Hollencrest Capital Management Lowers Stake in Sony Group Co. (NYSE:SONY)

Hollencrest Capital Management cut its holdings in shares of Sony Group Co. (NYSE:SONY) by 45.0% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 419 shares of the company’s stock after selling 343 shares during the quarter. Hollencrest Capital Management’s holdings in Sony Group were worth $36,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently bought and sold shares of SONY. Russell Investments Group Ltd. lifted its stake in Sony Group by 107.9% in the fourth quarter. Russell Investments Group Ltd. now owns 1,297 shares of the company’s stock valued at $123,000 after buying an additional 673 shares during the last quarter. 9258 Wealth Management LLC purchased a new position in Sony Group in the fourth quarter valued at about $221,000. Dimensional Fund Advisors LP raised its holdings in Sony Group by 0.4% during the fourth quarter. Dimensional Fund Advisors LP now owns 547,573 shares of the company’s stock worth $51,850,000 after purchasing an additional 2,350 shares during the last quarter. Janney Montgomery Scott LLC raised its stake in shares of Sony Group by 9.6% during the 4th quarter. Janney Montgomery Scott LLC now owns 28,513 shares of the company’s stock worth $2,700,000 after buying an additional 2,498 shares during the last quarter. Finally, Norges Bank purchased a new stake in shares of Sony Group in the fourth quarter valued at about $10,193,000. 14.05% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on SONY shares. Daiwa America upgraded shares of Sony Group to a “strong-buy” rating in a report on Wednesday. StockNews.com lowered Sony Group from a “buy” rating to a “hold” rating in a research note on Wednesday, August 21st. Two equities research analysts have rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $108.00.

Sony Group Price Performance

SONY opened at $93.05 on Friday. The company has a quick ratio of 0.47, a current ratio of 0.63 and a debt-to-equity ratio of 0.26. The company’s 50-day moving average price is $91.00 and its 200 day moving average price is $86.52. Sony Group Co. has a fifty-two week low of $75.11 and a fifty-two week high of $100.88. The firm has a market cap of $114.84 billion, a price-to-earnings ratio of 17.10 and a beta of 0.95.

Sony Group’s stock is set to split before the market opens on Monday, September 30th. The 5-1 split was announced on Tuesday, May 14th. The newly minted shares will be payable to shareholders after the market closes on Monday, September 30th.

Sony Group (NYSE:SONY) last released its quarterly earnings results on Wednesday, August 7th. The company reported $1.22 EPS for the quarter, topping the consensus estimate of $1.11 by $0.11. The business had revenue of $19.32 billion during the quarter, compared to analyst estimates of $17.42 billion. Sony Group had a net margin of 7.59% and a return on equity of 12.82%. As a group, sell-side analysts expect that Sony Group Co. will post 5.63 earnings per share for the current year.

About Sony Group

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.