PNC Financial Services Group Inc. Sells 48,228 Shares of Sony Group Co. (NYSE:SONY)

PNC Financial Services Group Inc. lowered its holdings in shares of Sony Group Co. (NYSE:SONY) by 46.0% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 56,592 shares of the company’s stock after selling 48,228 shares during the period. PNC Financial Services Group Inc.’s holdings in Sony Group were worth $5,359,000 as of its most recent filing with the SEC.

Other large investors also recently added to or reduced their stakes in the company. Norges Bank bought a new stake in shares of Sony Group during the fourth quarter valued at approximately $10,193,000. Manchester Capital Management LLC increased its stake in shares of Sony Group by 19.5% in the 4th quarter. Manchester Capital Management LLC now owns 2,255 shares of the company’s stock worth $214,000 after acquiring an additional 368 shares in the last quarter. Financial Advocates Investment Management lifted its position in Sony Group by 7.1% during the 4th quarter. Financial Advocates Investment Management now owns 3,192 shares of the company’s stock valued at $302,000 after acquiring an additional 212 shares during the period. Beacon Pointe Advisors LLC boosted its stake in Sony Group by 1.1% during the fourth quarter. Beacon Pointe Advisors LLC now owns 24,161 shares of the company’s stock worth $2,288,000 after acquiring an additional 269 shares in the last quarter. Finally, Quadrant Capital Group LLC grew its holdings in Sony Group by 28.4% in the fourth quarter. Quadrant Capital Group LLC now owns 15,533 shares of the company’s stock worth $1,471,000 after purchasing an additional 3,437 shares during the period. Hedge funds and other institutional investors own 14.05% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the company. Oppenheimer restated an “outperform” rating and issued a $108.00 price target on shares of Sony Group in a research note on Monday, February 26th. StockNews.com raised shares of Sony Group from a “hold” rating to a “buy” rating in a report on Wednesday. Finally, Macquarie cut shares of Sony Group from an “outperform” rating to a “neutral” rating in a report on Thursday, February 15th. One research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, Sony Group currently has an average rating of “Moderate Buy” and an average target price of $108.00.

Sony Group Price Performance

Sony Group stock opened at $80.29 on Friday. The company has a current ratio of 0.66, a quick ratio of 0.52 and a debt-to-equity ratio of 0.27. The firm has a 50-day moving average price of $83.50 and a 200-day moving average price of $88.47. Sony Group Co. has a 12-month low of $75.11 and a 12-month high of $100.94. The firm has a market capitalization of $99.10 billion, a PE ratio of 14.76 and a beta of 0.95.

Sony Group (NYSE:SONY) last announced its quarterly earnings results on Tuesday, May 14th. The company reported $1.04 earnings per share for the quarter, topping the consensus estimate of $0.83 by $0.21. The firm had revenue of $23.45 billion during the quarter, compared to analysts’ expectations of $18.97 billion. Sony Group had a net margin of 7.95% and a return on equity of 13.05%. During the same quarter in the prior year, the company earned $0.78 EPS. As a group, equities research analysts forecast that Sony Group Co. will post 5.84 EPS 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.