Voya Investment Management LLC lowered its position in Sonic Corp. (NASDAQ:SONC) by 75.8% during the second quarter, according to its most recent filing with the SEC. The firm owned 21,543 shares of the restaurant operator’s stock after selling 67,596 shares during the period. Voya Investment Management LLC owned 0.05% of Sonic Corp. worth $571,000 as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors have also recently modified their holdings of SONC. Riverhead Capital Management LLC increased its stake in shares of Sonic Corp. by 77.7% in the 2nd quarter. Riverhead Capital Management LLC now owns 4,797 shares of the restaurant operator’s stock valued at $127,000 after acquiring an additional 2,097 shares in the last quarter. Karp Capital Management Corp bought a new stake in Sonic Corp. during the 1st quarter valued at $209,000. Aperio Group LLC increased its stake in Sonic Corp. 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 in the last quarter. State of Alaska Department of Revenue increased its stake in Sonic Corp. by 72.7% during the 2nd quarter. State of Alaska Department of Revenue now owns 8,378 shares of the restaurant operator’s stock valued at $221,000 after purchasing an additional 3,528 shares in the last quarter. Finally, HL Financial Services LLC bought a new stake in Sonic Corp. during the 2nd quarter valued at $227,000.
SONC has been the subject of several recent analyst reports. BidaskClub lowered shares of Sonic Corp. from a “hold” rating to a “sell” rating in a research note on Sunday, July 16th. Zacks Investment Research downgraded shares of Sonic Corp. from a “hold” rating to a “sell” rating in a report on Tuesday, July 18th. Piper Jaffray Companies reissued a “buy” rating and issued a $32.00 price target on shares of Sonic Corp. in a report on Wednesday, July 26th. Jefferies Group LLC reaffirmed a “hold” rating and set a $26.00 price objective on shares of Sonic Corp. in a report on Thursday, July 27th. Finally, Bank of America Corporation reaffirmed a “buy” rating and set a $30.00 price objective on shares of Sonic Corp. in a report on Monday, August 14th. Three analysts have rated the stock with a sell rating, eight have issued a hold rating and five have issued a buy rating to the stock. Sonic Corp. presently has an average rating of “Hold” and an average price target of $27.73.
Shares of Sonic Corp. (NASDAQ SONC) opened at $24.11 on Monday. Sonic Corp. has a 52 week low of $22.11 and a 52 week high of $30.05. The firm has a market capitalization of $970.44, a P/E ratio of 18.98, a PEG ratio of 1.23 and a beta of 1.75. The company has a debt-to-equity ratio of -3.19, a quick ratio of 1.48 and a current ratio of 1.52.
Sonic Corp. (NASDAQ:SONC) last announced its quarterly earnings data on Monday, October 16th. The restaurant operator reported $0.45 EPS for the quarter, beating the consensus estimate of $0.43 by $0.02. The business had revenue of $123.60 million during the quarter, compared to analyst estimates of $126.01 million. Sonic Corp. had a negative return on equity of 33.92% and a net margin of 13.34%. The company’s revenue for the quarter was down 23.8% on a year-over-year basis. During the same quarter last year, the firm posted $0.45 earnings per share. sell-side analysts forecast that Sonic Corp. will post 1.34 EPS for the current year.
Sonic Corp. announced that its board has approved a stock repurchase program on Wednesday, August 9th that allows the company to repurchase $160.00 million in shares. This repurchase authorization allows the restaurant operator to purchase up to 16.2% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board believes its shares are undervalued.
The business also recently declared a quarterly dividend, which will be paid on Friday, November 17th. Stockholders of record on Wednesday, November 8th will be issued a dividend of $0.16 per share. The ex-dividend date of this dividend is Tuesday, November 7th. This is an increase from Sonic Corp.’s previous quarterly dividend of $0.14. This represents a $0.64 annualized dividend and a dividend yield of 2.65%. Sonic Corp.’s dividend payout ratio (DPR) is presently 43.54%.
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In related news, Director Steven A. Davis purchased 2,000 shares of Sonic Corp. stock in a transaction dated Wednesday, September 6th. The stock was purchased at an average cost of $23.00 per share, for a total transaction of $46,000.00. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, 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 transaction, the director now owns 1,187,659 shares of the company’s stock, valued at $29,929,006.80. The disclosure for this sale can be found here. 6.24% of the stock is owned by company insiders.
Sonic Corp. 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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