Sonic Corp. (SONC) Trading 1.1% Higher
Shares of Sonic Corp. (NASDAQ:SONC) traded up 1.1% on Wednesday . The stock traded as high as $28.80 and last traded at $28.70, with a volume of 601,001 shares trading hands. The stock had previously closed at $28.40.
Several analysts have weighed in on the stock. Bank of America Corp. lowered their target price on shares of Sonic Corp. from $36.00 to $35.00 and set a “buy” rating for the company in a research note on Friday, June 24th. Deutsche Bank AG restated a “hold” rating and set a $33.00 price target (down previously from $35.00) on shares of Sonic Corp. in a research report on Tuesday, June 7th. Telsey Advisory Group upped their price target on shares of Sonic Corp. from $34.00 to $37.00 and gave the stock an “outperform” rating in a research report on Wednesday, June 1st. Zacks Investment Research lowered shares of Sonic Corp. from a “hold” rating to a “sell” rating in a research report on Saturday, July 9th. Finally, Oppenheimer Holdings Inc. restated a “buy” rating on shares of Sonic Corp. in a research report on Sunday, June 26th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and ten have given a buy rating to the company. The company has an average rating of “Buy” and an average target price of $35.44.
The firm has a market capitalization of $1.36 billion and a P/E ratio of 22.33. The firm’s 50 day moving average price is $28.06 and its 200 day moving average price is $30.42.
Sonic Corp. (NASDAQ:SONC) last issued its earnings results on Thursday, June 23rd. The company reported $0.43 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.42 by $0.01. During the same quarter in the prior year, the business posted $0.36 EPS. The company had revenue of $165.24 million for the quarter. The company’s revenue was up .3% on a year-over-year basis. On average, analysts anticipate that Sonic Corp. will post $1.33 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Friday, August 19th. Shareholders of record on Wednesday, August 10th were issued a dividend of $0.11 per share. This represents a $0.44 dividend on an annualized basis and a yield of 1.53%. The ex-dividend date of this dividend was Monday, August 8th.
An institutional investor recently raised its position in Sonic Corp. stock. Wells Fargo & Company MN increased its position in Sonic Corp. (NASDAQ:SONC) by 51.8% during the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 302,195 shares of the company’s stock after buying an additional 103,164 shares during the period. Wells Fargo & Company MN owned 0.62% of Sonic Corp. worth $9,764,000 as of its most recent SEC filing.
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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