JPMorgan Chase & Co. cut its stake in shares of Sonic Corp. (NASDAQ:SONC) by 13.3% during the second quarter, according to its most recent filing with the SEC. The institutional investor owned 472,328 shares of the company’s stock after selling 72,420 shares during the period. JPMorgan Chase & Co. owned about 0.99% of Sonic Corp. worth $12,777,000 as of its most recent SEC filing.
Other hedge funds also recently added to or reduced their stakes in the company. Bank of Montreal Can acquired a new stake in shares of Sonic Corp. during the second quarter worth approximately $123,000. BlackRock Inc. boosted its stake in shares of Sonic Corp. by 127.1% in the first quarter. BlackRock Inc. now owns 3,826 shares of the company’s stock worth $134,000 after buying an additional 2,141 shares during the period. Societe Generale acquired a new stake in shares of Sonic Corp. during the second quarter worth approximately $141,000. SG Americas Securities LLC acquired a new stake in shares of Sonic Corp. during the second quarter worth approximately $141,000. Finally, Fox Run Management L.L.C. acquired a new stake in shares of Sonic Corp. during the second quarter worth approximately $233,000. Institutional investors and hedge funds own 98.14% of the company’s stock.
Sonic Corp. (NASDAQ:SONC) traded up 2.83% during midday trading on Friday, hitting $26.18. 1,206,260 shares of the stock traded hands. The company has a 50-day moving average of $27.48 and a 200-day moving average of $29.97. Sonic Corp. has a 12 month low of $23.63 and a 12 month high of $36.34. The stock has a market cap of $1.24 billion, a PE ratio of 20.37 and a beta of 1.38.
A number of analysts have recently commented on SONC shares. Canaccord Genuity started coverage on shares of Sonic Corp. in a report on Monday, August 22nd. They set a “buy” rating and a $35.00 target price on the stock. Oppenheimer Holdings Inc. restated a “buy” rating on shares of Sonic Corp. in a report on Sunday, June 26th. Bank of America Corp. dropped their target price on shares of Sonic Corp. from $36.00 to $35.00 and set a “buy” rating on the stock in a report on Friday, June 24th. Deutsche Bank AG restated a “hold” rating and set a $33.00 target price (down previously from $35.00) on shares of Sonic Corp. in a report on Tuesday, June 7th. Finally, Jefferies Group restated a “hold” rating on shares of Sonic Corp. in a report on Thursday, August 4th. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and nine have given a buy rating to the stock. The company presently has an average rating of “Buy” and an average target price of $34.01.
About Sonic Corp.
Sonic Corp. operates and franchises a chain of drive-in restaurants in the United States. The Company has around 3,512 Sonic Drive-Ins in 44 states of the United States. The Company’s product categories include Burgers, Coneys and Hot Dogs, Chicken, Breakfast, Snacks and Sides, Drinks, Ice Cream, and Wacky Pack.
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