Gabelli Funds LLC Purchases 5,067,835 Shares of Sony Group Co. (NYSE:SONY)

Gabelli Funds LLC boosted its position in Sony Group Co. (NYSE:SONY - Free Report) by 389.3% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 6,369,581 shares of the company's stock after acquiring an additional 5,067,835 shares during the quarter. Sony Group accounts for 1.0% of Gabelli Funds LLC's investment portfolio, making the stock its 12th biggest position. Gabelli Funds LLC owned 0.11% of Sony Group worth $134,780,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in SONY. Y.D. More Investments Ltd boosted its holdings in shares of Sony Group by 400.0% during the fourth quarter. Y.D. More Investments Ltd now owns 36,065 shares of the company's stock valued at $763,000 after acquiring an additional 28,852 shares during the period. Bfsg LLC acquired a new stake in shares of Sony Group during the fourth quarter worth $6,125,000. Fifth Third Bancorp lifted its stake in Sony Group by 311.3% during the fourth quarter. Fifth Third Bancorp now owns 157,702 shares of the company's stock valued at $3,337,000 after buying an additional 119,362 shares in the last quarter. West Family Investments Inc. boosted its stake in Sony Group by 392.9% in the 4th quarter. West Family Investments Inc. now owns 26,725 shares of the company's stock worth $566,000 after purchasing an additional 21,303 shares during the period. Finally, Mitchell & Pahl Private Wealth LLC boosted its position in Sony Group by 430.0% during the 4th quarter. Mitchell & Pahl Private Wealth LLC now owns 40,336 shares of the company's stock worth $854,000 after acquiring an additional 32,725 shares during the period. 14.05% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities analysts have commented on the stock. The Goldman Sachs Group began coverage on shares of Sony Group in a research report on Tuesday, March 25th. They set a "buy" rating on the stock. Sanford C. Bernstein initiated coverage on Sony Group in a research note on Thursday, January 16th. They issued an "outperform" rating on the stock. Oppenheimer restated an "outperform" rating and set a $33.00 target price (up from $25.00) on shares of Sony Group in a research report on Thursday, February 20th. Wolfe Research reaffirmed a "peer perform" rating on shares of Sony Group in a research note on Monday, April 7th. Finally, StockNews.com cut Sony Group from a "buy" rating to a "hold" rating in a research note on Tuesday, February 25th. Two analysts have rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $28.00.

Sony Group Price Performance

Sony Group stock traded up $0.66 during midday trading on Friday, reaching $24.02. The company's stock had a trading volume of 4,549,476 shares, compared to its average volume of 4,155,448. The stock has a market cap of $145.23 billion, a PE ratio of 19.49, a price-to-earnings-growth ratio of 9.95 and a beta of 0.94. The company has a current ratio of 0.66, a quick ratio of 0.49 and a debt-to-equity ratio of 0.25. The business has a 50-day moving average price of $24.01 and a 200-day moving average price of $21.42. Sony Group Co. has a 52 week low of $15.02 and a 52 week high of $25.78.

Sony Group (NYSE:SONY - Get Free Report) last released its earnings results on Thursday, February 13th. The company reported $0.41 earnings per share for the quarter, beating analysts' consensus estimates of $0.27 by $0.14. The business had revenue of $28.95 billion during the quarter, compared to the consensus estimate of $24.32 billion. Sony Group had a net margin of 8.21% and a return on equity of 14.10%. On average, sell-side analysts predict that Sony Group Co. will post 1.23 EPS for the current year.

Sony Group Profile

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.