Piper Jaffray Companies restated their buy rating on shares of Sonic Corp. (NASDAQ:SONC) in a research note published on Wednesday morning. The brokerage currently has a $32.00 price objective on the restaurant operator’s stock.

SONC has been the subject of a number of other research reports. Zacks Investment Research upgraded shares of Sonic Corp. from a sell rating to a hold rating in a research note on Saturday, May 27th. Wells Fargo & Company began coverage on shares of Sonic Corp. in a research note on Tuesday, May 23rd. They issued a market perform rating and a $30.00 target price for the company. Stephens upgraded shares of Sonic Corp. from an equal weight rating to an overweight rating and lifted their target price for the company from $26.00 to $32.00 in a research note on Monday, April 24th. Cowen and Company cut their target price on shares of Sonic Corp. from $24.00 to $23.00 and set a market perform rating for the company in a research note on Wednesday, March 29th. Finally, Oppenheimer Holdings, Inc. reiterated an outperform rating and issued a $29.00 target price on shares of Sonic Corp. in a research note on Monday, June 26th. Five investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and three have assigned a buy rating to the company. The company has a consensus rating of Hold and a consensus price target of $27.61.

Sonic Corp. (NASDAQ SONC) opened at 23.68 on Wednesday. Sonic Corp. has a one year low of $21.12 and a one year high of $30.05. The company has a market capitalization of $990.04 million, a price-to-earnings ratio of 15.79 and a beta of 1.77. The company has a 50-day moving average price of $26.60 and a 200-day moving average price of $26.27.

Sonic Corp. (NASDAQ:SONC) last posted its earnings results on Thursday, June 22nd. The restaurant operator reported $0.43 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.41 by $0.02. Sonic Corp. had a net margin of 13.23% and a negative return on equity of 44.21%. The company had revenue of $124 million during the quarter, compared to analysts’ expectations of $122.58 million. During the same quarter in the previous year, the company posted $0.43 earnings per share. Sonic Corp.’s quarterly revenue was down 24.9% compared to the same quarter last year. Equities research analysts anticipate that Sonic Corp. will post $1.24 EPS for the current year.

ILLEGAL ACTIVITY NOTICE: This piece of content was first published by Watch List News and is owned by of Watch List News. If you are accessing this piece of content on another publication, it was illegally stolen and reposted in violation of U.S. & international copyright and trademark law. The correct version of this piece of content can be accessed at https://www.watchlistnews.com/piper-jaffray-companies-reiterates-buy-rating-for-sonic-corp-sonc/1462175.html.

The business also recently declared a quarterly dividend, which will be paid on Friday, August 18th. Investors of record on Wednesday, August 9th will be issued a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.36%. The ex-dividend date of this dividend is Monday, August 7th. Sonic Corp.’s dividend payout ratio is currently 37.33%.

In related news, Director Frank E. Richardson III sold 50,000 shares of the firm’s stock in a transaction that occurred on Tuesday, May 16th. The shares were sold at an average price of $28.15, for a total value of $1,407,500.00. Following the completion of the sale, the director now owns 1,202,310 shares of the company’s stock, valued at $33,845,026.50. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, VP Carolyn C. Cummins sold 2,500 shares of the firm’s stock in a transaction that occurred on Monday, May 8th. The shares were sold at an average price of $28.39, for a total transaction of $70,975.00. The disclosure for this sale can be found here. Company insiders own 6.24% of the company’s stock.

Hedge funds have recently modified their holdings of the stock. Aperio Group LLC raised its stake in shares of Sonic Corp. by 1.4% in the second quarter. Aperio Group LLC now owns 8,348 shares of the restaurant operator’s stock worth $221,000 after buying an additional 119 shares in the last quarter. BNP Paribas Arbitrage SA raised its stake in shares of Sonic Corp. by 1.4% in the first quarter. BNP Paribas Arbitrage SA now owns 15,327 shares of the restaurant operator’s stock worth $389,000 after buying an additional 213 shares in the last quarter. Cardinal Capital Management raised its stake in shares of Sonic Corp. by 1.6% in the first quarter. Cardinal Capital Management now owns 17,448 shares of the restaurant operator’s stock worth $442,000 after buying an additional 274 shares in the last quarter. Mason Street Advisors LLC raised its stake in shares of Sonic Corp. by 2.8% in the first quarter. Mason Street Advisors LLC now owns 10,274 shares of the restaurant operator’s stock worth $261,000 after buying an additional 275 shares in the last quarter. Finally, Thrivent Financial for Lutherans raised its stake in shares of Sonic Corp. by 1.6% in the fourth quarter. Thrivent Financial for Lutherans now owns 24,712 shares of the restaurant operator’s stock worth $655,000 after buying an additional 390 shares in the last quarter. 97.48% of the stock is owned by institutional investors and hedge funds.

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.

Analyst Recommendations for Sonic Corp. (NASDAQ:SONC)

Receive News & Ratings for Sonic Corp. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Sonic Corp. and related companies with Analyst Ratings Network's FREE daily email newsletter.