Sonic Corp. (NASDAQ:SONC) shares dropped 1.3% during trading on Thursday . The stock traded as low as $28.84 and last traded at $28.87, with a volume of 295,600 shares traded. The stock had previously closed at $29.25.

SONC has been the topic of several recent analyst reports. Oppenheimer Holdings Inc. reissued a “buy” rating and issued a $40.00 target price 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. Bank of America Corp. reduced their target price on Sonic Corp. from $36.00 to $35.00 and set a “buy” rating on the stock in a report on Friday, June 24th. Jefferies Group reissued a “hold” rating on shares of Sonic Corp. in a report on Thursday, August 4th. Finally, Deutsche Bank AG reissued a “hold” rating and issued a $33.00 target price on shares of Sonic Corp. in a report on Monday, June 27th. Two analysts have rated the stock with a sell rating, two have issued a hold rating and nine have assigned a buy rating to the company’s stock. Sonic Corp. currently has an average rating of “Buy” and a consensus price target of $35.47.

The company’s 50 day moving average is $27.81 and its 200 day moving average is $30.33. The firm has a market capitalization of $1.39 billion and a P/E ratio of 22.77.

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

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 19th. Investors of record on Wednesday, August 10th will be paid a $0.11 dividend. The ex-dividend date of this dividend is Monday, August 8th. This represents a $0.44 dividend on an annualized basis and a yield of 1.50%.

In related news, Director Kathy L. Taylor bought 10,000 shares of the business’s stock in a transaction on Wednesday, May 25th. The shares were purchased at an average price of $29.85 per share, for a total transaction of $298,500.00. Following the completion of the transaction, the director now directly owns 1,358 shares of the company’s stock, valued at approximately $40,536.30. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Craig Jeffrey Miller sold 25,394 shares of the firm’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 transaction of $761,820.00. Following the completion of the sale, the insider now owns 6,600 shares in the company, valued at approximately $198,000. The disclosure for this sale can be found here.

A number of hedge funds recently modified their holdings of the stock. Victory Capital Management Inc. raised 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 worth $3,921,000 after buying an additional 118,892 shares in the last quarter. Morgan Stanley raised 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 worth $32,270,000 after buying an additional 131,176 shares in the last quarter. Rail Splitter Capital Management LLC raised its stake in shares of Sonic Corp. by 16.9% in the fourth quarter. Rail Splitter Capital Management LLC now owns 365,190 shares of the company’s stock worth $11,799,000 after buying an additional 52,860 shares in the last quarter. Wells Fargo & Company MN raised 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 worth $9,764,000 after buying an additional 103,164 shares in the last quarter. Finally, Nationwide Fund Advisors raised its stake 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 worth $1,102,000 after buying an additional 346 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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