Sonic Corp. (NASDAQ:SONC) Director Frank E. Richardson III sold 50,000 shares of Sonic stock in a transaction dated Friday, December 8th. The shares were sold at an average price of $27.62, for a total value of $1,381,000.00. Following the completion of the transaction, the director now owns 1,149,890 shares in the company, valued at approximately $31,759,961.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink.

Shares of Sonic Corp. (SONC) traded up $0.22 during mid-day trading on Monday, hitting $27.54. The stock had a trading volume of 840,900 shares, compared to its average volume of 936,541. Sonic Corp. has a 1-year low of $22.11 and a 1-year high of $30.05. The stock has a market capitalization of $1,140.00, a price-to-earnings ratio of 21.68, a price-to-earnings-growth ratio of 1.40 and a beta of 1.74. The company has a debt-to-equity ratio of -3.19, a current ratio of 1.52 and a quick ratio of 1.48.

Sonic (NASDAQ:SONC) last issued its quarterly earnings results on Monday, October 16th. The restaurant operator reported $0.45 earnings per share for the quarter, topping the Zacks’ 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 business had revenue of $123.60 million for the quarter, compared to analyst estimates of $126.01 million. During the same quarter in the previous year, the firm earned $0.45 earnings per share. The company’s revenue was down 23.8% on a year-over-year basis. equities analysts expect that Sonic Corp. will post 1.34 earnings per share for the current year.

Sonic announced that its Board of Directors has authorized a share buyback program on Thursday, October 26th that allows the company to buyback $160.00 million in outstanding shares. This buyback authorization allows the restaurant operator to reacquire up to 14.9% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its shares are undervalued.

The firm also recently declared a quarterly dividend, which was paid on Friday, November 17th. Stockholders 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. The ex-dividend date of this dividend was Tuesday, November 7th. This represents a $0.64 dividend on an annualized basis and a dividend yield of 2.32%. Sonic’s payout ratio is presently 43.84%.

Several hedge funds have recently modified their holdings of the company. Riverhead Capital Management LLC lifted its holdings in shares of Sonic by 77.7% during the second quarter. Riverhead Capital Management LLC now owns 4,797 shares of the restaurant operator’s stock worth $127,000 after purchasing an additional 2,097 shares during the period. Flinton Capital Management LLC lifted its holdings in shares of Sonic by 74.5% during the second quarter. Flinton Capital Management LLC now owns 6,290 shares of the restaurant operator’s stock worth $167,000 after purchasing an additional 2,686 shares during the period. Aperio Group LLC lifted its holdings in shares of Sonic by 1.4% during the second quarter. Aperio Group LLC now owns 8,348 shares of the restaurant operator’s stock worth $221,000 after purchasing an additional 119 shares during the period. HL Financial Services LLC acquired a new stake in shares of Sonic during the second quarter worth about $227,000. Finally, Bayesian Capital Management LP acquired a new stake in shares of Sonic during the second quarter worth about $228,000.

SONC has been the topic of several analyst reports. Bank of America reiterated a “buy” rating and issued a $30.00 target price on shares of Sonic in a research note on Monday, August 14th. Zacks Investment Research lowered Sonic from a “hold” rating to a “sell” rating in a research note on Thursday, August 24th. Citigroup initiated coverage on Sonic in a research note on Monday, September 18th. They issued a “buy” rating and a $28.00 target price on the stock. Oppenheimer reiterated a “buy” rating and issued a $29.00 target price on shares of Sonic in a research note on Friday, October 6th. Finally, Cowen reiterated a “neutral” rating on shares of Sonic in a research note on Tuesday, October 17th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating and five have given a buy rating to the company. The company presently has an average 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.

Insider Buying and Selling by Quarter for Sonic (NASDAQ:SONC)

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