Sonic Corp. (SONC) VP Sells $32,424.00 in Stock

Sonic Corp. (NASDAQ:SONC) VP Carolyn C. Cummins sold 1,200 shares of the firm’s stock in a transaction dated Tuesday, December 5th. The shares were sold at an average price of $27.02, for a total value of $32,424.00. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website.

Shares of Sonic Corp. (SONC) traded up $0.09 during trading hours on Friday, hitting $27.32. The company had a trading volume of 819,000 shares, compared to its average volume of 936,947. The stock has a market capitalization of $1,096.02, a price-to-earnings ratio of 21.44, a price-to-earnings-growth ratio of 1.39 and a beta of 1.74. Sonic Corp. has a twelve month low of $22.11 and a twelve month high of $30.05. The company has a current ratio of 1.52, a quick ratio of 1.48 and a debt-to-equity ratio of -3.19.

Sonic (NASDAQ:SONC) last released its earnings results on Monday, October 16th. The restaurant operator reported $0.45 EPS for the quarter, topping analysts’ consensus estimates of $0.43 by $0.02. The firm had revenue of $123.60 million during the quarter, compared to analyst estimates of $126.01 million. Sonic had a net margin of 13.34% and a negative return on equity of 33.92%. The business’s quarterly revenue was down 23.8% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.45 EPS. sell-side analysts anticipate that Sonic Corp. will post 1.34 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Friday, November 17th. Stockholders of record on Wednesday, November 8th were issued a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a dividend yield of 2.34%. This is a boost from Sonic’s previous quarterly dividend of $0.14. The ex-dividend date of this dividend was Tuesday, November 7th. Sonic’s dividend payout ratio is presently 43.54%.

Sonic declared that its Board of Directors has approved a stock buyback plan on Thursday, October 26th that authorizes the company to repurchase $160.00 million in shares. This repurchase authorization authorizes the restaurant operator to buy up to 14.9% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s board of directors believes its shares are undervalued.

Several brokerages have weighed in on SONC. BidaskClub upgraded Sonic from a “sell” rating to a “hold” rating in a research note on Saturday, December 2nd. Citigroup started coverage on Sonic in a research note on Monday, September 18th. They issued a “buy” rating and a $28.00 target price on the stock. Cowen restated a “neutral” rating on shares of Sonic in a research note on Tuesday, October 17th. Canaccord Genuity lifted their price target on Sonic from $24.00 to $25.00 and gave the company a “hold” rating in a research note on Tuesday, October 17th. Finally, Zacks Investment Research cut Sonic from a “buy” rating to a “hold” rating in a report on Tuesday, October 10th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and five have given a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $27.73.

A number of large investors have recently modified their holdings of the stock. Vanguard Group Inc. lifted its position in shares of Sonic by 1.2% during the second quarter. Vanguard Group Inc. now owns 3,596,500 shares of the restaurant operator’s stock valued at $95,272,000 after purchasing an additional 43,146 shares in the last quarter. Dimensional Fund Advisors LP raised its position in shares of Sonic by 0.8% in the third quarter. Dimensional Fund Advisors LP now owns 1,962,894 shares of the restaurant operator’s stock valued at $49,955,000 after purchasing an additional 15,963 shares during the period. Macquarie Group Ltd. raised its position in shares of Sonic by 25.4% in the third quarter. Macquarie Group Ltd. now owns 1,462,539 shares of the restaurant operator’s stock valued at $37,222,000 after purchasing an additional 296,665 shares during the period. Westfield Capital Management Co. LP raised its position in shares of Sonic by 5.2% in the third quarter. Westfield Capital Management Co. LP now owns 1,110,995 shares of the restaurant operator’s stock valued at $28,275,000 after purchasing an additional 54,605 shares during the period. Finally, State Street Corp raised its position in shares of Sonic by 2.0% in the second quarter. State Street Corp now owns 1,083,561 shares of the restaurant operator’s stock valued at $28,707,000 after purchasing an additional 21,420 shares during the period.

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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.

Insider Buying and Selling by Quarter for Sonic (NASDAQ:SONC)

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