Sonic Co. (NASDAQ:SONC) Director Federico F. Pena sold 4,575 shares of the stock in a transaction dated Wednesday, January 17th. The shares were sold at an average price of $25.99, for a total value of $118,904.25. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website.
Federico F. Pena also recently made the following trade(s):
- On Monday, October 23rd, Federico F. Pena sold 1,161 shares of Sonic stock. The shares were sold at an average price of $25.20, for a total value of $29,257.20.
Shares of Sonic Co. (NASDAQ:SONC) traded up $0.01 during trading on Friday, reaching $26.08. The company’s stock had a trading volume of 1,048,700 shares, compared to its average volume of 1,321,325. The company has a quick ratio of 1.81, a current ratio of 1.81 and a debt-to-equity ratio of -2.87. Sonic Co. has a 12-month low of $22.11 and a 12-month high of $30.05. The firm has a market capitalization of $1,002.60, a PE ratio of 17.62, a PEG ratio of 1.16 and a beta of 1.74.
Sonic announced that its Board of Directors has approved a share buyback plan on Thursday, October 26th that permits the company to repurchase $160.00 million in shares. This repurchase authorization permits the restaurant operator to buy up to 14.9% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s board believes its stock is undervalued.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, February 16th. Shareholders of record on Wednesday, February 7th will be paid a $0.16 dividend. The ex-dividend date of this dividend is Tuesday, February 6th. This represents a $0.64 dividend on an annualized basis and a yield of 2.45%. Sonic’s dividend payout ratio (DPR) is presently 43.24%.
A number of institutional investors have recently made changes to their positions in SONC. Riverhead Capital Management LLC lifted its holdings in shares of Sonic by 77.7% in the second quarter. Riverhead Capital Management LLC now owns 4,797 shares of the restaurant operator’s stock valued at $127,000 after purchasing an additional 2,097 shares in the last quarter. Flinton Capital Management LLC lifted its holdings in shares of Sonic by 74.5% in the second quarter. Flinton Capital Management LLC now owns 6,290 shares of the restaurant operator’s stock valued at $167,000 after purchasing an additional 2,686 shares in the last quarter. Bayesian Capital Management LP bought a new position in shares of Sonic in the second quarter valued at approximately $228,000. Wolverine Trading LLC lifted its holdings in shares of 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 purchasing an additional 12,336 shares in the last quarter. Finally, Crossmark Global Holdings Inc. bought a new position in shares of Sonic in the third quarter valued at approximately $239,000.
SONC has been the subject of several recent research reports. Zacks Investment Research raised Sonic from a “hold” rating to a “buy” rating and set a $28.00 price target for the company in a research note on Friday, September 22nd. Oppenheimer reaffirmed a “buy” rating and set a $29.00 target price on shares of Sonic in a research note on Friday, October 6th. Cowen reaffirmed a “neutral” rating on shares of Sonic in a research note on Tuesday, October 17th. Canaccord Genuity raised their target price on Sonic from $24.00 to $25.00 and gave the stock a “hold” rating in a research note on Tuesday, October 17th. Finally, BidaskClub raised Sonic from a “sell” rating to a “hold” rating in a research note on Saturday, December 2nd. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and six have given a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus price target of $29.64.
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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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