Sonic Corp. (NASDAQ:SONC) Director Frank E. Richardson III sold 50,000 shares of the firm’s stock in a transaction dated Wednesday, December 13th. The stock was sold at an average price of $28.40, for a total transaction of $1,420,000.00. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website.

Shares of Sonic Corp. (NASDAQ SONC) traded down $0.25 during trading hours on Friday, hitting $28.07. 641,900 shares of the stock traded hands, compared to its average volume of 932,663. Sonic Corp. has a 12 month low of $22.11 and a 12 month high of $30.05. The company has a debt-to-equity ratio of -3.19, a quick ratio of 1.48 and a current ratio of 1.52. The firm has a market cap of $1,139.89, a PE ratio of 22.30, a price-to-earnings-growth ratio of 1.44 and a beta of 1.74.

Sonic (NASDAQ:SONC) last issued its quarterly earnings results on Monday, October 16th. The restaurant operator reported $0.45 EPS for the quarter, topping the consensus estimate of $0.43 by $0.02. Sonic had a net margin of 13.34% and a negative return on equity of 33.92%. The company had revenue of $123.60 million during the quarter, compared to analysts’ expectations of $126.01 million. During the same quarter in the previous year, the company earned $0.45 EPS. Sonic’s revenue was down 23.8% on a year-over-year basis. sell-side analysts anticipate that Sonic Corp. will post 1.34 EPS for the current year.

Sonic announced that its Board of Directors has approved a stock repurchase program on Thursday, October 26th that allows the company to buyback $160.00 million in shares. This buyback authorization allows the restaurant operator to buy up to 14.9% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors 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 given a dividend of $0.16 per share. This is a boost 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 annualized dividend and a dividend yield of 2.28%. Sonic’s payout ratio is currently 43.54%.

A number of equities analysts have recently commented on SONC shares. Oppenheimer reaffirmed a “buy” rating and set a $29.00 price objective on shares of Sonic in a report on Tuesday, October 17th. Zacks Investment Research upgraded shares of Sonic from a “hold” rating to a “buy” rating and set a $28.00 target price for the company in a research report on Thursday, September 28th. Citigroup assumed coverage on shares of Sonic in a research report on Monday, September 18th. They set a “buy” rating and a $28.00 target price for the company. Finally, Canaccord Genuity increased their target price on shares of Sonic from $24.00 to $25.00 and gave the stock a “hold” rating in a research report on Tuesday, October 17th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and five have assigned a buy rating to the stock. Sonic currently has an average rating of “Hold” and an average price target of $27.73.

Several large investors have recently modified their holdings of the company. Public Employees Retirement System of Ohio lifted its stake in Sonic by 2,344.8% in the third quarter. Public Employees Retirement System of Ohio now owns 15,329 shares of the restaurant operator’s stock valued at $390,000 after buying an additional 14,702 shares in the last quarter. Wolverine Trading LLC lifted its stake in Sonic by 382.4% in the third quarter. Wolverine Trading LLC now owns 9,110 shares of the restaurant operator’s stock valued at $232,000 after buying an additional 12,336 shares in the last quarter. California Public Employees Retirement System lifted its stake in Sonic by 2.1% in the third quarter. California Public Employees Retirement System now owns 114,222 shares of the restaurant operator’s stock valued at $2,907,000 after buying an additional 2,322 shares in the last quarter. Atlanta Capital Management Co. L L C bought a new position in Sonic in the third quarter valued at approximately $7,681,000. Finally, Engineers Gate Manager LP bought a new position in Sonic in the third quarter valued at approximately $531,000.

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About Sonic

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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