TD Asset Management Inc. Sells 19,600 Shares of Sonic Co. (SONC)
TD Asset Management Inc. lowered its position in Sonic Co. (NASDAQ:SONC) by 21.0% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 73,861 shares of the restaurant operator’s stock after selling 19,600 shares during the period. TD Asset Management Inc. owned 0.20% of Sonic worth $2,542,000 as of its most recent SEC filing.
Other large investors have also recently made changes to their positions in the company. SG Americas Securities LLC boosted its holdings in Sonic by 70.9% in the first quarter. SG Americas Securities LLC now owns 6,285 shares of the restaurant operator’s stock worth $159,000 after acquiring an additional 2,608 shares in the last quarter. Parametrica Management Ltd purchased a new stake in shares of Sonic in the second quarter worth approximately $221,000. Aperio Group LLC purchased a new stake in shares of Sonic in the second quarter worth approximately $244,000. Atria Investments LLC purchased a new stake in shares of Sonic in the second quarter worth approximately $295,000. Finally, Xact Kapitalforvaltning AB purchased a new stake in shares of Sonic in the first quarter worth approximately $222,000.
Shares of Sonic stock opened at $34.80 on Friday. The company has a debt-to-equity ratio of -2.62, a current ratio of 1.78 and a quick ratio of 1.78. The company has a market capitalization of $1.23 billion, a PE ratio of 27.84, a P/E/G ratio of 1.58 and a beta of 1.48. Sonic Co. has a 52 week low of $22.11 and a 52 week high of $37.44.
The firm also recently declared a quarterly dividend, which was paid on Friday, August 17th. Investors of record on Wednesday, August 8th were given a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a dividend yield of 1.84%. The ex-dividend date of this dividend was Tuesday, August 7th. Sonic’s payout ratio is 51.20%.
Sonic announced that its Board of Directors has approved a share buyback plan on Thursday, June 7th that allows the company to buyback $500.00 million in shares. This buyback authorization allows the restaurant operator to repurchase up to 42.2% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s management believes its stock is undervalued.
Several brokerages have recently commented on SONC. BidaskClub raised Sonic from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, July 24th. Zacks Investment Research downgraded Sonic from a “buy” rating to a “hold” rating in a research note on Friday, July 20th. Wells Fargo & Co increased their price objective on Sonic from $28.00 to $30.00 and gave the stock a “market perform” rating in a research note on Wednesday, June 27th. Citigroup increased their price objective on Sonic from $32.00 to $41.00 and gave the stock a “buy” rating in a research note on Thursday, July 12th. Finally, Guggenheim reissued a “buy” rating and issued a $38.00 price objective on shares of Sonic in a research note on Sunday, July 1st. One analyst has rated the stock with a sell rating, nine have issued a hold rating and three have issued a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus price target of $32.18.
In related news, VP E Edward Saroch sold 21,896 shares of the stock in a transaction that occurred on Tuesday, July 17th. The stock was sold at an average price of $36.46, for a total transaction of $798,328.16. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Christina D. Vaughan sold 2,124 shares of the stock in a transaction that occurred on Tuesday, July 17th. The shares were sold at an average price of $36.00, for a total value of $76,464.00. Following the sale, the insider now directly owns 2,124 shares of the company’s stock, valued at $76,464. The disclosure for this sale can be found here. Company insiders own 8.28% of the company’s stock.
Sonic Corp. operates and franchises a chain of quick-service drive-in restaurants in the United States. As of August 31, 2017, the company operated 3,593 Sonic Drive-Ins in 45 states, of which 228 were owned and operated by the company and 3,365 were owned and operated by franchisees. The company also owns and leases 135 properties; and sublease 53 properties to franchisees and other parties.
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