Sonic Corp. (SONC) Holdings Cut by Thrivent Financial For Lutherans

Thrivent Financial For Lutherans decreased its stake in shares of Sonic Corp. (NASDAQ:SONC) by 88.3% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 25,672 shares of the restaurant operator’s stock after selling 194,023 shares during the quarter. Thrivent Financial For Lutherans owned about 0.06% of Sonic Corp. worth $680,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of the business. Aperio Group LLC boosted its holdings in shares of Sonic Corp. by 1.4% in the 2nd quarter. Aperio Group LLC now owns 8,348 shares of the restaurant operator’s stock valued at $221,000 after acquiring an additional 119 shares during the last quarter. Mason Street Advisors LLC boosted its holdings in shares of Sonic Corp. by 2.8% in the 1st quarter. Mason Street Advisors LLC now owns 10,274 shares of the restaurant operator’s stock valued at $261,000 after acquiring an additional 275 shares during the last quarter. Victory Capital Management Inc. boosted its holdings in shares of Sonic Corp. by 8.1% in the 2nd quarter. Victory Capital Management Inc. now owns 18,464 shares of the restaurant operator’s stock valued at $489,000 after acquiring an additional 1,380 shares during the last quarter. Cobiz Wealth LLC boosted its holdings in shares of Sonic Corp. by 2.6% in the 2nd quarter. Cobiz Wealth LLC now owns 57,230 shares of the restaurant operator’s stock valued at $1,516,000 after acquiring an additional 1,447 shares during the last quarter. Finally, Denver Investment Advisors LLC boosted its holdings in shares of Sonic Corp. by 8.9% in the 2nd quarter. Denver Investment Advisors LLC now owns 17,880 shares of the restaurant operator’s stock valued at $474,000 after acquiring an additional 1,465 shares during the last quarter.

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Several analysts have recently commented on SONC shares. BidaskClub downgraded shares of Sonic Corp. from a “strong-buy” rating to a “buy” rating in a report on Saturday, June 17th. Cowen and Company upped their price objective on shares of Sonic Corp. from $23.00 to $25.00 and gave the company a “market perform” rating in a report on Friday, June 23rd. Bank of America Corporation reaffirmed an “underperform” rating and issued a $28.00 price objective (down from $30.00) on shares of Sonic Corp. in a report on Sunday, June 25th. Stephens reaffirmed an “overweight” rating and issued a $32.00 price objective on shares of Sonic Corp. in a report on Monday, June 26th. Finally, Oppenheimer Holdings, Inc. reaffirmed an “outperform” rating and issued a $29.00 price objective on shares of Sonic Corp. in a report on Monday, June 26th. Three research analysts have rated the stock with a sell rating, nine have issued a hold rating and five have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus price target of $27.61.

Sonic Corp. announced that its Board of Directors has approved a stock repurchase program on Wednesday, August 9th that authorizes the company to buyback $160.00 million in outstanding shares. This buyback authorization authorizes the restaurant operator to purchase up to 16.2% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board believes its shares are undervalued.

In other news, Director Steven A. Davis acquired 2,000 shares of the company’s stock in a transaction on Wednesday, September 6th. The shares were bought at an average cost of $23.00 per share, with a total value of $46,000.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders acquired a total of 5,000 shares of company stock worth $117,730 over the last three months. 6.24% of the stock is currently 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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Institutional Ownership by Quarter for Sonic Corp. (NASDAQ:SONC)

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