Shares of Sonic Corp. (NASDAQ:SONC) were down 3.2% on Tuesday . The stock traded as low as $26.58 and last traded at $27.00, with a volume of 830,008 shares trading hands. The stock had previously closed at $27.88.

Several analysts have recently weighed in on SONC shares. Bank of America Corp. lowered their target price on shares of Sonic Corp. from $36.00 to $35.00 and set a “buy” rating on the stock in a report on Friday, June 24th. Oppenheimer Holdings Inc. reissued a “buy” rating and set a $40.00 price objective on shares of Sonic Corp. in a report on Friday, June 17th. Sterne Agee CRT reissued a “buy” rating on shares of Sonic Corp. in a report on Monday, May 16th. Jefferies Group decreased their price objective on shares of Sonic Corp. from $34.00 to $32.00 and set a “hold” rating on the stock in a report on Friday, June 24th. Finally, Deutsche Bank AG reissued a “hold” rating and set a $33.00 price objective on shares of Sonic Corp. in a report on Monday, June 27th. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and nine have given a buy rating to the company. Sonic Corp. has a consensus rating of “Buy” and a consensus price target of $35.47.

The company has a market capitalization of $1.28 billion and a PE ratio of 20.93. The stock’s 50 day moving average price is $28.34 and its 200-day moving average price is $30.57.

Sonic Corp. (NASDAQ:SONC) last posted its earnings results on Thursday, June 23rd. The company reported $0.43 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.42 by $0.01. The company had revenue of $165.24 million for the quarter. During the same period in the prior year, the firm earned $0.36 EPS. The company’s revenue for the quarter was up .3% on a year-over-year basis. Analysts anticipate that Sonic Corp. will post $1.33 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 19th. Investors of record on Wednesday, August 10th will be given a $0.11 dividend. The ex-dividend date is Monday, August 8th. This represents a $0.44 annualized dividend and a dividend yield of 1.64%.

In other Sonic Corp. news, Director Kathy L. Taylor acquired 10,000 shares of the firm’s stock in a transaction that occurred on Wednesday, May 25th. The stock was acquired at an average cost of $29.85 per share, for a total transaction of $298,500.00. Following the transaction, the director now owns 1,358 shares of the company’s stock, valued at $40,536.30. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Craig Jeffrey Miller sold 25,394 shares of the business’s stock in a transaction that occurred on Friday, May 27th. The shares were sold at an average price of $30.00, for a total value of $761,820.00. Following the completion of the transaction, the insider now owns 6,600 shares of the company’s stock, valued at $198,000. The disclosure for this sale can be found here.

Other institutional investors have modified their holdings of the company. State Board of Administration of Florida Retirement System raised its position in shares of Sonic Corp. by 8.2% in the fourth quarter. State Board of Administration of Florida Retirement System now owns 62,077 shares of the company’s stock valued at $2,006,000 after buying an additional 4,701 shares in the last quarter. Nationwide Fund Advisors raised its position in shares of Sonic Corp. by 1.0% in the fourth quarter. Nationwide Fund Advisors now owns 34,101 shares of the company’s stock valued at $1,102,000 after buying an additional 346 shares in the last quarter. California State Teachers Retirement System raised its position in shares of Sonic Corp. by 1.6% in the fourth quarter. California State Teachers Retirement System now owns 96,413 shares of the company’s stock valued at $3,115,000 after buying an additional 1,542 shares in the last quarter. Rhumbline Advisers raised its position in shares of Sonic Corp. by 2.4% in the fourth quarter. Rhumbline Advisers now owns 66,862 shares of the company’s stock valued at $2,160,000 after buying an additional 1,570 shares in the last quarter. Finally, California Public Employees Retirement System raised its position in shares of Sonic Corp. by 0.5% in the fourth quarter. California Public Employees Retirement System now owns 206,700 shares of the company’s stock valued at $6,678,000 after buying an additional 1,000 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.

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.