Sonic Corp. (SONC) Shares Bought by Comerica Bank

Comerica Bank boosted its position in shares of Sonic Corp. (NASDAQ:SONC) by 0.1% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 41,669 shares of the restaurant operator’s stock after buying an additional 37 shares during the period. Comerica Bank’s holdings in Sonic Corp. were worth $1,128,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of the stock. LSV Asset Management purchased a new stake in Sonic Corp. during the first quarter worth about $218,000. Pacad Investment Ltd. raised its stake in Sonic Corp. by 8,200.0% in the fourth quarter. Pacad Investment Ltd. now owns 8,300 shares of the restaurant operator’s stock worth $220,000 after buying an additional 8,200 shares in the last quarter. Raymond James Financial Services Advisors Inc. raised its stake in Sonic Corp. by 4.7% in the fourth quarter. Raymond James Financial Services Advisors Inc. now owns 9,602 shares of the restaurant operator’s stock worth $255,000 after buying an additional 432 shares in the last quarter. OLD National Bancorp IN purchased a new stake in Sonic Corp. during the first quarter worth about $380,000. Finally, BNP Paribas Arbitrage SA raised its stake in Sonic Corp. by 1.4% in the first quarter. BNP Paribas Arbitrage SA now owns 15,327 shares of the restaurant operator’s stock worth $389,000 after buying an additional 213 shares in the last quarter. Institutional investors own 97.48% of the company’s stock.

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

Sonic Corp. (NASDAQ:SONC) opened at 28.61 on Tuesday. The firm has a 50-day moving average of $28.77 and a 200-day moving average of $26.47. Sonic Corp. has a 12-month low of $21.12 and a 12-month high of $30.45. The firm has a market cap of $1.21 billion, a P/E ratio of 20.76 and a beta of 1.82.

Sonic Corp. (NASDAQ:SONC) last issued its quarterly earnings results on Tuesday, March 28th. The restaurant operator reported $0.15 EPS for the quarter, topping analysts’ consensus estimates of $0.14 by $0.01. The company had revenue of $100.20 million during the quarter, compared to analyst estimates of $104.32 million. Sonic Corp. had a negative return on equity of 59.25% and a net margin of 11.65%. The company’s quarterly revenue was down 24.8% compared to the same quarter last year. During the same period in the previous year, the company earned $0.18 earnings per share. On average, analysts expect that Sonic Corp. will post $1.25 EPS for the current year.

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SONC has been the topic of a number of analyst reports. Cowen and Company dropped their price objective on shares of Sonic Corp. to $24.00 in a research note on Friday, March 24th. Canaccord Genuity reiterated a “buy” rating and set a $30.00 price objective on shares of Sonic Corp. in a research note on Friday, February 24th. BidaskClub lowered shares of Sonic Corp. from a “strong-buy” rating to a “buy” rating in a research note on Saturday. Jefferies Group LLC reiterated a “hold” rating and set a $26.00 price objective on shares of Sonic Corp. in a research note on Wednesday, March 29th. Finally, Zacks Investment Research upgraded shares of Sonic Corp. from a “sell” rating to a “hold” rating in a research note on Saturday, May 27th. Three investment analysts have rated the stock with a sell rating, nine have issued a hold rating and three have issued a buy rating to the stock. Sonic Corp. currently has a consensus rating of “Hold” and an average target price of $27.54.

In related news, VP Carolyn C. Cummins sold 2,500 shares of the company’s stock in a transaction on Monday, May 8th. The stock was sold at an average price of $28.39, for a total value of $70,975.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Frank E. Richardson III sold 50,000 shares of the company’s stock in a transaction on Tuesday, May 16th. The shares were sold at an average price of $28.15, for a total value of $1,407,500.00. Following the completion of the transaction, the director now owns 1,202,310 shares of the company’s stock, valued at $33,845,026.50. The disclosure for this sale can be found here. Corporate insiders own 6.24% of the company’s stock.

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.new TradingView.widget({ “height”: 400, “width”: 625, “symbol”: “NASDAQ:SONC”, “interval”: “D”, “timezone”: “Etc/UTC”, “theme”: “White”, “style”: “1”, “locale”: “en”, “toolbar_bg”: “#f1f3f6”, “enable_publishing”: false, “hideideas”: true, “referral_id”: “2588”});

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