State Street Corp Increases Stake in Sonic Corp. (SONC)

State Street Corp grew its position in Sonic Corp. (NASDAQ:SONC) by 2.0% in the second quarter, according to its most recent filing with the SEC. The fund owned 1,083,561 shares of the restaurant operator’s stock after acquiring an additional 21,420 shares during the period. State Street Corp owned 2.59% of Sonic Corp. worth $28,707,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Great West Life Assurance Co. Can lifted its stake in shares of Sonic Corp. by 2.4% in the 2nd quarter. Great West Life Assurance Co. Can now owns 63,326 shares of the restaurant operator’s stock valued at $1,676,000 after acquiring an additional 1,476 shares during the last quarter. Wells Fargo & Company MN lifted its stake in shares of Sonic Corp. by 28.7% in the 2nd quarter. Wells Fargo & Company MN now owns 79,892 shares of the restaurant operator’s stock valued at $2,116,000 after acquiring an additional 17,822 shares during the last quarter. Nordea Investment Management AB lifted its stake in shares of Sonic Corp. by 27.0% in the 2nd quarter. Nordea Investment Management AB now owns 67,409 shares of the restaurant operator’s stock valued at $1,786,000 after acquiring an additional 14,315 shares during the last quarter. BlackRock Inc. lifted its stake in shares of Sonic Corp. by 121,423.6% in the 1st quarter. BlackRock Inc. now owns 5,323,947 shares of the restaurant operator’s stock valued at $135,015,000 after acquiring an additional 5,319,566 shares during the last quarter. Finally, Cipher Capital LP lifted its stake in shares of Sonic Corp. by 885.3% in the 2nd quarter. Cipher Capital LP now owns 143,969 shares of the restaurant operator’s stock valued at $3,814,000 after acquiring an additional 129,357 shares during the last quarter.

In other Sonic Corp. news, Director Frank E. Richardson III sold 50,000 shares of the stock in a transaction dated Thursday, October 26th. The stock was sold at an average price of $25.59, for a total transaction of $1,279,500.00. Following the completion of the sale, the director now directly owns 1,187,659 shares in the company, valued at approximately $30,392,193.81. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Federico F. Pena sold 1,161 shares of the stock in a transaction dated Monday, October 23rd. The stock was sold at an average price of $25.20, for a total value of $29,257.20. Following the sale, 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. Company insiders own 6.24% of the company’s stock.

Shares of Sonic Corp. (NASDAQ SONC) opened at $24.11 on Friday. The company has a current ratio of 1.52, a quick ratio of 1.48 and a debt-to-equity ratio of -3.19. Sonic Corp. has a 1-year low of $22.11 and a 1-year high of $30.05. The firm has a market capitalization of $970.43, a PE ratio of 18.98, a price-to-earnings-growth ratio of 1.23 and a beta of 1.75.

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

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 17th. Shareholders of record on Wednesday, November 8th will be issued a dividend of $0.16 per share. This is an increase from Sonic Corp.’s previous quarterly dividend of $0.14. This represents a $0.64 dividend on an annualized basis and a yield of 2.65%. The ex-dividend date of this dividend is Tuesday, November 7th. Sonic Corp.’s dividend payout ratio (DPR) is presently 43.54%.

Sonic Corp. announced that its Board of Directors has approved a stock buyback plan on Wednesday, August 9th that permits the company to repurchase $160.00 million in shares. This repurchase authorization permits the restaurant operator to repurchase up to 16.2% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board of directors believes its stock is undervalued.

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A number of brokerages have recently commented on SONC. Zacks Investment Research upgraded Sonic Corp. from a “sell” rating to a “hold” rating in a research note on Friday, November 3rd. Oppenheimer Holdings, Inc. reiterated a “buy” rating and issued a $29.00 price target on shares of Sonic Corp. in a research note on Tuesday, October 17th. Canaccord Genuity increased their price target on Sonic Corp. from $24.00 to $25.00 and gave the company a “hold” rating in a research note on Tuesday, October 17th. Cowen and Company reiterated a “neutral” rating on shares of Sonic Corp. in a research note on Tuesday, October 17th. Finally, Citigroup Inc. assumed coverage on Sonic Corp. in a research report on Monday, September 18th. They set a “buy” rating and a $28.00 target price for the company. Three investment analysts have rated the stock with a sell rating, eight have issued a hold rating and five have given a buy rating to the company. The company has an average rating of “Hold” and an average target price of $27.73.

About Sonic Corp.

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.

Institutional Ownership by Quarter for Sonic Corp. (NASDAQ:SONC)

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