Sonic Corp. (NASDAQ:SONC) Director Frank E. Richardson III sold 3,670 shares of the business’s stock in a transaction dated Monday, December 18th. The stock was sold at an average price of $28.21, for a total transaction of $103,530.70. Following the transaction, the director now owns 1,061,699 shares in the company, valued at $29,950,528.79. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Sonic Corp. (NASDAQ SONC) traded down $0.47 during midday trading on Tuesday, hitting $27.77. 673,200 shares of the stock traded hands, compared to its average volume of 933,286. Sonic Corp. has a one year low of $22.11 and a one year high of $30.05. The company has a current ratio of 1.52, a quick ratio of 1.48 and a debt-to-equity ratio of -3.19. The company has a market capitalization of $1,136.67, a price-to-earnings ratio of 22.24, a P/E/G ratio of 1.44 and a beta of 1.74.

Sonic (NASDAQ:SONC) last posted its quarterly earnings results on Monday, October 16th. The restaurant operator reported $0.45 earnings per share (EPS) for the quarter, beating the 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 analyst estimates of $126.01 million. During the same quarter in the previous year, the firm posted $0.45 earnings per share. The company’s quarterly revenue was down 23.8% compared to the same quarter last year. equities research analysts expect that Sonic Corp. will post 1.34 earnings per share for the current fiscal year.

Sonic announced that its board has authorized a share buyback program on Thursday, October 26th that permits the company to buyback $160.00 million in outstanding 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 often a sign that the company’s management believes its stock is undervalued.

Several research firms recently weighed in on SONC. BidaskClub upgraded shares of Sonic from a “sell” rating to a “hold” rating in a report on Saturday, December 2nd. Citigroup began coverage on shares of Sonic in a report on Monday, September 18th. They set a “buy” rating and a $28.00 price target on the stock. Cowen restated a “neutral” rating on shares of Sonic in a report on Tuesday, October 17th. Canaccord Genuity boosted their price target on shares of Sonic from $24.00 to $25.00 and gave the stock a “hold” rating in a report on Tuesday, October 17th. Finally, Zacks Investment Research cut shares of Sonic from a “buy” rating to a “hold” rating in a report on Tuesday, October 10th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating and five have assigned a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus price target of $27.73.

A number of institutional investors have recently bought and sold shares of the stock. Aperio Group LLC increased its holdings in Sonic by 1.4% during the 2nd quarter. Aperio Group LLC now owns 8,348 shares of the restaurant operator’s stock worth $221,000 after acquiring an additional 119 shares during the period. Victory Capital Management Inc. increased its holdings in shares of Sonic by 8.1% in the 2nd quarter. Victory Capital Management Inc. now owns 18,464 shares of the restaurant operator’s stock worth $489,000 after buying an additional 1,380 shares during the last quarter. Great West Life Assurance Co. Can increased its holdings in shares of Sonic by 2.4% in the 2nd quarter. Great West Life Assurance Co. Can now owns 63,326 shares of the restaurant operator’s stock worth $1,676,000 after buying an additional 1,476 shares during the last quarter. Riverhead Capital Management LLC increased its holdings in shares of Sonic by 77.7% in the 2nd quarter. Riverhead Capital Management LLC now owns 4,797 shares of the restaurant operator’s stock worth $127,000 after buying an additional 2,097 shares during the last quarter. Finally, California Public Employees Retirement System increased its holdings in shares of Sonic by 2.0% in the 2nd quarter. California Public Employees Retirement System now owns 111,900 shares of the restaurant operator’s stock worth $2,964,000 after buying an additional 2,200 shares during the last quarter.

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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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