Sonic Corp. (NASDAQ:SONC) declared a quarterly dividend on Thursday, October 26th, RTT News reports. Shareholders of record on Wednesday, November 8th will be given a dividend of 0.16 per share by the restaurant operator on Friday, November 17th. This represents a $0.64 dividend on an annualized basis and a yield of 2.65%. The ex-dividend date is Tuesday, November 7th. This is an increase from Sonic Corp.’s previous quarterly dividend of $0.14.
Sonic Corp. (NASDAQ:SONC) traded down $0.56 during mid-day trading on Friday, reaching $24.11. 768,300 shares of the company’s stock were exchanged, compared to its average volume of 951,896. The company has a debt-to-equity ratio of -3.19, a current ratio of 1.52 and a quick ratio of 1.48. Sonic Corp. has a fifty-two week low of $22.11 and a fifty-two week high of $30.05. The company has a market capitalization of $992.98, a PE ratio of 19.42, a price-to-earnings-growth ratio of 1.26 and a beta of 1.75.
Sonic Corp. (NASDAQ:SONC) last issued its earnings results on Monday, October 16th. The restaurant operator reported $0.45 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.43 by $0.02. The firm had revenue of $123.60 million during 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 business’s revenue was down 23.8% on a year-over-year basis. During the same period in the previous year, the firm earned $0.45 earnings per share. equities research analysts forecast that Sonic Corp. will post 1.34 earnings per share for the current fiscal year.
Sonic Corp. announced that its Board of Directors has initiated a share buyback plan on Wednesday, August 9th that authorizes the company to buyback $160.00 million in shares. This buyback authorization authorizes the restaurant operator to purchase up to 16.2% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s management believes its shares are undervalued.
In related news, Director Frank E. Richardson III sold 50,000 shares of the stock in a transaction that occurred on Thursday, October 26th. The shares were sold at an average price of $25.59, for a total value of $1,279,500.00. Following the transaction, the director now owns 1,187,659 shares in the company, valued at approximately $30,392,193.81. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Steven A. Davis purchased 2,000 shares of the business’s stock in a transaction that occurred on Wednesday, September 6th. The stock was acquired at an average price of $23.00 per share, for a total transaction of $46,000.00. The disclosure for this purchase can be found here. 6.24% of the stock is currently owned by corporate insiders.
A number of analysts have recently issued reports on the stock. Oppenheimer Holdings, Inc. reissued a “buy” rating and set a $29.00 target price on shares of Sonic Corp. in a research note on Friday, October 6th. Zacks Investment Research raised shares of Sonic Corp. from a “sell” rating to a “hold” rating in a research note on Tuesday, August 1st. Citigroup Inc. began coverage on shares of Sonic Corp. in a research note on Monday, September 18th. They issued a “buy” rating and a $28.00 price objective for the company. Cowen and Company reaffirmed a “neutral” rating on shares of Sonic Corp. in a research note on Tuesday, October 17th. Finally, BidaskClub lowered shares of Sonic Corp. from a “sell” rating to a “strong sell” rating in a research note on Thursday, July 27th. Three analysts have rated the stock with a sell rating, eight have given a hold rating and five have assigned a buy rating to the stock. Sonic Corp. presently has an average rating of “Hold” and a consensus price target of $27.73.
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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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