Sonic Corp. (NASDAQ:SONC) Director Frank E. Richardson III sold 50,000 shares of the business’s stock in a transaction dated Friday, December 8th. The shares were sold at an average price of $27.62, for a total transaction of $1,381,000.00. Following the transaction, the director now directly owns 1,149,890 shares in the company, valued at approximately $31,759,961.80. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink.

Sonic Corp. (NASDAQ:SONC) opened at $28.32 on Thursday. Sonic Corp. has a 1 year low of $22.11 and a 1 year high of $30.05. The company has a debt-to-equity ratio of -3.19, a current ratio of 1.52 and a quick ratio of 1.48. The company has a market cap of $1,122.58, a PE ratio of 21.96, a price-to-earnings-growth ratio of 1.42 and a beta of 1.74.

Sonic (NASDAQ:SONC) last posted its earnings results on Monday, October 16th. The restaurant operator reported $0.45 EPS for the quarter, beating the Zacks’ consensus estimate of $0.43 by $0.02. Sonic had a net margin of 13.34% and a negative return on equity of 33.92%. The company had revenue of $123.60 million for the quarter, compared to analysts’ expectations of $126.01 million. During the same quarter in the prior year, the company posted $0.45 earnings per share. Sonic’s revenue for the quarter was down 23.8% compared to the same quarter last year. equities research analysts forecast that Sonic Corp. will post 1.34 EPS for the current fiscal year.

Sonic declared that its board has approved a share buyback plan on Thursday, October 26th that authorizes the company to repurchase $160.00 million in outstanding shares. This repurchase authorization authorizes the restaurant operator to reacquire up to 14.9% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s board of directors believes its stock is undervalued.

The business also recently announced a quarterly dividend, which was paid on Friday, November 17th. Shareholders of record on Wednesday, November 8th were given a $0.16 dividend. The ex-dividend date of this dividend was Tuesday, November 7th. This represents a $0.64 dividend on an annualized basis and a yield of 2.26%. This is a boost from Sonic’s previous quarterly dividend of $0.14. Sonic’s dividend payout ratio is presently 43.54%.

A number of hedge funds and other institutional investors have recently bought and sold shares of SONC. Riverhead Capital Management LLC lifted its position in Sonic by 77.7% in the second quarter. Riverhead Capital Management LLC now owns 4,797 shares of the restaurant operator’s stock valued at $127,000 after buying an additional 2,097 shares during the last quarter. Flinton Capital Management LLC lifted its position in Sonic by 74.5% in the second quarter. Flinton Capital Management LLC now owns 6,290 shares of the restaurant operator’s stock valued at $167,000 after buying an additional 2,686 shares during the last quarter. Aperio Group LLC lifted its position in Sonic by 1.4% in the second quarter. Aperio Group LLC now owns 8,348 shares of the restaurant operator’s stock valued at $221,000 after buying an additional 119 shares during the last quarter. HL Financial Services LLC acquired a new position in Sonic in the second quarter valued at about $227,000. Finally, Bayesian Capital Management LP acquired a new position in Sonic in the second quarter valued at about $228,000.

Several research analysts have recently weighed in on SONC shares. Zacks Investment Research cut shares of Sonic from a “hold” rating to a “sell” rating in a research report on Thursday, August 24th. Citigroup started coverage on shares of Sonic in a research report on Monday, September 18th. They set a “buy” rating and a $28.00 price target on the stock. Oppenheimer reissued a “buy” rating and set a $29.00 price target on shares of Sonic in a research report on Friday, October 6th. Cowen reissued a “neutral” rating on shares of Sonic in a research report on Tuesday, October 17th. Finally, Canaccord Genuity boosted their price target on shares of Sonic from $24.00 to $25.00 and gave the company a “hold” rating in a research report on Tuesday, October 17th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating and five have given a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average price target of $27.73.

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Sonic 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.

Insider Buying and Selling by Quarter for Sonic (NASDAQ:SONC)

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