Frank E. Richardson III Sells 50,000 Shares of Sonic Corp. (SONC) Stock

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.

COPYRIGHT VIOLATION WARNING: “Frank E. Richardson III Sells 50,000 Shares of Sonic Corp. (SONC) Stock” was originally reported by Dispatch Tribunal and is the property of of Dispatch Tribunal. If you are reading this piece of content on another website, it was copied illegally and republished in violation of U.S. & international copyright and trademark law. The original version of this piece of content can be viewed at https://www.dispatchtribunal.com/2017/10/26/frank-e-richardson-iii-sells-50000-shares-of-sonic-corp-sonc-stock.html.

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.

Insider Buying and Selling by Quarter for Sonic Corp. (NASDAQ:SONC)

Receive News & Ratings for Sonic Corp. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Sonic Corp. and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply