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

Several research analysts have recently weighed in on the stock. Sterne Agee CRT boosted their price objective on shares of Sonic Corp. to $40.00 and gave the stock a “buy” rating in a research note on Wednesday, March 30th. Deutsche Bank AG restated a “hold” rating and set a $35.00 price objective (up from $32.00) on shares of Sonic Corp. in a research note on Monday, March 28th. Oppenheimer Holdings Inc. restated a “buy” rating and set a $40.00 price objective on shares of Sonic Corp. in a research note on Friday, June 17th. Barclays PLC restated a “sell” rating on shares of Sonic Corp. in a research note on Sunday, June 26th. Finally, Jefferies Group lowered their price objective on shares of Sonic Corp. from $34.00 to $32.00 and set a “hold” rating on the stock in a research note on Friday, June 24th. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and nine have assigned a buy rating to the company. Sonic Corp. currently has a consensus rating of “Buy” and an average target price of $35.47.

The firm has a market capitalization of $1.32 billion and a PE ratio of 21.55. The stock’s 50 day moving average price is $28.76 and its 200-day moving average price is $30.75.

Sonic Corp. (NASDAQ:SONC) last released its quarterly earnings data on Thursday, June 23rd. The company reported $0.43 earnings per share for the quarter, beating analysts’ consensus estimates of $0.42 by $0.01. The business earned $165.24 million during the quarter. The company’s quarterly revenue was up .3% on a year-over-year basis. During the same quarter last year, the business earned $0.36 earnings per share. On average, analysts expect that Sonic Corp. will post $1.33 earnings per share for the current fiscal year.

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

In other news, insider Craig Jeffrey Miller sold 25,700 shares of the stock in a transaction dated Thursday, April 28th. The shares were sold at an average price of $35.53, for a total value of $913,121.00. Following the completion of the sale, the insider now owns 9,000 shares in the company, valued at $319,770. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Frank E. Richardson III sold 51,100 shares of the stock in a transaction dated 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 owns 1,355,937 shares of the company’s stock, valued at approximately $47,525,591.85. The disclosure for this sale can be found here.

Several hedge funds have recently made changes to their positions in SONC. Century Capital Management LLC increased its stake in shares of 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 in the last quarter. State of Tennessee Treasury Department purchased a new stake in shares of Sonic Corp. during the fourth quarter valued at approximately $5,160,000. Morgan Stanley increased its stake in shares of 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 in the last quarter. Victory Capital Management Inc. increased its stake in shares of 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 in the last quarter. Finally, Wells Fargo & Company MN increased its stake in shares of 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 in the last quarter.

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.

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