000 shares of the stock in a transaction on Monday, August 17th. The shares were sold at an average price of $23.83, for a total transaction of $476,600.00. Following the transaction, the insider directly owned 43,899 shares of the company's stock, valued at $1,046,113.17. This represents a 31.30% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 7.00% of the stock is currently owned by corporate insiders.

Sony Profile

Sony Group Corporation is a Japan-based global entertainment and technology company, founded in Tokyo in 1946 by Masaru Ibuka and Akio Morita. Initially known as Tokyo Tsushin Kogyo, the company adopted the name Sony in 1958. Sony's businesses include video games and network services through PlayStation; music recording and publishing; film and television production and distribution; consumer electronics, including televisions and cameras; and imaging and sensing technologies, including image sensors.

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