Avantax Reduces Stake in Sony as Analysts Upgrade Stock Ratings

Avantax Advisory Services Inc. has reduced its holdings in Sony Corporation by 10.2%, according to a recent Form 13F filing with the Securities and Exchange Commission (SEC). The advisory firm now holds 103,062 shares of Sony after selling 11,671 shares during the second quarter. As of the end of the most recent quarter, these shares were valued at approximately $2.68 million.

Several other institutional investors have also adjusted their positions in Sony. Notably, Northern Trust Corp increased its stake by 3.4% in the first quarter, acquiring an additional 257,838 shares to bring its total holding to 7,845,521 shares, valued at $199.2 million. Similarly, Wellington Management Group LLP entered a new position valued at around $78.9 million during the same period.

In a significant move, Ameriprise Financial Inc. raised its stake by an impressive 124.5%, now owning 2,060,705 shares worth $52.8 million after acquiring an additional 1,142,849 shares. Allspring Global Investments Holdings LLC experienced a dramatic increase, boosting its position in Sony by 4,056.6%, now holding 1,973,638 shares valued at $50.3 million.

Finally, Raymond James Financial Inc. slightly increased its position by 0.4%, now owning 1,753,173 shares worth about $44.5 million. Overall, hedge funds and institutional investors collectively own 14.05% of Sony’s stock.

Analysts Upgrade Sony’s Stock Ratings

Recent activity among analysts has led to an upgrade in Sony’s stock ratings. Cfra Research raised its rating to a “moderate buy” on October 10, 2023. Similarly, Zacks Research upgraded Sony from a “hold” to a “strong-buy” rating on October 16, 2023. Nomura and Wolfe Research also made notable upgrades, with Nomura changing its rating from “neutral” to “buy” and Wolfe Research moving from “peer perform” to “outperform.”

Currently, one equity research analyst has assigned a “Strong Buy” rating to Sony, while seven others have given it a “Buy” rating. According to MarketBeat, the stock has an average rating of “Buy” with an average target price of $33.00.

Sony’s Stock Performance and Market Metrics

On the trading floor, shares of Sony opened at $27.79 on a recent Friday, reflecting a decline of 2.7%. The stock has seen a fifty-two week low of $18.97 and a high of $30.34. Currently, the company’s market capitalization stands at $168.03 billion, with a P/E ratio of 22.05.

Sony maintains a debt-to-equity ratio of 0.16, a quick ratio of 1.03, and a current ratio of 1.09. These metrics position the company favorably within the competitive landscape of electronics and entertainment.

Founded in Japan, Sony Group Corporation designs, develops, produces, and sells a wide range of electronic equipment and devices for various markets, including consumer, professional, and industrial sectors. The company also engages in software distribution through digital networks, focusing on game, video, and music content, alongside its home gaming consoles and packaged software products.

As the landscape of institutional investment continues to evolve, the recent changes in holdings and upgrades in stock ratings suggest a dynamic interest in Sony’s future performance.