Cornerstone Wealth Management LLC lowered its stake in shares of Sonic Co. (NASDAQ:SONC) by 30.6% in the 3rd quarter, HoldingsChannel reports. The institutional investor owned 9,732 shares of the restaurant operator’s stock after selling 4,297 shares during the quarter. Cornerstone Wealth Management LLC’s holdings in Sonic were worth $405,000 as of its most recent SEC filing.
A number of other institutional investors also recently made changes to their positions in the stock. Schwab Charles Investment Management Inc. grew its stake in Sonic by 10.0% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 312,839 shares of the restaurant operator’s stock valued at $10,768,000 after purchasing an additional 28,564 shares during the period. Millennium Management LLC bought a new position in Sonic in the 2nd quarter valued at $1,966,000. HL Financial Services LLC grew its stake in Sonic by 14.9% in the 2nd quarter. HL Financial Services LLC now owns 11,979 shares of the restaurant operator’s stock valued at $412,000 after purchasing an additional 1,553 shares during the period. Itau Unibanco Holding S.A. bought a new position in Sonic in the 2nd quarter valued at $284,000. Finally, Catalyst Capital Advisors LLC bought a new position in Sonic in the 2nd quarter valued at $706,000.
SONC stock opened at $43.43 on Tuesday. The firm has a market cap of $1.55 billion, a PE ratio of 29.15, a PEG ratio of 1.86 and a beta of 1.32. Sonic Co. has a fifty-two week low of $23.22 and a fifty-two week high of $44.87.
Sonic (NASDAQ:SONC) last posted its quarterly earnings results on Tuesday, October 16th. The restaurant operator reported $0.52 earnings per share for the quarter, topping the consensus estimate of $0.51 by $0.01. The company had revenue of $111.80 million during the quarter, compared to the consensus estimate of $113.22 million. Sonic had a negative return on equity of 21.64% and a net margin of 16.81%. The firm’s quarterly revenue was down 9.5% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.45 EPS. On average, research analysts forecast that Sonic Co. will post 1.64 earnings per share for the current fiscal year.
Sonic declared that its board has authorized a stock repurchase program on Thursday, July 12th that permits the company to buyback $500.00 million in shares. This buyback authorization permits the restaurant operator to reacquire up to 39.6% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board believes its shares are undervalued.
A number of brokerages have issued reports on SONC. Wedbush began coverage on Sonic in a research note on Thursday, September 6th. They issued an “outperform” rating and a $42.00 price objective for the company. BidaskClub downgraded Sonic from a “strong-buy” rating to a “buy” rating in a research note on Friday. Morgan Stanley upped their price objective on Sonic from $31.00 to $34.00 and gave the company an “equal weight” rating in a research note on Thursday, September 13th. Zacks Investment Research downgraded Sonic from a “buy” rating to a “hold” rating in a research note on Friday, August 3rd. Finally, ValuEngine upgraded Sonic from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, October 24th. Fourteen equities research analysts have rated the stock with a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus target price of $36.08.
In other news, VP Carolyn C. Cummins sold 2,500 shares of the stock in a transaction on Monday, October 1st. The stock was sold at an average price of $43.31, for a total transaction of $108,275.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider John H. Budd III sold 89,176 shares of the stock in a transaction on Monday, October 1st. The stock was sold at an average price of $43.24, for a total value of $3,855,970.24. Following the transaction, the insider now owns 32,065 shares of the company’s stock, valued at approximately $1,386,490.60. The disclosure for this sale can be found here. 8.28% of the stock is currently owned by corporate insiders.
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Sonic Corp. operates and franchises a chain of quick-service drive-in restaurants in the United States. As of August 31, 2017, the company operated 3,593 Sonic Drive-Ins in 45 states, of which 228 were owned and operated by the company and 3,365 were owned and operated by franchisees. The company also owns and leases 135 properties; and sublease 53 properties to franchisees and other parties.
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