State Board of Administration of Florida Retirement System decreased its stake in shares of Sonic Corp. (NASDAQ:SONC) by 24.2% during the second quarter, Holdings Channel reports. The fund owned 40,269 shares of the company’s stock after selling 12,829 shares during the period. State Board of Administration of Florida Retirement System owned approximately 0.08% of Sonic Corp. worth $1,089,000 as of its most recent filing with the SEC.

Other institutional investors also recently added to or reduced their stakes in the company. Legal & General Group Plc boosted its position in Sonic Corp. by 13.8% in the first quarter. Legal & General Group Plc now owns 12,678 shares of the company’s stock valued at $444,000 after buying an additional 1,541 shares during the last quarter. Mariner Wealth Advisors LLC boosted its position in shares of Sonic Corp. by 4.7% in the first quarter. Mariner Wealth Advisors LLC now owns 30,303 shares of the company’s stock valued at $1,065,000 after buying an additional 1,358 shares in the last quarter. Bogle Investment Management L P DE acquired a new position in shares of Sonic Corp. during the first quarter valued at about $914,000. Goldman Sachs Group Inc. boosted its position in shares of Sonic Corp. by 132.5% in the first quarter. Goldman Sachs Group Inc. now owns 651,547 shares of the company’s stock valued at $22,908,000 after buying an additional 371,334 shares in the last quarter. Finally, UBS Group AG boosted its position in shares of Sonic Corp. by 199.9% in the first quarter. UBS Group AG now owns 40,892 shares of the company’s stock valued at $1,438,000 after buying an additional 27,259 shares in the last quarter. 98.14% of the stock is currently owned by hedge funds and other institutional investors.

Sonic Corp. (NASDAQ:SONC) traded up 3.22% during mid-day trading on Thursday, reaching $27.22. 759,821 shares of the company’s stock were exchanged. The stock has a 50-day moving average price of $27.76 and a 200 day moving average price of $30.19. The company has a market cap of $1.29 billion, a PE ratio of 21.18 and a beta of 1.38. Sonic Corp. has a 52-week low of $22.72 and a 52-week high of $36.34.

Sonic Corp. (NASDAQ:SONC) last announced its quarterly earnings data on Thursday, June 23rd. The company reported $0.43 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.42 by $0.01. The firm earned $165.24 million during the quarter. Sonic Corp. had a negative return on equity of 276.58% and a net margin of 10.48%. The business’s revenue for the quarter was up .3% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.36 earnings per share. Equities analysts predict that Sonic Corp. will post $1.32 earnings per share for the current fiscal year.

Several equities analysts have recently issued reports on SONC shares. 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. Telsey Advisory Group lowered their price objective on shares of Sonic Corp. from $38.00 to $36.00 and set an “outperform” rating on the stock in a research note on Wednesday, September 7th. Barclays PLC lowered their price objective on shares of Sonic Corp. from $33.00 to $30.00 and set an “underweight” rating on the stock in a research note on Friday, June 24th. Zacks Investment Research raised shares of Sonic Corp. from a “sell” rating to a “hold” rating in a research note on Tuesday, August 23rd. Finally, Deutsche Bank AG reaffirmed a “hold” rating and issued a $33.00 price objective on shares of Sonic Corp. in a research note on Monday, June 27th. One research analyst has rated the stock with a sell rating, three have given a hold rating and nine have assigned a buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus price target of $35.47.

Sonic Corp. Company Profile

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.

5 Day Chart for NASDAQ:SONC

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