Sonic Corp. (NASDAQ:SONC) shares were down 2.2% during mid-day trading on Friday . The company traded as low as $27.54 and last traded at $27.63, with a volume of 546,750 shares changing hands. The stock had previously closed at $28.25.

SONC has been the subject of a number of research reports. Zacks Investment Research raised shares of Sonic Corp. from a “hold” rating to a “buy” rating and set a $36.00 price target for the company in a report on Thursday, March 17th. Deutsche Bank AG reissued a “hold” rating and issued a $35.00 price target (up previously from $32.00) on shares of Sonic Corp. in a report on Monday, March 28th. Jefferies Group raised their price target on shares of Sonic Corp. from $30.00 to $34.00 and gave the company a “hold” rating in a report on Wednesday, March 30th. Sterne Agee CRT raised their price target on shares of Sonic Corp. to $40.00 and gave the company a “buy” rating in a report on Wednesday, March 30th. Finally, Piper Jaffray Cos. raised their price target on shares of Sonic Corp. from $37.00 to $42.00 and gave the company an “overweight” rating in a report on Wednesday, April 6th. Two analysts have rated the stock with a sell rating, two have issued a hold rating and nine have given a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus target price of $35.47.

The firm has a 50-day moving average price of $28.82 and a 200 day moving average price of $30.78. The stock has a market cap of $1.32 billion and a P/E ratio of 21.55.

Sonic Corp. (NASDAQ:SONC) last issued its quarterly earnings data on Thursday, June 23rd. The company reported $0.43 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.42 by $0.01. During the same period last year, the firm posted $0.36 earnings per share. The company earned $165.24 million during the quarter. Sonic Corp.’s revenue was up .3% compared to the same quarter last year. Equities analysts anticipate that Sonic Corp. will post $1.33 EPS for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 19th. Shareholders of record on Wednesday, August 10th will be given a $0.11 dividend. This represents a $0.44 annualized dividend and a yield of 1.59%. The ex-dividend date of this dividend is Monday, August 8th.

In other news, Director Frank E. Richardson III sold 51,100 shares of the stock in a transaction on Tuesday, April 19th. The shares were sold at an average price of $35.05, for a total transaction of $1,791,055.00. Following the completion of the sale, the director now directly owns 1,355,937 shares in the company, valued at $47,525,591.85. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Frank E. Richardson III sold 3,895 shares of the stock in a transaction on Wednesday, April 20th. The stock was sold at an average price of $35.00, for a total transaction of $136,325.00. Following the sale, the director now owns 1,320,942 shares of the company’s stock, valued at $46,232,970. The disclosure for this sale can be found here.

Other large investors have recently bought and sold shares of the company. Century Capital Management LLC boosted its stake in Sonic Corp. by 56.3% in the fourth quarter. Century Capital Management LLC now owns 775,377 shares of the company’s stock valued at $25,052,000 after buying an additional 279,221 shares during the period. State of Tennessee Treasury Department purchased a new stake in Sonic Corp. during the fourth quarter valued at $5,160,000. Morgan Stanley boosted its stake in Sonic Corp. by 15.1% in the fourth quarter. Morgan Stanley now owns 998,750 shares of the company’s stock valued at $32,270,000 after buying an additional 131,176 shares during the period. Victory Capital Management Inc. boosted its stake in Sonic Corp. by 4,850.8% in the fourth quarter. Victory Capital Management Inc. now owns 121,343 shares of the company’s stock valued at $3,921,000 after buying an additional 118,892 shares during the period. Finally, Wells Fargo & Company MN boosted its stake in Sonic Corp. by 51.8% in the fourth quarter. Wells Fargo & Company MN now owns 302,195 shares of the company’s stock valued at $9,764,000 after buying an additional 103,164 shares during the period.

Sonic Corp. operates and franchises a chain of drive-in restaurants in the United States. The Company has around 3,512 Sonic Drive-Ins in 44 states of the United States. The Company’s product categories include Burgers, Coneys and Hot Dogs, Chicken, Breakfast, Snacks and Sides, Drinks, Ice Cream, and Wacky Pack.

Get Analysts' Upgrades and Downgrades Daily - Enter your email address below to receive a concise daily summary of analysts' upgrades, downgrades and new coverage with MarketBeat.com's FREE daily email newsletter.