Sonic Co. (SONC) Announces $0.16 Quarterly Dividend

Sonic Co. (NASDAQ:SONC) announced a quarterly dividend on Friday, January 12th, RTT News reports. Shareholders of record on Wednesday, February 7th will be paid a dividend of 0.16 per share by the restaurant operator on Friday, February 16th. This represents a $0.64 annualized dividend and a yield of 2.43%.

Sonic (SONC) opened at $26.34 on Friday. The firm has a market cap of $1,033.37, a P/E ratio of 20.20, a PEG ratio of 1.20 and a beta of 1.74. Sonic has a 52 week low of $22.11 and a 52 week high of $30.05. The company has a debt-to-equity ratio of -2.87, a quick ratio of 1.48 and a current ratio of 1.81.

Sonic (NASDAQ:SONC) last issued its quarterly earnings results on Thursday, January 4th. The restaurant operator reported $0.30 earnings per share for the quarter, topping the consensus estimate of $0.25 by $0.05. The company had revenue of $105.40 million during the quarter, compared to analysts’ expectations of $106.86 million. Sonic had a net margin of 13.68% and a negative return on equity of 28.95%. The business’s quarterly revenue was down 18.7% on a year-over-year basis. During the same period last year, the business earned $0.24 EPS. equities research analysts predict that Sonic will post 1.52 earnings per share for the current fiscal year.

In related news, Director Federico F. Pena sold 1,161 shares of the firm’s stock in a transaction on Monday, October 23rd. The shares were sold at an average price of $25.20, for a total value of $29,257.20. Following the completion of the transaction, the director now directly owns 1,187,659 shares of the company’s stock, valued at $29,929,006.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Frank E. Richardson III sold 50,000 shares of the firm’s stock in a transaction on Wednesday, December 13th. The shares were sold at an average price of $28.40, for a total transaction of $1,420,000.00. The disclosure for this sale can be found here. Insiders sold 167,587 shares of company stock valued at $4,537,647 over the last three months. 6.24% of the stock is owned by company insiders.

Several equities analysts have recently weighed in on SONC shares. Citigroup started coverage on shares of Sonic in a research note on Monday, September 18th. They set a “buy” rating and a $28.00 price target for the company. Zacks Investment Research raised shares of Sonic from a “hold” rating to a “buy” rating and set a $28.00 price target for the company in a research note on Friday, September 22nd. Oppenheimer reaffirmed a “buy” rating and set a $29.00 price target on shares of Sonic in a research note on Friday, October 6th. Cowen reaffirmed a “neutral” rating on shares of Sonic in a research note on Tuesday, October 17th. Finally, Canaccord Genuity raised their price target on shares of Sonic from $24.00 to $25.00 and gave the stock a “hold” rating in a research note on Tuesday, October 17th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and six have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus price target of $29.36.

Sonic declared that its Board of Directors has authorized a stock repurchase program on Thursday, October 26th that allows the company to buyback $160.00 million in shares. This buyback authorization allows the restaurant operator to purchase up to 14.9% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s leadership believes its shares are undervalued.

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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.

Dividend History for Sonic (NASDAQ:SONC)

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