Let's say we have a scalar theory with an $O(N)$ symmetry, for which the scalar fields $\phi_{nm}$ transform as a rank $2$ tensor. I can write down an action which spontaneously breaks the symmetry
$$S=-\int d^dx\Big(\frac{1}{2}\partial_{\mu}\phi_{nm}\partial^{\mu}\phi^{mn}+\lambda(\phi_{nm}\phi^{mn}-v^2)^2\Big)$$
At tree level, $\phi_{nm}$ acquires a VEV: $$\langle\phi_{nm}\rangle=vM_{nm}$$
Where $M_{nm}$ is any $N\times N$ matrix such that $M_{nm}M^{mn}=1$. Depending on the form of $M_{nm}$, different symmetries are preserved. For instance, if $M_{nm}=\delta_{nm}/\sqrt{N}$, then the full $O(N)$ symmetry is preserved. However it is completely conceivable for $M_{nm}$ to be some matrix which is only invariant under some subgroup of $O(N)$, say $O(K)$ for $K<N$.
What I am wondering is, will this theory inevitably have to pick out one subgroup which is left preserved (perhaps via some other VEV)? Or does this theory have a very complicated moduli space which has regions which have different symmetry breaking patterns?