OLD National Bancorp IN Sells 4,375 Shares of Sonic Co. (SONC)

OLD National Bancorp IN lowered its holdings in shares of Sonic Co. (NASDAQ:SONC) by 33.4% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 8,708 shares of the restaurant operator’s stock after selling 4,375 shares during the quarter. OLD National Bancorp IN’s holdings in Sonic were worth $239,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in the company. Victory Capital Management Inc. raised its holdings in shares of Sonic by 6.5% during the 4th quarter. Victory Capital Management Inc. now owns 34,135 shares of the restaurant operator’s stock valued at $938,000 after purchasing an additional 2,072 shares in the last quarter. California Public Employees Retirement System raised its holdings in shares of Sonic by 2.0% during the 2nd quarter. California Public Employees Retirement System now owns 111,900 shares of the restaurant operator’s stock valued at $2,964,000 after purchasing an additional 2,200 shares in the last quarter. TD Asset Management Inc. raised its holdings in shares of Sonic by 3.6% during the 3rd quarter. TD Asset Management Inc. now owns 92,761 shares of the restaurant operator’s stock valued at $2,361,000 after purchasing an additional 3,200 shares in the last quarter. FDx Advisors Inc. raised its holdings in shares of Sonic by 30.8% during the 3rd quarter. FDx Advisors Inc. now owns 17,112 shares of the restaurant operator’s stock valued at $436,000 after purchasing an additional 4,029 shares in the last quarter. Finally, Cardinal Capital Management raised its holdings in shares of Sonic by 23.2% during the 3rd quarter. Cardinal Capital Management now owns 24,741 shares of the restaurant operator’s stock valued at $629,000 after purchasing an additional 4,658 shares in the last quarter.

In other news, Director Federico F. Pena sold 9,686 shares of the business’s stock in a transaction dated Monday, February 12th. The shares were sold at an average price of $24.61, for a total transaction of $238,372.46. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Federico F. Pena sold 9,209 shares of the business’s stock in a transaction dated Thursday, November 30th. The stock was sold at an average price of $25.22, for a total transaction of $232,250.98. The disclosure for this sale can be found here. Insiders sold a total of 130,687 shares of company stock worth $3,586,167 in the last quarter. Insiders own 6.24% of the company’s stock.

Sonic Co. (NASDAQ SONC) opened at $24.94 on Friday. The company has a market cap of $959.14, a price-to-earnings ratio of 17.08, a P/E/G ratio of 1.07 and a beta of 1.59. Sonic Co. has a twelve month low of $22.11 and a twelve month high of $30.05. The company has a quick ratio of 1.81, a current ratio of 1.81 and a debt-to-equity ratio of -2.87.

Sonic (NASDAQ:SONC) last announced its earnings results on Thursday, January 4th. The restaurant operator reported $0.30 EPS for the quarter, topping the consensus estimate of $0.25 by $0.05. The firm had revenue of $105.40 million for the quarter, compared to the consensus estimate of $106.86 million. Sonic had a net margin of 13.68% and a negative return on equity of 28.95%. The business’s quarterly revenue was down 18.7% on a year-over-year basis. During the same quarter last year, the firm posted $0.24 EPS. analysts expect that Sonic Co. will post 1.53 earnings per share for the current fiscal year.

Sonic declared that its board has initiated a stock 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 reacquire up to 14.9% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board believes its stock is undervalued.

The company also recently announced a quarterly dividend, which will be paid on Friday, February 16th. Investors of record on Wednesday, February 7th will be issued a $0.16 dividend. The ex-dividend date of this dividend is Tuesday, February 6th. This represents a $0.64 annualized dividend and a yield of 2.57%. Sonic’s dividend payout ratio (DPR) is presently 43.84%.

A number of research firms have recently weighed in on SONC. Guggenheim restated a “buy” rating and set a $31.00 price target (up previously from $29.00) on shares of Sonic in a report on Thursday, December 28th. Canaccord Genuity restated a “hold” rating and set a $30.00 price target on shares of Sonic in a report on Friday, January 5th. UBS Group restated a “neutral” rating and set a $28.00 price target (up previously from $26.00) on shares of Sonic in a report on Friday, January 5th. Oppenheimer downgraded shares of Sonic from an “outperform” rating to a “market perform” rating and set a $29.00 price target on the stock. in a report on Thursday, January 4th. Finally, Telsey Advisory Group restated a “market perform” rating and set a $31.00 price target (up previously from $27.00) on shares of Sonic in a report on Friday, January 5th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and six have issued a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus target price of $29.64.

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Sonic 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 (NASDAQ:SONC)

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