Shares of Sonic Co. (NASDAQ:SONC) have been given a consensus recommendation of “Hold” by the fifteen ratings firms that are currently covering the company, Marketbeat Ratings reports. Two equities research analysts have rated the stock with a sell recommendation, seven have assigned a hold recommendation and six have given a buy recommendation to the company. The average 1 year price target among brokerages that have updated their coverage on the stock in the last year is $29.69.
A number of analysts have commented on SONC shares. BidaskClub lowered shares of Sonic from a “hold” rating to a “sell” rating in a research note on Saturday, January 13th. Barclays upped their price objective on shares of Sonic from $27.00 to $28.00 and gave the company an “underweight” rating in a research note on Tuesday, January 16th. Guggenheim reaffirmed a “buy” rating and set a $31.00 price objective (up from $29.00) on shares of Sonic in a research note on Thursday, December 28th. Oppenheimer reaffirmed a “hold” rating on shares of Sonic in a research note on Friday, January 5th. Finally, UBS Group lowered shares of Sonic from an “outperform” rating to a “market perform” rating in a research note on Thursday, January 4th.
Sonic (SONC) traded up $0.06 during trading hours on Tuesday, hitting $24.73. 595,827 shares of the stock traded hands, compared to its average volume of 890,956. Sonic has a one year low of $22.11 and a one year high of $30.05. The company has a debt-to-equity ratio of -2.87, a quick ratio of 1.81 and a current ratio of 1.81. The company has a market cap of $956.84, a price-to-earnings ratio of 16.71, a price-to-earnings-growth ratio of 1.11 and a beta of 1.55.
The business also recently declared a quarterly dividend, which was paid on Friday, February 16th. Stockholders of record on Wednesday, February 7th were given a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a dividend yield of 2.59%. The ex-dividend date of this dividend was Tuesday, February 6th. Sonic’s dividend payout ratio (DPR) is 43.24%.
In other news, Director Frank E. Richardson III sold 50,000 shares of the 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Frank E. Richardson III sold 3,670 shares of the stock in a transaction that occurred on Monday, December 18th. The stock was sold at an average price of $28.21, for a total transaction of $103,530.70. Following the completion of the sale, the director now directly owns 1,061,699 shares of the company’s stock, valued at $29,950,528.79. The disclosure for this sale can be found here. Insiders sold 67,931 shares of company stock valued at $1,880,807 over the last three months. 8.28% of the stock is owned by insiders.
Hedge funds and other institutional investors have recently bought and sold shares of the company. Glenmede Trust Co. NA lifted its position in shares of Sonic by 97.2% in the fourth quarter. Glenmede Trust Co. NA now owns 4,634 shares of the restaurant operator’s stock worth $126,000 after purchasing an additional 2,284 shares in the last quarter. Aperio Group LLC purchased a new stake in shares of Sonic in the fourth quarter worth approximately $203,000. Elkfork Partners LLC bought a new position in Sonic during the fourth quarter valued at approximately $209,000. Wolverine Trading LLC raised its position in Sonic by 382.4% during the third quarter. Wolverine Trading LLC now owns 9,110 shares of the restaurant operator’s stock valued at $232,000 after acquiring an additional 12,336 shares in the last quarter. Finally, Crossmark Global Holdings Inc. bought a new position in Sonic during the third quarter valued at approximately $239,000.
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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