Sony (NYSE:SONY) Sets New 1-Year High After Earnings Beat

Key Points

• Sony reached a new 52-week high, trading at $27.17 after reporting $0.30 earnings per share, surpassing analysts' expectations of $0.24.
• The company reported revenue of $17.79 billion for the quarter, below the consensus estimate of $18.88 billion.
• Despite the positive earnings, Wall Street analysts lowered Sony's rating from "buy" to "hold," with a consensus price target of $28.00.

Sony Corporation (NYSE:SONY - Get Free Report) reached a new 52-week high on Friday following a better than expected earnings announcement. The stock traded as high as $27.17 and last traded at $26.96, with a volume of 1190290 shares traded. The stock had previously closed at $26.03.

The company reported $0.30 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.24 by $0.06. The business had revenue of $17.79 billion for the quarter, compared to the consensus estimate of $18.88 billion. Sony had a return on equity of 13.76% and a net margin of 8.83%. During the same period last year, the business posted $189.90 EPS.

Wall Street Analysts Forecast Growth

Separately, Wall Street Zen lowered 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 issued a strong buy rating to the stock. Based on data from MarketBeat, Sony has an average rating of "Moderate Buy" and a consensus price target of $28.00.

Hedge Funds Weigh In On Sony

Large investors have recently made changes to their positions in the business. Brighton Jones LLC grew its stake in Sony by 422.0% during the 4th quarter. Brighton Jones LLC now owns 19,908 shares of the company's stock worth $421,000 after buying an additional 16,094 shares during the last quarter. Mondrian Investment Partners LTD boosted its holdings in Sony by 358.2% in the fourth quarter. Mondrian Investment Partners LTD now owns 10,138,119 shares of the company's stock worth $223,039,000 after acquiring an additional 7,925,643 shares in the last quarter. Alliancebernstein L.P. purchased a new stake in shares of Sony during the fourth quarter worth about $200,000. Franklin Resources Inc. grew its stake in shares of Sony by 308.4% during the fourth quarter. Franklin Resources Inc. now owns 127,264 shares of the company's stock worth $2,693,000 after acquiring an additional 96,102 shares during the last quarter. Finally, Russell Investments Group Ltd. increased its holdings in shares of Sony by 557.8% during the fourth quarter. Russell Investments Group Ltd. now owns 7,696 shares of the company's stock valued at $163,000 after acquiring an additional 6,526 shares in the last quarter. 14.05% of the stock is owned by institutional investors and hedge funds.

Sony Stock Up 3.6%

The company's 50-day moving average is $25.29 and its 200 day moving average is $24.47. The stock has a market capitalization of $163.04 billion, a PE ratio of 21.85, a price-to-earnings-growth ratio of 12.16 and a beta of 0.91. The company has a current ratio of 0.70, a quick ratio of 0.57 and a debt-to-equity ratio of 0.24.

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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