Sonic Co. (SONC) Director Sells $118,904.25 in Stock
Sonic Co. (NASDAQ:SONC) Director Federico F. Pena sold 4,575 shares of Sonic stock in a transaction on Wednesday, January 17th. The shares were sold at an average price of $25.99, for a total value of $118,904.25. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink.
Federico F. Pena also recently made the following trade(s):
- On Monday, October 23rd, Federico F. Pena sold 1,161 shares of Sonic stock. The stock was sold at an average price of $25.20, for a total value of $29,257.20.
Shares of Sonic Co. (NASDAQ:SONC) traded up $0.01 during mid-day trading on Friday, reaching $26.08. The company’s stock had a trading volume of 1,048,700 shares, compared to its average volume of 1,321,325. The company has a debt-to-equity ratio of -2.87, a quick ratio of 1.81 and a current ratio of 1.81. Sonic Co. has a 52-week low of $22.11 and a 52-week high of $30.05. The company has a market capitalization of $1,002.60, a price-to-earnings ratio of 17.62, a P/E/G ratio of 1.16 and a beta of 1.74.
Sonic announced that its Board of Directors has initiated a stock buyback program on Thursday, October 26th that permits the company to buyback $160.00 million in shares. This buyback authorization permits the restaurant operator to reacquire up to 14.9% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s leadership believes its stock is undervalued.
The company also recently declared a quarterly dividend, which will be paid on Friday, February 16th. Shareholders of record on Wednesday, February 7th will be paid a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a yield of 2.45%. The ex-dividend date is Tuesday, February 6th. Sonic’s dividend payout ratio (DPR) is currently 43.24%.
A number of hedge funds have recently modified their holdings of SONC. UBS Asset Management Americas Inc. lifted its stake in Sonic by 3,507.8% during the second quarter. UBS Asset Management Americas Inc. now owns 420,125 shares of the restaurant operator’s stock worth $11,129,000 after purchasing an additional 408,480 shares during the last quarter. Atlanta Capital Management Co. L L C bought a new stake in shares of Sonic in the 3rd quarter valued at about $7,681,000. Macquarie Group Ltd. lifted its stake in shares of Sonic by 25.4% in the 3rd quarter. Macquarie Group Ltd. now owns 1,462,539 shares of the restaurant operator’s stock valued at $37,222,000 after acquiring an additional 296,665 shares during the last quarter. OxFORD Asset Management LLP lifted its stake in shares of Sonic by 406.0% in the 3rd quarter. OxFORD Asset Management LLP now owns 234,792 shares of the restaurant operator’s stock valued at $5,954,000 after acquiring an additional 188,389 shares during the last quarter. Finally, Canada Pension Plan Investment Board lifted its stake in shares of Sonic by 103.8% in the 3rd quarter. Canada Pension Plan Investment Board now owns 300,140 shares of the restaurant operator’s stock valued at $7,639,000 after acquiring an additional 152,900 shares during the last quarter.
Several research firms recently commented on SONC. Oppenheimer cut Sonic from an “outperform” rating to a “market perform” rating and set a $29.00 target price for the company. in a research report on Thursday, January 4th. Zacks Investment Research upgraded Sonic from a “hold” rating to a “buy” rating and set a $31.00 target price for the company in a research report on Wednesday, January 10th. BidaskClub upgraded Sonic from a “sell” rating to a “hold” rating in a research report on Saturday, December 2nd. Cowen restated a “neutral” rating on shares of Sonic in a research report on Tuesday, October 17th. Finally, UBS Group restated a “neutral” rating and set a $28.00 target price (up from $26.00) on shares of Sonic in a research report on Friday, January 5th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating and six have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average price target of $29.64.
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Sonic Corp. operates and franchises the chain of drive-thru restaurants (Sonic Drive-Ins) in the United States. As of August 31, 2016, 3,557 Sonic Drive-Ins were in operation from coast to coast in 45 states, consisting of 345 Company drive-thrus and 3,212 franchise drive-thrus. As of August 31, 2016, its restaurant design and construction consisted of a kitchen housed in a one-story building, which was approximately 1,500 square feet, flanked by canopy-covered rows of 16 to 24 parking spaces, with each space having its own payment terminal, intercom speaker system and menu board.
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