Sonic Corp. (SONC) Director Sells $1,420,000.00 in Stock

Sonic Corp. (NASDAQ:SONC) Director Frank E. Richardson III sold 50,000 shares of the company’s stock in a transaction that occurred on Wednesday, December 13th. The shares were sold at an average price of $28.40, for a total value of $1,420,000.00. The sale was disclosed in a document filed with the SEC, which is accessible through this link.

Shares of Sonic Corp. (NASDAQ:SONC) opened at $28.24 on Monday. 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 $1,140.00, a P/E ratio of 22.24, a PEG ratio of 1.44 and a beta of 1.74. Sonic Corp. has a 1 year low of $22.11 and a 1 year high of $30.05.

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

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

Institutional investors have recently made changes to their positions in the company. Westfield Capital Management Co. LP acquired a new stake in Sonic in the 2nd quarter valued at approximately $27,984,000. UBS Asset Management Americas Inc. increased its position in Sonic by 3,507.8% in the 2nd quarter. UBS Asset Management Americas Inc. now owns 420,125 shares of the restaurant operator’s stock valued at $11,129,000 after acquiring an additional 408,480 shares during the period. Atlanta Capital Management Co. L L C acquired a new stake in Sonic in the 3rd quarter valued at approximately $7,681,000. Macquarie Group Ltd. increased its position in Sonic by 25.4% in the 3rd quarter. Macquarie Group Ltd. now owns 1,462,539 shares of the restaurant operator’s stock valued at $37,222,000 after acquiring an additional 296,665 shares during the period. Finally, OxFORD Asset Management LLP increased its position in Sonic by 406.0% in the 3rd quarter. OxFORD Asset Management LLP now owns 234,792 shares of the restaurant operator’s stock valued at $5,954,000 after acquiring an additional 188,389 shares during the period.

SONC has been the topic of several research reports. Zacks Investment Research upgraded Sonic from a “sell” rating to a “buy” rating and set a $26.00 price objective on the stock in a research note on Wednesday, September 13th. Canaccord Genuity upped their price objective on Sonic from $24.00 to $25.00 and gave the company a “hold” rating in a research note on Tuesday, October 17th. Oppenheimer restated a “buy” rating and set a $29.00 price objective on shares of Sonic in a research note on Tuesday, October 17th. BidaskClub upgraded Sonic from a “sell” rating to a “hold” rating in a research note on Saturday, December 2nd. Finally, Cowen reiterated a “neutral” rating on shares of Sonic in a research report on Tuesday, October 17th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating and five have given a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average price target of $27.73.

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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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