Carolyn C. Cummins Sells 1,200 Shares of Sonic Corp. (SONC) Stock
Sonic Corp. (NASDAQ:SONC) VP Carolyn C. Cummins sold 1,200 shares of the business’s stock in a transaction dated Tuesday, December 5th. The shares were sold at an average price of $27.02, for a total value of $32,424.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink.
Sonic Corp. (NASDAQ SONC) traded up $0.44 during midday trading on Tuesday, reaching $27.33. The company had a trading volume of 1,338,927 shares, compared to its average volume of 938,909. Sonic Corp. has a 12 month low of $22.11 and a 12 month high of $30.05. The company has a quick ratio of 1.48, a current ratio of 1.52 and a debt-to-equity ratio of -3.19. The firm has a market cap of $1,016.32, a PE ratio of 19.88, a price-to-earnings-growth ratio of 1.29 and a beta of 1.74.
Sonic (NASDAQ:SONC) last posted its quarterly earnings data on Monday, October 16th. The restaurant operator reported $0.45 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.43 by $0.02. Sonic had a negative return on equity of 33.92% and a net margin of 13.34%. The company had revenue of $123.60 million during the quarter, compared to analyst estimates of $126.01 million. During the same period in the previous year, the business earned $0.45 EPS. Sonic’s quarterly revenue was down 23.8% on a year-over-year basis. equities analysts anticipate that Sonic Corp. will post 1.34 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, November 17th. Shareholders of record on Wednesday, November 8th were paid a dividend of $0.16 per share. This is a positive change from Sonic’s previous quarterly dividend of $0.14. This represents a $0.64 annualized dividend and a yield of 2.34%. The ex-dividend date of this dividend was Tuesday, November 7th. Sonic’s payout ratio is 43.54%.
A number of large investors have recently bought and sold shares of the business. Vanguard Group Inc. increased its stake in Sonic by 1.2% during the 2nd quarter. Vanguard Group Inc. now owns 3,596,500 shares of the restaurant operator’s stock worth $95,272,000 after buying an additional 43,146 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in Sonic by 0.8% during the 3rd quarter. Dimensional Fund Advisors LP now owns 1,962,894 shares of the restaurant operator’s stock worth $49,955,000 after buying an additional 15,963 shares in the last quarter. Macquarie Group Ltd. increased its stake in Sonic by 25.4% during the 3rd quarter. Macquarie Group Ltd. now owns 1,462,539 shares of the restaurant operator’s stock worth $37,222,000 after buying an additional 296,665 shares in the last quarter. Westfield Capital Management Co. LP increased its stake in Sonic by 5.2% during the 3rd quarter. Westfield Capital Management Co. LP now owns 1,110,995 shares of the restaurant operator’s stock worth $28,275,000 after buying an additional 54,605 shares in the last quarter. Finally, State Street Corp increased its stake in Sonic by 2.0% during the 2nd quarter. State Street Corp now owns 1,083,561 shares of the restaurant operator’s stock worth $28,707,000 after buying an additional 21,420 shares in the last quarter.
SONC has been the subject of a number of analyst reports. Oppenheimer reaffirmed a “buy” rating and issued a $29.00 price target on shares of Sonic in a report on Tuesday, October 17th. Zacks Investment Research raised Sonic from a “sell” rating to a “buy” rating and set a $26.00 price target for the company in a report on Wednesday, September 13th. Citigroup initiated coverage on Sonic in a report on Monday, September 18th. They issued a “buy” rating and a $28.00 price target for the company. Bank of America reaffirmed a “buy” rating and issued a $30.00 price target on shares of Sonic in a report on Monday, August 14th. Finally, Canaccord Genuity upped their price target on Sonic from $24.00 to $25.00 and gave the stock a “hold” rating in a report on Tuesday, October 17th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and five have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average price target of $27.73.
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Sonic 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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