Sonic Corp. (NASDAQ:SONC) rose 6.5% on Tuesday . The company traded as high as $27.00 and last traded at $26.89. Approximately 1,049,500 shares traded hands during trading, an increase of 12% from the average daily volume of 937,192 shares. The stock had previously closed at $25.25.
A number of brokerages have recently issued reports on SONC. Zacks Investment Research raised shares of Sonic from a “sell” rating to a “buy” rating and set a $26.00 price objective for the company in a research report on Wednesday, September 13th. Citigroup began coverage on shares of Sonic in a research report on Monday, September 18th. They set a “buy” rating and a $28.00 price objective for the company. Oppenheimer reissued a “buy” rating and set a $29.00 price objective on shares of Sonic in a research report on Friday, October 6th. Canaccord Genuity boosted their price objective 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. Finally, Bank of America reissued a “buy” rating and set a $30.00 price objective on shares of Sonic in a research report on Monday, August 14th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and five have issued a buy rating to the stock. The company has an average rating of “Hold” and a consensus price target of $27.73.
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 firm has a market capitalization of $1,016.32, a PE ratio of 19.88, a PEG ratio of 1.29 and a beta of 1.74.
The company also recently announced a quarterly dividend, which was paid on Friday, November 17th. Investors of record on Wednesday, November 8th were issued a $0.16 dividend. The ex-dividend date of this dividend was Tuesday, November 7th. This represents a $0.64 annualized dividend and a yield of 2.38%. This is an increase from Sonic’s previous quarterly dividend of $0.14. Sonic’s dividend payout ratio is currently 43.54%.
Sonic declared that its Board of Directors has authorized a stock repurchase program on Wednesday, August 9th that permits the company to repurchase $160.00 million in shares. This repurchase authorization permits the restaurant operator to buy up to 16.2% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s board believes its stock is undervalued.
In related news, Director Frank E. Richardson III sold 50,000 shares of the company’s stock in a transaction on Thursday, October 26th. The shares were sold at an average price of $25.59, for a total value of $1,279,500.00. Following the completion of the transaction, the director now owns 1,187,659 shares of the company’s stock, valued at approximately $30,392,193.81. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Steven A. Davis bought 2,000 shares of the company’s stock in a transaction that occurred on Wednesday, September 6th. The stock was purchased at an average cost of $23.00 per share, with a total value of $46,000.00. The disclosure for this purchase can be found here. Insiders sold a total of 63,917 shares of company stock valued at $1,633,116 in the last ninety days. 6.24% of the stock is currently owned by insiders.
Several institutional investors and hedge funds have recently added to or reduced their stakes in SONC. Riverhead Capital Management LLC boosted its holdings in shares of Sonic by 77.7% during the 2nd quarter. Riverhead Capital Management LLC now owns 4,797 shares of the restaurant operator’s stock valued at $127,000 after purchasing an additional 2,097 shares during the last quarter. Flinton Capital Management LLC boosted its holdings in shares of Sonic by 74.5% during the 2nd quarter. Flinton Capital Management LLC now owns 6,290 shares of the restaurant operator’s stock valued at $167,000 after purchasing an additional 2,686 shares during the last quarter. Aperio Group LLC boosted its holdings in shares of Sonic by 1.4% during the 2nd quarter. Aperio Group LLC now owns 8,348 shares of the restaurant operator’s stock valued at $221,000 after purchasing an additional 119 shares during the last quarter. HL Financial Services LLC bought a new position in shares of Sonic during the 2nd quarter valued at about $227,000. Finally, Bayesian Capital Management LP bought a new position in shares of Sonic during the 2nd quarter valued at about $228,000.
ILLEGAL ACTIVITY WARNING: This report was published by Community Financial News and is owned by of Community Financial News. If you are reading this report on another publication, it was illegally copied and republished in violation of United States and international trademark & copyright legislation. The legal version of this report can be viewed at https://www.com-unik.info/2017/12/05/sonic-sonc-stock-price-up-6-5.html.
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.
What are top analysts saying about Sonic Corp.? - Enter your email address in the form below to receive our free daily email newsletter that contains the latest headlines and analysts' recommendations for for Sonic Corp. and related companies.