PNC Financial Services Group Inc. Sells 38,229 Shares of Sony Corporation $SONY

PNC Financial Services Group Inc. cut its holdings in shares of Sony Corporation (NYSE:SONY) by 11.3% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 299,127 shares of the company’s stock after selling 38,229 shares during the period. PNC Financial Services Group Inc.’s holdings in Sony were worth $7,658,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Fisher Asset Management LLC lifted its stake in Sony by 2.7% during the third quarter. Fisher Asset Management LLC now owns 104,644,526 shares of the company’s stock worth $3,128,924,000 after purchasing an additional 2,766,460 shares during the last quarter. Mondrian Investment Partners LTD bought a new stake in Sony during the third quarter worth $277,631,000. Capital International Investors lifted its stake in Sony by 245.0% during the third quarter. Capital International Investors now owns 6,049,618 shares of the company’s stock worth $176,044,000 after purchasing an additional 4,296,028 shares during the last quarter. Capital World Investors lifted its stake in Sony by 0.4% during the third quarter. Capital World Investors now owns 5,001,748 shares of the company’s stock worth $144,021,000 after purchasing an additional 20,960 shares during the last quarter. Finally, Thrivent Financial for Lutherans lifted its stake in shares of Sony by 1.1% in the 4th quarter. Thrivent Financial for Lutherans now owns 3,411,634 shares of the company’s stock valued at $87,342,000 after acquiring an additional 37,360 shares during the last quarter. 14.05% of the stock is currently owned by institutional investors.

Sony Stock Down 0.2%

Shares of NYSE:SONY opened at $22.09 on Monday. The firm has a market cap of $131.40 billion, a P/E ratio of -110.43, a P/E/G ratio of 1.73 and a beta of 0.92. The company has a quick ratio of 0.94, a current ratio of 1.18 and a debt-to-equity ratio of 0.10. Sony Corporation has a 12-month low of $19.63 and a 12-month high of $30.34. The business has a fifty day simple moving average of $21.06 and a 200 day simple moving average of $23.69.

Sony (NYSE:SONY) last announced its earnings results on Friday, May 8th. The company reported $0.09 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.22 by ($0.13). The company had revenue of $19.15 billion for the quarter, compared to the consensus estimate of $18.43 billion. Sony had a positive return on equity of 12.20% and a negative net margin of 2.61%.The firm’s revenue for the quarter was up 8.3% on a year-over-year basis. During the same period in the prior year, the business earned $32.86 earnings per share. Analysts predict that Sony Corporation will post 1.3 earnings per share for the current year.

Sony Dividend Announcement

The business also recently announced a dividend, which will be paid on Monday, June 8th. Investors of record on Monday, March 30th will be given a dividend of $0.0796 per share. This represents a yield of 80.0%. The ex-dividend date of this dividend is Monday, March 30th. Sony’s dividend payout ratio (DPR) is currently -55.00%.

Key Sony News

Here are the key news stories impacting Sony this week:

• Positive Sentiment: Sony’s WH-1000XX “The Collexion” headphones are being positively reviewed as a premium product, which supports the company’s consumer electronics brand. Sony WH-1000XX The Collexion review: Luxury epitomised
• Positive Sentiment: Sony announced a PlayStation State of Play showcase for June, which can help drive attention to upcoming games and hardware. Sony PlayStation State of Play June edition announced

Insider Buying and Selling at Sony

In other Sony news, insider Tsuyoshi Kodera sold 17,500 shares of the stock in a transaction dated Monday, May 18th. The stock was sold at an average price of $22.61, for a total transaction of $395,675.00. Following the completion of the sale, the insider directly owned 27,553 shares in the company, valued at approximately $622,973.33. This trade represents a 38.84% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Kenichiro Yoshida sold 400,000 shares of the stock in a transaction dated Monday, May 18th. The stock was sold at an average price of $22.61, for a total value of $9,044,000.00. Following the sale, the director owned 661,615 shares of the company’s stock, valued at approximately $14,959,115.15. The trade was a 37.68% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 7.00% of the stock is owned by company insiders.

Analysts Set New Price Targets

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

About Sony

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.