The Kornitzer Capital Management Inc. KS Sold shares of Sonic Corp. (SONC)

The Kornitzer Capital Management Inc. KS Sold shares of Sonic Corp. (SONC)

Kornitzer Capital Management Inc. KS decreased its stake in shares of Sonic Corp. (NASDAQ:SONC) by 16.8% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 662,980 shares of the company’s stock after selling 133,795 shares during the period. Kornitzer Capital Management Inc. KS’s holdings in Sonic Corp. were worth $17,934,000 at the end of the most recent quarter.

Several other large investors have also made changes to their positions in SONC. Aperio Group LLC raised its stake in shares of Sonic Corp. by 4.1% in the first quarter. Aperio Group LLC now owns 10,844 shares of the company’s stock valued at $381,000 after buying an additional 426 shares during the last quarter. Capital Fund Management S.A. increased its position in Sonic Corp. by 234.8% in the second quarter. Capital Fund Management S.A. now owns 402,291 shares of the company’s stock worth $10,882,000 after buying an additional 282,116 shares during the period. BlackRock Group LTD increased its position in Sonic Corp. by 20.8% in the first quarter. BlackRock Group LTD now owns 58,659 shares of the company’s stock worth $2,064,000 after buying an additional 10,100 shares during the period. Royal Bank of Canada increased its position in Sonic Corp. by 7.3% in the first quarter. Royal Bank of Canada now owns 622,673 shares of the company’s stock worth $21,864,000 after buying an additional 42,193 shares during the period. Finally, HL Financial Services LLC increased its position in Sonic Corp. by 10.2% in the second quarter. HL Financial Services LLC now owns 85,249 shares of the company’s stock worth $2,306,000 after buying an additional 7,924 shares during the period. Institutional investors own 98.14% of the company’s stock.

Shares of Sonic Corp. (NASDAQ:SONC) traded down 0.04% during mid-day trading on Friday, hitting $25.84. The company had a trading volume of 586,709 shares. The firm has a 50-day moving average price of $26.69 and a 200-day moving average price of $29.62. The firm has a market capitalization of $1.23 billion, a PE ratio of 20.11 and a beta of 1.20. Sonic Corp. has a 52 week low of $24.91 and a 52 week high of $36.34.

SONC has been the topic of a number of research reports. Oppenheimer Holdings Inc. reaffirmed an “outperform” rating and set a $40.00 price target on shares of Sonic Corp. in a research note on Wednesday, August 10th. Canaccord Genuity reaffirmed a “buy” rating and set a $35.00 price target on shares of Sonic Corp. in a research note on Friday, September 9th. Telsey Advisory Group dropped their price target on Sonic Corp. from $38.00 to $36.00 and set an “outperform” rating on the stock in a research note on Wednesday, September 7th. Jefferies Group reaffirmed a “hold” rating on shares of Sonic Corp. in a research note on Thursday, August 4th. Finally, Barclays PLC reaffirmed a “sell” rating on shares of Sonic Corp. in a research note on Sunday, June 26th. Two investment analysts have rated the stock with a sell rating, two have given a hold rating and nine have given a buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus target price of $34.01.

Sonic Corp. Company Profile

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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