Sonic Corp. (NASDAQ:SONC) Director Frank E. Richardson III sold 50,000 shares of the stock in a transaction on Thursday, October 26th. The stock was sold at an average price of $25.59, for a total value of $1,279,500.00. Following the completion of the sale, the director now owns 1,187,659 shares in the company, valued at approximately $30,392,193.81. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link.
Sonic Corp. (NASDAQ SONC) traded up 1.50% during mid-day trading on Thursday, reaching $25.68. The company’s stock had a trading volume of 638,632 shares. Sonic Corp. has a one year low of $22.11 and a one year high of $30.05. The firm’s 50 day moving average is $24.53 and its 200-day moving average is $25.85. The stock has a market cap of $1.06 billion, a P/E ratio of 17.71 and a beta of 1.76.
Sonic Corp. (NASDAQ:SONC) last issued its earnings results on Monday, October 16th. The restaurant operator reported $0.45 EPS for the quarter, topping the Zacks’ consensus estimate of $0.43 by $0.02. The business had revenue of $123.60 million for the quarter, compared to analyst estimates of $126.01 million. Sonic Corp. had a net margin of 13.34% and a negative return on equity of 33.92%. The company’s quarterly revenue was down 23.8% compared to the same quarter last year. During the same period last year, the company posted $0.45 earnings per share. Equities analysts expect that Sonic Corp. will post $1.35 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, November 17th. Stockholders of record on Wednesday, November 8th will be given a dividend of $0.16 per share. This is a positive change from Sonic Corp.’s previous quarterly dividend of $0.14. This represents a $0.64 dividend on an annualized basis and a dividend yield of 2.49%. Sonic Corp.’s dividend payout ratio (DPR) is 38.10%.
Sonic Corp. declared that its Board of Directors has approved a share buyback program on Wednesday, August 9th that authorizes the company to buyback $160.00 million in outstanding shares. This buyback authorization authorizes the restaurant operator to repurchase up to 16.2% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board believes its stock is undervalued.
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Large investors have recently modified their holdings of the company. Riverhead Capital Management LLC boosted its stake in shares of Sonic Corp. by 77.7% during the second quarter. Riverhead Capital Management LLC now owns 4,797 shares of the restaurant operator’s stock valued at $127,000 after purchasing an additional 2,097 shares in the last quarter. Flinton Capital Management LLC boosted its stake in shares of Sonic Corp. by 74.5% during the second quarter. Flinton Capital Management LLC now owns 6,290 shares of the restaurant operator’s stock valued at $167,000 after purchasing an additional 2,686 shares in the last quarter. Karp Capital Management Corp bought a new position in shares of Sonic Corp. during the first quarter valued at approximately $209,000. State of Alaska Department of Revenue boosted its stake in shares of Sonic Corp. by 72.7% during the second quarter. State of Alaska Department of Revenue now owns 8,378 shares of the restaurant operator’s stock valued at $221,000 after purchasing an additional 3,528 shares in the last quarter. Finally, Aperio Group LLC boosted its stake in shares of Sonic Corp. by 1.4% during the second quarter. Aperio Group LLC now owns 8,348 shares of the restaurant operator’s stock valued at $221,000 after purchasing an additional 119 shares in the last quarter.
SONC has been the topic of a number of recent analyst reports. BidaskClub downgraded Sonic Corp. from a “hold” rating to a “sell” rating in a research report on Sunday, July 16th. Bank of America Corporation restated a “buy” rating and set a $30.00 price target on shares of Sonic Corp. in a research report on Monday, August 14th. Zacks Investment Research upgraded Sonic Corp. from a “sell” rating to a “buy” rating and set a $26.00 price target on the stock in a research report on Wednesday, September 13th. Piper Jaffray Companies restated a “buy” rating and set a $32.00 price target on shares of Sonic Corp. in a research report on Wednesday, July 26th. Finally, Canaccord Genuity raised their price target on Sonic Corp. from $24.00 to $25.00 and gave the company a “hold” rating in a research report on Tuesday, October 17th. Three equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and five have given a buy rating to the company. Sonic Corp. currently has an average rating of “Hold” and an average target price of $27.73.
Sonic Corp. Company Profile
Sonic Corp. operates and franchises the chain of drive-thru restaurants (Sonic Drive-Ins) in the United States. As of August 31, 2016, 3,557 Sonic Drive-Ins were in operation from coast to coast in 45 states, consisting of 345 Company drive-thrus and 3,212 franchise drive-thrus. As of August 31, 2016, its restaurant design and construction consisted of a kitchen housed in a one-story building, which was approximately 1,500 square feet, flanked by canopy-covered rows of 16 to 24 parking spaces, with each space having its own payment terminal, intercom speaker system and menu board.
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