The Sonic Corp. Declares Quarterly Dividend of $0.14 (SONC)

The Sonic Corp. Declares Quarterly Dividend of $0.14 (SONC)

Sonic Corp. (NASDAQ:SONC) declared a quarterly dividend on Thursday, January 19th. Stockholders of record on Wednesday, February 8th will be given a dividend of 0.14 per share on Friday, February 17th. This represents a $0.56 annualized dividend and a dividend yield of 2.20%.

Sonic Corp. (NASDAQ:SONC) traded down 0.47% during trading on Thursday, hitting $25.40. The stock had a trading volume of 1,052,072 shares. The company’s 50 day moving average is $26.96 and its 200-day moving average is $26.78. Sonic Corp. has a 12 month low of $21.12 and a 12 month high of $36.34. The company has a market cap of $1.12 billion, a PE ratio of 19.00 and a beta of 1.46.

Sonic Corp. (NASDAQ:SONC) last issued its quarterly earnings data on Wednesday, January 4th. The company reported $0.24 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.21 by $0.03. The business earned $129.60 million during the quarter. Sonic Corp. had a negative return on equity of 88.45% and a net margin of 10.97%. The company’s quarterly revenue was down 11.1% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.24 earnings per share. On average, equities research analysts predict that Sonic Corp. will post $1.26 earnings per share for the current year.

In other Sonic Corp. news, VP Harold A. Ceron sold 3,112 shares of the business’s stock in a transaction that occurred on Wednesday, January 11th. The stock was sold at an average price of $27.02, for a total transaction of $84,086.24. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Frank E. Richardson III sold 4,685 shares of the business’s stock in a transaction that occurred on Tuesday, January 10th. The stock was sold at an average price of $27.57, for a total value of $129,165.45. Following the transaction, the director now owns 1,290,728 shares in the company, valued at approximately $35,585,370.96. The disclosure for this sale can be found here. Insiders own 6.24% of the company’s stock.

Institutional investors have recently added to or reduced their stakes in the company. BlackRock Advisors LLC boosted its position in Sonic Corp. by 0.3% in the second quarter. BlackRock Advisors LLC now owns 22,780 shares of the company’s stock valued at $616,000 after buying an additional 73 shares during the last quarter. BlackRock Inc. boosted its position in Sonic Corp. by 6.3% in the third quarter. BlackRock Inc. now owns 5,458 shares of the company’s stock valued at $143,000 after buying an additional 324 shares during the last quarter. California State Teachers Retirement System boosted its position in Sonic Corp. by 0.9% in the third quarter. California State Teachers Retirement System now owns 99,590 shares of the company’s stock valued at $2,607,000 after buying an additional 900 shares during the last quarter. Thrivent Financial for Lutherans boosted its position in Sonic Corp. by 4.8% in the second quarter. Thrivent Financial for Lutherans now owns 23,792 shares of the company’s stock valued at $644,000 after buying an additional 1,100 shares during the last quarter. Finally, BlackRock Investment Management LLC boosted its position in Sonic Corp. by 0.6% in the second quarter. BlackRock Investment Management LLC now owns 204,096 shares of the company’s stock valued at $5,521,000 after buying an additional 1,210 shares during the last quarter. Institutional investors own 96.33% of the company’s stock.

SONC has been the subject of a number of recent research reports. Jefferies Group decreased their target price on Sonic Corp. from $30.00 to $28.00 and set a “hold” rating for the company in a report on Wednesday, September 28th. Barclays PLC decreased their target price on Sonic Corp. from $30.00 to $25.00 and set an “underweight” rating for the company in a report on Wednesday, September 28th. Oppenheimer Holdings Inc. reiterated an “outperform” rating and issued a $33.00 target price (down from $40.00) on shares of Sonic Corp. in a report on Wednesday, September 28th. Zacks Investment Research lowered Sonic Corp. from a “hold” rating to a “sell” rating in a report on Friday, September 30th. Finally, Canaccord Genuity reiterated a “buy” rating and issued a $32.00 target price (down from $35.00) on shares of Sonic Corp. in a report on Friday, September 30th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and five have assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus price target of $30.12.

Sonic Corp. 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.

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