Schwab Charles Investment Management Inc. raised its holdings in shares of Sonic Corp. (NASDAQ:SONC) by 6.6% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 204,401 shares of the restaurant operator’s stock after purchasing an additional 12,643 shares during the quarter. Schwab Charles Investment Management Inc. owned 0.49% of Sonic Corp. worth $5,415,000 as of its most recent SEC filing.
Other hedge funds have also made changes to their positions in the company. Karp Capital Management Corp bought a new stake in Sonic Corp. during the 1st quarter valued at $209,000. State of Alaska Department of Revenue grew its stake in shares of Sonic Corp. by 72.7% in the 2nd quarter. State of Alaska Department of Revenue now owns 8,378 shares of the restaurant operator’s stock worth $221,000 after acquiring an additional 3,528 shares in the last quarter. Aperio Group LLC grew its stake in shares of Sonic Corp. by 1.4% in the 2nd quarter. Aperio Group LLC now owns 8,348 shares of the restaurant operator’s stock worth $221,000 after acquiring an additional 119 shares in the last quarter. HL Financial Services LLC bought a new stake in shares of Sonic Corp. in the 2nd quarter worth $227,000. Finally, Invictus RG grew its stake in shares of Sonic Corp. by 1,553.2% in the 1st quarter. Invictus RG now owns 9,539 shares of the restaurant operator’s stock worth $242,000 after acquiring an additional 8,962 shares in the last quarter.
Several analysts have recently issued reports on the stock. BidaskClub lowered shares of Sonic Corp. from a “strong-buy” rating to a “buy” rating in a research note on Saturday, June 17th. Bank of America Corporation reiterated an “underperform” rating and issued a $28.00 target price (down previously from $30.00) on shares of Sonic Corp. in a research note on Sunday, June 25th. Stephens reiterated an “overweight” rating and issued a $32.00 target price on shares of Sonic Corp. in a research note on Monday, June 26th. Oppenheimer Holdings, Inc. reiterated an “outperform” rating and issued a $29.00 target price on shares of Sonic Corp. in a research note on Monday, June 26th. Finally, Cowen and Company upped their target price on shares of Sonic Corp. from $23.00 to $25.00 and gave the stock a “market perform” rating in a research note on Friday, June 23rd. Three investment analysts have rated the stock with a sell rating, nine have issued a hold rating and five have given a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus target price of $27.61.
Sonic Corp. (NASDAQ SONC) opened at 24.49 on Friday. Sonic Corp. has a one year low of $21.12 and a one year high of $30.05. The stock has a market capitalization of $1.02 billion, a P/E ratio of 16.33 and a beta of 1.76. The company has a 50 day moving average of $24.10 and a 200-day moving average of $25.83.
Sonic Corp. announced that its board has approved a stock repurchase program on Wednesday, August 9th that allows the company to repurchase $160.00 million in shares. This repurchase authorization allows the restaurant operator to purchase up to 16.2% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board believes its shares are undervalued.
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In other Sonic Corp. news, Director Steven A. Davis acquired 2,000 shares of Sonic Corp. stock in a transaction that occurred on Wednesday, September 6th. The stock was bought at an average cost of $23.00 per share, for a total transaction of $46,000.00. The purchase was disclosed in a document filed with the SEC, which is accessible through this link. Insiders purchased a total of 5,000 shares of company stock valued at $117,730 over the last quarter. 6.24% of the stock is owned by corporate insiders.
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.
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