Bank of New York Mellon Corp lessened its stake in shares of Sonic Corp. (NASDAQ:SONC) by 0.6% in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 724,334 shares of the restaurant operator’s stock after selling 4,073 shares during the period. Bank of New York Mellon Corp owned 1.73% of Sonic Corp. worth $19,187,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Aperio Group LLC boosted its holdings in shares of 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 during the last quarter. BNP Paribas Arbitrage SA boosted its holdings in shares of Sonic Corp. by 1.4% during the 1st quarter. BNP Paribas Arbitrage SA now owns 15,327 shares of the restaurant operator’s stock valued at $389,000 after purchasing an additional 213 shares during the last quarter. Mason Street Advisors LLC boosted its holdings in shares of Sonic Corp. by 2.8% during the 1st quarter. Mason Street Advisors LLC now owns 10,274 shares of the restaurant operator’s stock valued at $261,000 after purchasing an additional 275 shares during the last quarter. Cobiz Wealth LLC boosted its holdings in shares of Sonic Corp. by 2.6% during the 2nd quarter. Cobiz Wealth LLC now owns 57,230 shares of the restaurant operator’s stock valued at $1,516,000 after purchasing an additional 1,447 shares during the last quarter. Finally, Denver Investment Advisors LLC boosted its holdings in shares of Sonic Corp. by 8.9% during the 2nd quarter. Denver Investment Advisors LLC now owns 17,880 shares of the restaurant operator’s stock valued at $474,000 after purchasing an additional 1,465 shares during the last quarter.

In other news, Director Steven A. Davis bought 2,000 shares of the firm’s stock in a transaction on Friday, July 21st. The shares were bought at an average cost of $24.62 per share, for a total transaction of $49,240.00. The acquisition was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders acquired a total of 5,000 shares of company stock worth $117,730 over the last quarter. 6.24% of the stock is currently owned by company insiders.

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Shares of Sonic Corp. (NASDAQ SONC) opened at 24.41 on Monday. Sonic Corp. has a 12 month low of $21.12 and a 12 month high of $30.05. The stock’s 50 day moving average is $23.64 and its 200 day moving average is $25.72. The stock has a market capitalization of $1.02 billion, a PE ratio of 16.27 and a beta of 1.77.

Sonic Corp. (NASDAQ:SONC) last posted its quarterly earnings results on Thursday, June 22nd. The restaurant operator reported $0.43 earnings per share for the quarter, topping analysts’ consensus estimates of $0.41 by $0.02. The firm had revenue of $124.00 million for the quarter, compared to analyst estimates of $122.58 million. Sonic Corp. had a net margin of 13.23% and a negative return on equity of 44.21%. Sonic Corp.’s quarterly revenue was down 24.9% on a year-over-year basis. During the same period in the previous year, the business posted $0.43 earnings per share. Analysts anticipate that Sonic Corp. will post $1.24 earnings per share for the current fiscal year.

Sonic Corp. declared that its board has authorized a stock repurchase plan on Wednesday, August 9th that permits the company to repurchase $160.00 million in outstanding shares. This repurchase authorization permits the restaurant operator to purchase up to 16.2% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board of directors believes its stock is undervalued.

Several research analysts have commented on SONC shares. BidaskClub downgraded shares of Sonic Corp. from a “hold” rating to a “sell” rating in a report on Sunday, July 16th. Zacks Investment Research downgraded shares of Sonic Corp. from a “hold” rating to a “sell” rating in a report on Thursday, August 24th. Bank of America Corporation reissued an “underperform” rating and set a $28.00 price objective (down previously from $30.00) on shares of Sonic Corp. in a report on Sunday, June 25th. Jefferies Group LLC reissued a “hold” rating and set a $26.00 price objective on shares of Sonic Corp. in a report on Thursday, July 27th. Finally, Cowen and Company increased their price objective on shares of Sonic Corp. from $23.00 to $25.00 and gave the company a “market perform” rating in a report on Friday, June 23rd. Three analysts have rated the stock with a sell rating, ten have assigned a hold rating and four have assigned a buy rating to the stock. The stock has an average rating of “Hold” and a consensus target price of $27.46.

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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