Sonic Corp. (SONC) Position Decreased by Credit Suisse AG
Credit Suisse AG reduced its position in shares of Sonic Corp. (NASDAQ:SONC) by 34.8% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 56,556 shares of the restaurant operator’s stock after selling 30,181 shares during the period. Credit Suisse AG’s holdings in Sonic Corp. were worth $1,434,000 at the end of the most recent quarter.
Several other institutional investors also recently added to or reduced their stakes in the stock. Westwood Holdings Group Inc. raised its stake in shares of Sonic Corp. by 22.1% in the first quarter. Westwood Holdings Group Inc. now owns 555,240 shares of the restaurant operator’s stock worth $14,081,000 after buying an additional 100,520 shares during the last quarter. Gotham Asset Management LLC raised its stake in shares of Sonic Corp. by 7.6% in the first quarter. Gotham Asset Management LLC now owns 603,292 shares of the restaurant operator’s stock worth $15,299,000 after buying an additional 42,581 shares during the last quarter. Soros Fund Management LLC acquired a new stake in shares of Sonic Corp. during the first quarter worth approximately $353,000. State Street Corp raised its stake in shares of Sonic Corp. by 5.7% in the first quarter. State Street Corp now owns 1,062,141 shares of the restaurant operator’s stock worth $26,936,000 after buying an additional 56,904 shares during the last quarter. Finally, Invictus RG raised its stake in shares of Sonic Corp. by 1,553.2% in the first quarter. Invictus RG now owns 9,539 shares of the restaurant operator’s stock worth $242,000 after buying an additional 8,962 shares during the last quarter. Institutional investors and hedge funds own 97.48% of the company’s stock.
Sonic Corp. (NASDAQ:SONC) traded up 1.39% during midday trading on Wednesday, hitting $24.09. The stock had a trading volume of 56,800 shares. Sonic Corp. has a 52 week low of $21.12 and a 52 week high of $30.05. The firm has a market cap of $1.01 billion, a P/E ratio of 16.06 and a beta of 1.74. The stock has a 50-day moving average of $25.05 and a 200-day moving average of $26.09.
Sonic Corp. (NASDAQ:SONC) last posted its quarterly earnings data on Thursday, June 22nd. The restaurant operator reported $0.43 earnings per share for the quarter, topping the consensus estimate of $0.41 by $0.02. The company had revenue of $124 million during the quarter, compared to analysts’ expectations of $122.58 million. Sonic Corp. had a negative return on equity of 44.21% and a net margin of 13.23%. Sonic Corp.’s revenue for the quarter was down 24.9% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.43 earnings per share. Analysts forecast that Sonic Corp. will post $1.24 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 18th. Stockholders of record on Wednesday, August 9th will be given a dividend of $0.14 per share. The ex-dividend date of this dividend is Monday, August 7th. This represents a $0.56 annualized dividend and a dividend yield of 2.36%. Sonic Corp.’s dividend payout ratio is currently 37.33%.
Sonic Corp. declared that its board has authorized a stock repurchase program on Wednesday, August 9th that permits the company to buyback $160.00 million in shares. This buyback authorization permits the restaurant operator to repurchase up to 16.2% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board of directors believes its shares are undervalued.
SONC has been the subject of a number of research reports. BidaskClub lowered Sonic Corp. from a “hold” rating to a “sell” rating in a research report on Sunday, July 16th. Bank of America Corporation restated a “buy” rating and set a $30.00 price objective on shares of Sonic Corp. in a research report on Monday. Piper Jaffray Companies restated a “buy” rating and set a $32.00 price objective on shares of Sonic Corp. in a research report on Wednesday, July 26th. Jefferies Group LLC restated a “hold” rating and set a $26.00 price objective on shares of Sonic Corp. in a research report on Thursday, July 27th. Finally, Cowen and Company raised their price objective on Sonic Corp. from $23.00 to $25.00 and gave the stock a “market perform” rating in a research report on Friday, June 23rd. Three research analysts have rated the stock with a sell rating, ten have assigned a hold rating and four have assigned a buy rating to the company. Sonic Corp. presently has a consensus rating of “Hold” and a consensus target price of $27.75.
In other news, Director Steven A. Davis acquired 2,000 shares of Sonic Corp. stock in a transaction dated Friday, July 21st. The stock was bought at an average cost of $24.62 per share, with a total value of $49,240.00. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 6.24% of the stock is owned by corporate insiders.
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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