Steven A. Davis Acquires 2,000 Shares of Sonic Corp. (SONC) Stock
Sonic Corp. (NASDAQ:SONC) Director Steven A. Davis acquired 2,000 shares of the business’s stock in a transaction dated Wednesday, September 6th. The stock was acquired at an average cost of $23.00 per share, with a total value of $46,000.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link.
Shares of Sonic Corp. (SONC) traded down 1.89% during midday trading on Thursday, reaching $22.27. 1,063,373 shares of the company’s stock traded hands. Sonic Corp. has a one year low of $21.12 and a one year high of $30.05. The company has a 50-day moving average of $23.88 and a 200-day moving average of $25.85. The company has a market capitalization of $931.09 million, a price-to-earnings ratio of 14.85 and a beta of 1.77.
Sonic Corp. (NASDAQ:SONC) last posted its quarterly earnings data on Thursday, June 22nd. The restaurant operator reported $0.43 EPS for the quarter, topping the consensus estimate of $0.41 by $0.02. The company had revenue of $124 million during the quarter, compared to analyst estimates of $122.58 million. Sonic Corp. had a net margin of 13.23% and a negative return on equity of 44.21%. Sonic Corp.’s quarterly revenue was down 24.9% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.43 earnings per share. Equities research analysts anticipate that Sonic Corp. will post $1.24 EPS for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, August 18th. Shareholders of record on Wednesday, August 9th were paid a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a yield of 2.51%. The ex-dividend date was Monday, August 7th. Sonic Corp.’s payout ratio is 37.33%.
Sonic Corp. declared that its board has approved a stock repurchase program on Wednesday, August 9th that permits the company to buyback $160.00 million in shares. This buyback authorization permits the restaurant operator to repurchase up to 16.2% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s leadership believes its shares are undervalued.
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A number of equities research analysts have recently issued reports on the stock. Zacks Investment Research cut shares of Sonic Corp. from a “hold” rating to a “sell” rating in a research note on Thursday, August 24th. Bank of America Corporation reaffirmed a “buy” rating and issued a $30.00 price objective on shares of Sonic Corp. in a research note on Monday, August 14th. Jefferies Group LLC reaffirmed a “hold” rating and issued a $26.00 price objective on shares of Sonic Corp. in a research note on Thursday, July 27th. BidaskClub cut shares of Sonic Corp. from a “sell” rating to a “strong sell” rating in a research note on Thursday, July 27th. Finally, Piper Jaffray Companies reaffirmed a “buy” rating and issued a $32.00 price objective on shares of Sonic Corp. in a research note on Wednesday, July 26th. Four research analysts have rated the stock with a sell rating, nine have assigned a hold rating and four have assigned a buy rating to the company’s stock. The company has an average rating of “Hold” and an average price target of $27.75.
Hedge funds and other institutional investors have recently bought and sold shares of the business. BlackRock Inc. boosted its stake in Sonic Corp. by 121,423.6% during the first quarter. BlackRock Inc. now owns 5,323,947 shares of the restaurant operator’s stock worth $135,015,000 after buying an additional 5,319,566 shares during the period. RidgeWorth Capital Management LLC purchased a new stake in shares of Sonic Corp. during the first quarter valued at $50,669,000. Morgan Stanley boosted its stake in shares of Sonic Corp. by 310.9% during the first quarter. Morgan Stanley now owns 866,118 shares of the restaurant operator’s stock valued at $21,965,000 after purchasing an additional 655,352 shares during the period. Invictus RG boosted its stake in shares of Sonic Corp. by 1,553.2% during the first quarter. Invictus RG now owns 9,539 shares of the restaurant operator’s stock valued at $242,000 after purchasing an additional 8,962 shares during the period. Finally, HL Financial Services LLC purchased a new stake in shares of Sonic Corp. during the second quarter valued at $227,000. 97.48% of the stock is owned by institutional investors.
About Sonic Corp.
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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