Sonic Corp. (SONC) Trading Down 1.3%
Sonic Corp. (NASDAQ:SONC) shares dropped 1.3% during mid-day trading on Thursday . The stock traded as low as $28.84 and last traded at $28.87, with a volume of 295,600 shares. The stock had previously closed at $29.25.
SONC has been the subject of several analyst reports. Oppenheimer Holdings Inc. reissued an “outperform” rating and set a $40.00 price target on shares of Sonic Corp. in a report on Wednesday, August 10th. Sterne Agee CRT reissued a “buy” rating on shares of Sonic Corp. in a report on Monday, May 16th. Jefferies Group reissued a “hold” rating on shares of Sonic Corp. in a report on Thursday, August 4th. Barclays PLC reissued a “sell” rating on shares of Sonic Corp. in a report on Sunday, June 26th. Finally, Deutsche Bank AG reissued a “hold” rating and set a $33.00 price target on shares of Sonic Corp. in a report on Monday, June 27th. Two research analysts have rated the stock with a sell rating, two have issued a hold rating and nine have given a buy rating to the stock. Sonic Corp. presently has a consensus rating of “Buy” and an average target price of $35.47.
The firm has a market cap of $1.38 billion and a price-to-earnings ratio of 22.51. The company’s 50 day moving average is $27.86 and its 200-day moving average is $30.32.
Sonic Corp. (NASDAQ:SONC) last posted its quarterly earnings results on Thursday, June 23rd. The company reported $0.43 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.42 by $0.01. The business earned $165.24 million during the quarter. The business’s revenue for the quarter was up .3% on a year-over-year basis. During the same period in the previous year, the business earned $0.36 earnings per share. Equities research analysts predict that Sonic Corp. will post $1.33 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Friday, August 19th. Stockholders of record on Wednesday, August 10th were issued a $0.11 dividend. This represents a $0.44 annualized dividend and a dividend yield of 1.52%. The ex-dividend date was Monday, August 8th.
In other news, insider Craig Jeffrey Miller sold 25,394 shares of Sonic Corp. stock in a transaction dated 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 directly owns 6,600 shares of the company’s stock, valued at approximately $198,000. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Kathy L. Taylor purchased 10,000 shares of the firm’s stock in a transaction dated Wednesday, May 25th. The stock was acquired at an average cost of $29.85 per share, with a total value of $298,500.00. Following the completion of the acquisition, the director now directly owns 1,358 shares in the company, valued at approximately $40,536.30. The disclosure for this purchase can be found here.
Several hedge funds and institutional investors have bought and sold shares of SONC. New York State Common Retirement Fund raised its position in Sonic Corp. by 66.2% in the fourth quarter. New York State Common Retirement Fund now owns 78,935 shares of the company’s stock valued at $2,550,000 after buying an additional 31,435 shares during the period. Victory Capital Management Inc. raised its position in 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 during the period. State of Tennessee Treasury Department acquired a new position in Sonic Corp. during the fourth quarter valued at approximately $5,160,000. Employees Retirement System of Texas raised its position in Sonic Corp. by 122.7% in the fourth quarter. Employees Retirement System of Texas now owns 167,000 shares of the company’s stock valued at $5,396,000 after buying an additional 92,000 shares during the period. Finally, Wells Fargo & Company MN raised its position in 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 during the period.
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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