Sonic Corp. (NASDAQ:SONC) Director Acquires $49,240.00 in Stock
Sonic Corp. (NASDAQ:SONC) Director Steven A. Davis bought 2,000 shares of the business’s stock in a transaction on Friday, July 21st. The stock was purchased at an average cost of $24.62 per share, with a total value of $49,240.00. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink.
Shares of Sonic Corp. (SONC) traded up 2.00% during trading on Tuesday, hitting $25.00. The company had a trading volume of 863,980 shares. The stock’s 50-day moving average price is $27.17 and its 200 day moving average price is $26.34. Sonic Corp. has a 52 week low of $21.12 and a 52 week high of $30.05. The company has a market capitalization of $1.05 billion, a P/E ratio of 16.67 and a beta of 1.77.
Sonic Corp. (NASDAQ:SONC) last announced its earnings results on Thursday, June 22nd. The restaurant operator reported $0.43 EPS for the quarter, topping the Zacks’ consensus estimate of $0.41 by $0.02. The firm had revenue of $124 million during the quarter, compared to analysts’ expectations of $122.58 million. Sonic Corp. had a negative return on equity of 44.21% and a net margin of 13.23%. The company’s quarterly revenue was down 24.9% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.43 EPS. On average, equities research analysts forecast that Sonic Corp. will post $1.24 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, August 18th. Stockholders of record on Wednesday, August 9th will be issued a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.28%. The ex-dividend date is Monday, August 7th. Sonic Corp.’s dividend payout ratio (DPR) is 37.33%.
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Several institutional investors have recently made changes to their positions in the company. Russell Investments Group Ltd. acquired a new position in Sonic Corp. during the fourth quarter worth about $1,669,000. State Street Corp boosted its position in Sonic Corp. by 0.7% in the fourth quarter. State Street Corp now owns 1,005,237 shares of the restaurant operator’s stock worth $26,650,000 after buying an additional 6,707 shares during the last quarter. Thrivent Financial for Lutherans boosted its position in Sonic Corp. by 1.6% in the fourth quarter. Thrivent Financial for Lutherans now owns 24,712 shares of the restaurant operator’s stock worth $655,000 after buying an additional 390 shares during the last quarter. Norges Bank acquired a new position in Sonic Corp. during the fourth quarter worth about $30,952,000. Finally, Teachers Advisors LLC boosted its position in Sonic Corp. by 25.7% in the fourth quarter. Teachers Advisors LLC now owns 121,742 shares of the restaurant operator’s stock worth $3,227,000 after buying an additional 24,896 shares during the last quarter. Hedge funds and other institutional investors own 97.48% of the company’s stock.
Several analysts have issued reports on SONC shares. BidaskClub lowered Sonic Corp. from a “hold” rating to a “sell” rating in a research note on Sunday, July 16th. Bank of America Corporation lowered Sonic Corp. from a “buy” rating to an “underperform” rating and upped their target price for the stock from $27.00 to $30.00 in a research note on Tuesday, June 13th. Jefferies Group LLC reaffirmed a “hold” rating and issued a $26.00 target price on shares of Sonic Corp. in a research note on Wednesday, March 29th. Barclays PLC cut their target price on Sonic Corp. from $26.00 to $24.00 and set an “underweight” rating for the company in a research note on Wednesday, March 29th. Finally, Cowen and Company upped their target price on Sonic Corp. from $23.00 to $25.00 and gave the stock a “market perform” rating in a research note on Friday, June 23rd. Five research analysts have rated the stock with a sell rating, nine have given a hold rating and two have issued a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average price target of $27.27.
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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