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Sonic (NASDAQ:SONC) Director Frank E. Richardson III sold 23,550 shares of Sonic stock on the open market in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $22.07, for a total transaction of $519,748.50. Following the sale, the director now directly owns 1,541,145 shares in the company, valued at approximately $34,013,070. The sale was disclosed in a legal filing with the SEC, which is available at this link.

SONC has been the subject of a number of recent research reports. Analysts at Barrington Research initiated coverage on shares of Sonic in a research note on Friday, June 27th. They set a “market perform” rating on the stock. Separately, analysts at Jefferies Group raised their price target on shares of Sonic from $20.00 to $22.00 in a research note on Wednesday, June 25th. Finally, analysts at Susquehanna raised their price target on shares of Sonic from $21.00 to $22.00 in a research note on Tuesday, June 24th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and six have issued a buy rating to the stock. Sonic currently has a consensus rating of “Hold” and a consensus target price of $22.45.

Sonic (NASDAQ:SONC) traded down 1.02% during mid-day trading on Thursday, hitting $21.26. 143,904 shares of the company’s stock traded hands. Sonic has a 52-week low of $15.64 and a 52-week high of $23.74. The stock’s 50-day moving average is $21.57 and its 200-day moving average is $20.94. The company has a market cap of $1.150 billion and a price-to-earnings ratio of 29.83.

Sonic (NASDAQ:SONC) last issued its quarterly earnings data on Monday, June 23rd. The company reported $0.30 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.29 by $0.01. The company had revenue of $152.20 million for the quarter, compared to the consensus estimate of $148.55 million. During the same quarter in the prior year, the company posted $0.26 earnings per share. The company’s quarterly revenue was up 3.8% on a year-over-year basis. On average, analysts predict that Sonic will post $0.83 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which is scheduled for Friday, November 21st. Shareholders of record on Wednesday, November 12th will be given a dividend of $0.09 per share. This represents a $0.36 dividend on an annualized basis and a yield of 1.68%. The ex-dividend date of this dividend is Friday, November 7th.

Sonic Corp. (NASDAQ:SONC) operates and franchises chain of drive-in restaurants (Sonic Drive-Ins) in the United States.

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