Sumitomo Mitsui Trust Group Inc. Sells 151,136 Shares of Sony Corporation $SONY

Sumitomo Mitsui Trust Group Inc. lessened its stake in Sony Corporation (NYSE:SONY) by 15.5% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 822,042 shares of the company’s stock after selling 151,136 shares during the quarter. Sumitomo Mitsui Trust Group Inc.’s holdings in Sony were worth $17,016,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in SONY. Brighton Jones LLC lifted its stake in Sony by 422.0% in the fourth quarter. Brighton Jones LLC now owns 19,908 shares of the company’s stock valued at $421,000 after acquiring an additional 16,094 shares during the last quarter. AQR Capital Management LLC increased its stake in shares of Sony by 26.7% during the 1st quarter. AQR Capital Management LLC now owns 178,889 shares of the company’s stock worth $4,542,000 after purchasing an additional 37,677 shares during the last quarter. Sivia Capital Partners LLC increased its stake in shares of Sony by 23.4% during the 2nd quarter. Sivia Capital Partners LLC now owns 22,013 shares of the company’s stock worth $573,000 after purchasing an additional 4,172 shares during the last quarter. Russell Investments Group Ltd. raised its holdings in shares of Sony by 24.6% in the 2nd quarter. Russell Investments Group Ltd. now owns 16,501 shares of the company’s stock valued at $430,000 after purchasing an additional 3,255 shares during the period. Finally, Qube Research & Technologies Ltd bought a new stake in shares of Sony in the 2nd quarter valued at about $26,058,000. 14.05% of the stock is owned by institutional investors.

Key Stories Impacting Sony

Here are the key news stories impacting Sony this week:

• Positive Sentiment: Sony’s new VENICE 2 v5.00 firmware update has arrived as promised and adds a Signature preset, a small but favorable sign of continued support for its professional cinema camera line. Sony VENICE 2 v5.00 firmware arrives as promised, adds Signature preset
• Positive Sentiment: Reviews highlighting Sony’s BRAVIA 7 II 4K TV and broader “best 4K TV” shopping coverage may help reinforce the company’s TV brand and demand for premium home entertainment products. ‘Jaw dropped’: Tech expert reviews Sony BRAVIA 7 II 4K TV
• Positive Sentiment: Sony’s WH-1000XM6 headphones were highlighted in a deal article, which can keep the company’s audio products in front of consumers and support accessory sales. Sony WH-1000XM6 Headphones Just Got Cheaper Again, Unlike AirPods Max 2 on Amazon
• Positive Sentiment: Sony is reportedly returning to the professional IEM market with the IER-M500, suggesting continued investment in high-margin audio niches. Sony returns to the professional IEM market with the IER-M500
• Neutral Sentiment: Coverage comparing Sony camera models and shopping guides for 4K TVs is generally informational and unlikely to move the stock materially on its own. Sony RX10 IV Vs RX10 V: How Do These All-In-One Super Zoom Cameras Compare?
• Neutral Sentiment: Reports that Sony is pursuing Letterboxd while Netflix is also interested are notable for its entertainment strategy, but no deal has been announced. Letterboxd could find a new home at Netflix, but Sony is fighting for it too
• Negative Sentiment: Sony’s FlexStrike PS5 fight stick has been delayed indefinitely, which could disappoint gaming accessory buyers and point to execution issues in its PlayStation hardware lineup. Sony’s FlexStrike PS5 Fight Stick Delayed Indefinitely, Now Launches After Marvel Tokon
• Negative Sentiment: Legal and regulatory headlines around Sony’s move away from physical PlayStation game releases add uncertainty, even though EU authorities said they cannot stop the shift. EU says it can’t stop Sony from ending physical PlayStation game releases
• Negative Sentiment: Separate reporting on lawsuits tied to Sony’s physical disc strategy suggests possible legal overhang for the gaming business. Here Come the Lawsuits! Sony’s Physical Disc Debacle Likely to Keep Its Lawyers Busy

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the company. Sanford C. Bernstein reiterated a “market perform” rating and set a $22.00 price target (down from $30.00) on shares of Sony in a report on Tuesday, March 17th. Weiss Ratings restated a “sell (d+)” rating on shares of Sony in a research note on Wednesday, May 20th. Finally, Benchmark reaffirmed a “buy” rating on shares of Sony in a research report on Monday, May 11th. Four research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $22.00.

Insider Transactions at Sony

In other news, insider Toshimoto Mitomo sold 25,000 shares of the company’s stock in a transaction that occurred on Friday, July 3rd. The stock was sold at an average price of $21.02, for a total value of $525,500.00. Following the transaction, the insider owned 115,700 shares of the company’s stock, valued at approximately $2,432,014. This represents a 17.77% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Ravi Ahuja sold 36,826 shares of the company’s stock in a transaction that occurred on Monday, July 6th. The shares were sold at an average price of $21.08, for a total value of $776,292.08. Following the completion of the transaction, the insider directly owned 58,786 shares in the company, valued at $1,239,208.88. The trade was a 38.52% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 771,838 shares of company stock worth $16,866,580. 7.00% of the stock is currently owned by insiders.

Sony Price Performance

NYSE:SONY opened at $20.82 on Wednesday. The company has a market cap of $123.04 billion, a P/E ratio of -104.12, a P/E/G ratio of 1.64 and a beta of 0.94. The firm’s fifty day moving average price is $21.21 and its two-hundred day moving average price is $21.89. Sony Corporation has a one year low of $19.32 and a one year high of $30.34. The company has a debt-to-equity ratio of 0.10, a current ratio of 1.18 and a quick ratio of 0.94.

Sony (NYSE:SONY) last posted its earnings results on Friday, May 8th. The company reported $0.09 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.22 by ($0.13). The company had revenue of $19.15 billion for the quarter, compared to analyst estimates of $18.43 billion. Sony had a positive return on equity of 12.20% and a negative net margin of 2.61%.The business’s quarterly revenue was up 8.3% compared to the same quarter last year. During the same quarter in the prior year, the business posted $32.86 EPS. Equities analysts expect that Sony Corporation will post 1.28 earnings per share for the current year.

Sony Company Profile

Sony Group Corporation (NYSE: SONY) is a Japanese multinational conglomerate headquartered in Minato, Tokyo. Founded in 1946 by Masaru Ibuka and Akio Morita, Sony has grown from an electronics maker into a diversified global company with operations spanning consumer electronics, entertainment, gaming, semiconductors and financial services. The company’s shares trade in Japan and its American Depositary Receipts trade on the New York Stock Exchange under the ticker SONY.

Sony’s primary businesses include Electronics Products & Solutions, which covers televisions, audio equipment, digital cameras and professional broadcast systems; Game & Network Services, anchored by the PlayStation platform, consoles, software and online services; Music and Pictures, through Sony Music Entertainment and Sony Pictures Entertainment, producing, distributing and licensing recorded music, film and television content; Imaging & Sensing Solutions, which develops CMOS image sensors and other semiconductor components; and Financial Services, offering life insurance, banking and other financial products in Japan.