California State Teachers Retirement System reduced its position in shares of Sonic Corp. (NASDAQ:SONC) by 16.7% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 72,805 shares of the restaurant operator’s stock after selling 14,585 shares during the period. California State Teachers Retirement System owned approximately 0.17% of Sonic Corp. worth $1,929,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently made changes to their positions in SONC. BlackRock Inc. raised its position in Sonic Corp. by 121,423.6% during the first quarter. BlackRock Inc. now owns 5,323,947 shares of the restaurant operator’s stock valued at $135,015,000 after purchasing an additional 5,319,566 shares in the last quarter. Westfield Capital Management Co. LP acquired a new position in Sonic Corp. during the second quarter valued at approximately $27,984,000. UBS Asset Management Americas Inc. raised its position in Sonic Corp. by 3,507.8% during the second quarter. UBS Asset Management Americas Inc. now owns 420,125 shares of the restaurant operator’s stock valued at $11,129,000 after purchasing an additional 408,480 shares in the last quarter. Marshall Wace North America L.P. raised its position in Sonic Corp. by 643.8% during the second quarter. Marshall Wace North America L.P. now owns 181,237 shares of the restaurant operator’s stock valued at $4,712,000 after purchasing an additional 156,872 shares in the last quarter. Finally, Great Lakes Advisors LLC acquired a new position in Sonic Corp. during the second quarter valued at approximately $3,435,000.

In related news, Director Federico F. Pena sold 1,161 shares of the business’s stock in a transaction on Monday, October 23rd. The shares were 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 sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Steven A. Davis acquired 2,000 shares of Sonic Corp. stock in a transaction that occurred on Wednesday, September 6th. The stock was acquired at an average cost of $23.00 per share, for a total transaction of $46,000.00. The disclosure for this purchase can be found here. Insiders own 6.24% of the company’s stock.

Several brokerages have commented on SONC. Zacks Investment Research upgraded shares of Sonic Corp. from a “sell” rating to a “hold” rating in a research report on Friday, November 3rd. Oppenheimer Holdings, Inc. restated a “buy” rating and set a $29.00 price objective on shares of Sonic Corp. in a research report on Tuesday, October 17th. Canaccord Genuity boosted their price objective on shares of Sonic Corp. from $24.00 to $25.00 and gave the company a “hold” rating in a research report on Tuesday, October 17th. Cowen and Company reaffirmed a “neutral” rating on shares of Sonic Corp. in a research note on Tuesday, October 17th. Finally, Citigroup Inc. began coverage on shares of Sonic Corp. in a research note on Monday, September 18th. They set a “buy” rating and a $28.00 target price on the stock. Three research analysts have rated the stock with a sell rating, seven have given a hold rating and five have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus target price of $27.73.

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Shares of Sonic Corp. (NASDAQ SONC) opened at $24.12 on Thursday. The company has a quick ratio of 1.48, a current ratio of 1.52 and a debt-to-equity ratio of -3.19. Sonic Corp. has a one year low of $22.11 and a one year high of $30.05. The firm has a market cap of $961.99, a price-to-earnings ratio of 18.82, a P/E/G ratio of 1.22 and a beta of 1.75.

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

Sonic Corp. announced that its Board of Directors has authorized a stock repurchase program on Wednesday, August 9th that allows the company to repurchase $160.00 million in outstanding shares. This repurchase authorization allows the restaurant operator to reacquire up to 16.2% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s leadership believes its stock is undervalued.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 17th. Investors of record on Wednesday, November 8th will be paid a $0.16 dividend. This is a boost from Sonic Corp.’s previous quarterly dividend of $0.14. The ex-dividend date is Tuesday, November 7th. This represents a $0.64 annualized dividend and a dividend yield of 2.65%. Sonic Corp.’s payout ratio is currently 43.54%.

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

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