Bayesian Capital Management LP acquired a new position in shares of Sonic Corp. (NASDAQ:SONC) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 8,600 shares of the restaurant operator’s stock, valued at approximately $228,000.

Several other large investors have also recently made changes to their positions in the company. Great West Life Assurance Co. Can increased its position in shares of Sonic Corp. by 2.4% during the second quarter. Great West Life Assurance Co. Can now owns 63,326 shares of the restaurant operator’s stock valued at $1,676,000 after purchasing an additional 1,476 shares during the period. BlackRock Inc. lifted its position in Sonic Corp. by 121,423.6% in the first quarter. BlackRock Inc. now owns 5,323,947 shares of the restaurant operator’s stock worth $135,015,000 after purchasing an additional 5,319,566 shares during the period. Cipher Capital LP lifted its position in Sonic Corp. by 885.3% in the second quarter. Cipher Capital LP now owns 143,969 shares of the restaurant operator’s stock worth $3,814,000 after purchasing an additional 129,357 shares during the period. Morgan Stanley lifted its position in Sonic Corp. by 310.9% in the first quarter. Morgan Stanley now owns 866,118 shares of the restaurant operator’s stock worth $21,965,000 after purchasing an additional 655,352 shares during the period. Finally, Geneva Advisors LLC lifted its position in Sonic Corp. by 26.7% in the second quarter. Geneva Advisors LLC now owns 51,159 shares of the restaurant operator’s stock worth $1,355,000 after purchasing an additional 10,767 shares during the period.

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In related news, Director Steven A. Davis purchased 2,000 shares of the firm’s stock in a transaction that occurred on Wednesday, September 6th. The shares were bought at an average price of $23.00 per share, for a total transaction of $46,000.00. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Over the last quarter, insiders have bought 5,000 shares of company stock valued at $117,730. Corporate insiders own 6.24% of the company’s stock.

A number of equities research analysts have weighed in on the stock. Piper Jaffray Companies reiterated a “buy” rating and set a $32.00 price target on shares of Sonic Corp. in a research note on Wednesday, July 26th. BidaskClub cut shares of Sonic Corp. from a “strong-buy” rating to a “buy” rating in a research note on Saturday, June 17th. Bank of America Corporation restated a “buy” rating and issued a $30.00 price objective on shares of Sonic Corp. in a research note on Monday, August 14th. Zacks Investment Research raised shares of Sonic Corp. from a “sell” rating to a “buy” rating and set a $26.00 price objective for the company in a report on Wednesday, September 13th. Finally, Citigroup Inc. began coverage on shares of Sonic Corp. in a report on Monday, September 18th. They set a “buy” rating and a $28.00 price objective for the company. Three equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and six have issued a buy rating to the stock. Sonic Corp. has a consensus rating of “Hold” and an average target price of $27.61.

Sonic Corp. (SONC) opened at 25.25 on Wednesday. The stock has a 50 day moving average of $23.96 and a 200-day moving average of $25.80. Sonic Corp. has a 1-year low of $21.12 and a 1-year high of $30.05. The company has a market cap of $1.06 billion, a PE ratio of 16.83 and a beta of 1.76.

Sonic Corp. announced that its Board of Directors has initiated a share repurchase program on Wednesday, August 9th that permits the company to buyback $160.00 million in outstanding shares. This buyback authorization permits the restaurant operator to purchase up to 16.2% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s leadership believes its stock is undervalued.

Sonic Corp. Company Profile

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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Institutional Ownership by Quarter for Sonic Corp. (NASDAQ:SONC)

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