Sonic (SONC) Given New $28.00 Price Target at Barclays
Sonic (NASDAQ:SONC) had its price objective raised by Barclays from $27.00 to $28.00 in a research report sent to investors on Tuesday morning, MarketBeat.com reports. Barclays currently has an underweight rating on the restaurant operator’s stock.
Several other brokerages also recently commented on SONC. UBS Group reiterated a neutral rating and set a $28.00 target price (up from $26.00) on shares of Sonic in a report on Friday, January 5th. Canaccord Genuity reiterated a hold rating and set a $30.00 target price on shares of Sonic in a report on Friday, January 5th. Zacks Investment Research upgraded Sonic from a hold rating to a buy rating and set a $28.00 target price on the stock in a report on Friday, September 22nd. Oppenheimer downgraded Sonic from an outperform rating to a market perform rating and set a $29.00 price objective on the stock. in a report on Thursday, January 4th. Finally, Guggenheim restated a buy rating and set a $31.00 price objective (up from $29.00) on shares of Sonic in a report on Thursday, December 28th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and six have issued a buy rating to the company’s stock. The stock presently has a consensus rating of Hold and an average target price of $29.64.
Shares of Sonic (NASDAQ:SONC) traded up $0.41 during trading hours on Tuesday, hitting $26.49. The company had a trading volume of 986,527 shares, compared to its average volume of 919,042. The stock has a market cap of $1,002.99, a P/E ratio of 19.61, a P/E/G ratio of 1.16 and a beta of 1.74. The company has a current ratio of 1.81, a quick ratio of 1.81 and a debt-to-equity ratio of -2.87. Sonic has a 1-year low of $22.11 and a 1-year high of $30.05.
Sonic announced that its Board of Directors has authorized a share buyback plan on Thursday, October 26th that permits the company to repurchase $160.00 million in shares. This repurchase authorization permits the restaurant operator to purchase up to 14.9% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s management believes its shares are undervalued.
The company also recently declared a quarterly dividend, which will be paid on Friday, February 16th. Stockholders of record on Wednesday, February 7th will be issued a $0.16 dividend. The ex-dividend date is Tuesday, February 6th. This represents a $0.64 dividend on an annualized basis and a dividend yield of 2.42%. Sonic’s dividend payout ratio (DPR) is 43.24%.
In other news, VP Carolyn C. Cummins sold 2,347 shares of the business’s stock in a transaction that occurred on Thursday, November 30th. The stock was sold at an average price of $25.43, for a total value of $59,684.21. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Frank E. Richardson III sold 50,000 shares of the business’s stock in a transaction that occurred on Thursday, October 26th. The shares were sold at an average price of $25.59, for a total value of $1,279,500.00. Following the completion of the sale, the director now owns 1,187,659 shares of the company’s stock, valued at $30,392,193.81. The disclosure for this sale can be found here. Insiders sold a total of 172,162 shares of company stock valued at $4,656,551 over the last quarter. Company insiders own 6.24% of the company’s stock.
Several hedge funds and other institutional investors have recently modified their holdings of SONC. Schwab Charles Investment Management Inc. increased its holdings in shares of Sonic by 6.6% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 204,401 shares of the restaurant operator’s stock valued at $5,415,000 after acquiring an additional 12,643 shares during the last quarter. Legal & General Group Plc increased its holdings in shares of Sonic by 5.0% in the 2nd quarter. Legal & General Group Plc now owns 81,826 shares of the restaurant operator’s stock valued at $2,168,000 after acquiring an additional 3,862 shares during the last quarter. Victory Capital Management Inc. increased its holdings in shares of Sonic by 8.1% in the 2nd quarter. Victory Capital Management Inc. now owns 18,464 shares of the restaurant operator’s stock valued at $489,000 after acquiring an additional 1,380 shares during the last quarter. Wells Fargo & Company MN increased its holdings in shares of Sonic 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. Finally, Alliancebernstein L.P. increased its holdings in shares of Sonic by 58.4% in the 2nd quarter. Alliancebernstein L.P. now owns 129,905 shares of the restaurant operator’s stock valued at $3,441,000 after acquiring an additional 47,910 shares during the last quarter.
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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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