Primecap Management Co. CA Sells 23,218,035 Shares of Sony Corporation $SONY

Primecap Management Co. CA cut its stake in shares of Sony Corporation (NYSE:SONY) by 24.7% in the second quarter, Holdings Channel reports. The fund owned 70,741,440 shares of the company’s stock after selling 23,218,035 shares during the period. Sony comprises approximately 1.5% of Primecap Management Co. CA’s holdings, making the stock its 16th biggest position. Primecap Management Co. CA’s holdings in Sony were worth $1,841,400,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in SONY. Northern Trust Corp increased its position in shares of Sony by 3.4% during the 1st quarter. Northern Trust Corp now owns 7,845,521 shares of the company’s stock worth $199,198,000 after purchasing an additional 257,838 shares in the last quarter. Wellington Management Group LLP bought a new stake in Sony during the first quarter worth about $78,905,000. Ameriprise Financial Inc. increased its holdings in shares of Sony by 124.5% during the first quarter. Ameriprise Financial Inc. now owns 2,060,705 shares of the company’s stock worth $52,814,000 after buying an additional 1,142,849 shares in the last quarter. Allspring Global Investments Holdings LLC raised its stake in shares of Sony by 4,056.6% in the second quarter. Allspring Global Investments Holdings LLC now owns 1,973,638 shares of the company’s stock valued at $50,269,000 after acquiring an additional 1,926,156 shares during the last quarter. Finally, Raymond James Financial Inc. boosted its holdings in shares of Sony by 0.4% in the 1st quarter. Raymond James Financial Inc. now owns 1,753,173 shares of the company’s stock worth $44,513,000 after acquiring an additional 6,297 shares in the last quarter. Institutional investors own 14.05% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms recently commented on SONY. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Sony in a report on Wednesday, October 8th. Wolfe Research upgraded Sony from a “peer perform” rating to an “outperform” rating in a report on Wednesday, November 5th. Cfra Research upgraded Sony to a “moderate buy” rating in a research note on Friday, October 10th. Finally, Zacks Research upgraded shares of Sony from a “hold” rating to a “strong-buy” rating in a research report on Thursday, October 16th. One research analyst has rated the stock with a Strong Buy rating and six have assigned a Buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Buy” and an average target price of $33.00.

Sony Stock Down 1.4%

NYSE SONY opened at $28.68 on Wednesday. The stock has a market capitalization of $173.42 billion, a P/E ratio of 22.76 and a beta of 0.99. Sony Corporation has a 52 week low of $18.81 and a 52 week high of $30.34. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.03 and a current ratio of 1.09. The stock has a fifty day moving average of $28.97 and a 200-day moving average of $26.99.

Sony 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.