Citigroup Inc Increased Sonic Corp (NASDAQ:SONC) Stake by $32.87 Million

August 12, 2018 - By Tamara Reed

Sonic Corp. (NASDAQ:SONC) LogoInvestors sentiment decreased to 0.72 in Q1 2018. Its down 0.16, from 0.88 in 2017Q4. It is negative, as 28 investors sold SONC shares while 58 reduced holdings. 23 funds opened positions while 39 raised stakes. 40.44 million shares or 7.62% less from 43.78 million shares in 2017Q4 were reported. Vanguard Inc has 0% invested in Sonic Corp. (NASDAQ:SONC). Louisiana State Employees Retirement Sys has invested 0.02% in Sonic Corp. (NASDAQ:SONC). Gotham Asset Limited reported 221,263 shares. Victory Capital Management Inc owns 37,803 shares for 0% of their portfolio. Canada Pension Plan Board reported 319,540 shares. Highland Cap Management Limited Partnership reported 20,350 shares. Barclays Public Limited Com reported 31,632 shares. Menta Cap Limited Liability holds 0.09% or 17,600 shares in its portfolio. The Ohio-based Huntington Natl Bank has invested 0% in Sonic Corp. (NASDAQ:SONC). National Bank & Trust Of Montreal Can reported 0% of its portfolio in Sonic Corp. (NASDAQ:SONC). National Bank & Trust Of America De reported 150,131 shares. Td Asset Mngmt Incorporated owns 93,461 shares or 0% of their US portfolio. Pinebridge Invests Limited Partnership reported 10,757 shares. Geode Capital Mgmt Ltd stated it has 385,238 shares or 0% of all its holdings. Swiss Bank stated it has 0% of its portfolio in Sonic Corp. (NASDAQ:SONC).

Since February 12, 2018, it had 0 buys, and 2 sales for $874,886 activity. Vaughan Christina D sold 2,124 shares worth $76,464. $798,422 worth of Sonic Corp. (NASDAQ:SONC) was sold by Saroch E Edward on Tuesday, July 17.

Citigroup Inc increased its stake in Sonic Corp (NASDAQ:SONC) by 16110.52% based on its latest 2018Q2 regulatory filing with the SEC. Citigroup Inc bought 966,631 shares as the company’s stock declined 3.62% with the market. The institutional investor held 972,631 shares of the restaurants company at the end of 2018Q2, valued at $33.48 million, up from 6,000 at the end of the previous reported quarter. Citigroup Inc who had been investing in Sonic Corp for a number of months, seems to be bullish on the $1.23B market cap company. The stock increased 0.06% or $0.02 during the last trading session, reaching $34.21. About 501,439 shares traded. Sonic Corp. (NASDAQ:SONC) has declined 16.30% since August 13, 2017 and is downtrending. It has underperformed by 28.87% the S&P500.

Citigroup Inc, which manages about $108.81 billion US Long portfolio, decreased its stake in Bank Amer Corp (Put) (NYSE:BAC) by 1.87M shares to 6.48 million shares, valued at $182.76M in 2018Q2, according to the filing. It also reduced its holding in Dollar Tree Inc (Call) (NASDAQ:DLTR) by 248,800 shares in the quarter, leaving it with 187,100 shares, and cut its stake in Qualcomm Inc (Call) (NASDAQ:QCOM).

Sonic Corp. (NASDAQ:SONC) Ratings Coverage

Among 8 analysts covering Sonic (NASDAQ:SONC), 1 have Buy rating, 1 Sell and 6 Hold. Therefore 13% are positive. Sonic had 11 analyst reports since March 19, 2018 according to SRatingsIntel. Jefferies maintained Sonic Corp. (NASDAQ:SONC) rating on Wednesday, March 28. Jefferies has “Hold” rating and $2800 target. The company was maintained on Monday, March 19 by Wells Fargo. The firm has “Buy” rating given on Thursday, July 12 by Citigroup. Canaccord Genuity maintained the shares of SONC in report on Wednesday, March 28 with “Hold” rating. The firm earned “Market Perform” rating on Wednesday, June 27 by Wells Fargo. The stock has “Underweight” rating by Barclays Capital on Wednesday, March 28. On Wednesday, June 27 the stock rating was maintained by Barclays Capital with “Underweight”. The firm earned “Market Perform” rating on Wednesday, March 28 by Cowen & Co. Morgan Stanley maintained it with “Equal-Weight” rating and $31 target in Thursday, June 28 report. As per Monday, March 26, the company rating was maintained by Morgan Stanley.

Sonic Corp. operates and franchises a chain of quick-service drive-in restaurants in the United States. The company has market cap of $1.23 billion. As of August 31, 2017, the firm operated 3,593 Sonic Drive-Ins in 45 states, of which 228 were owned and operated by the firm and 3,365 were owned and operated by franchisees. It has a 18.38 P/E ratio. The firm also owns and leases 135 properties; and sublease 53 properties to franchisees and other parties.

Another recent and important Sonic Corp. (NASDAQ:SONC) news was published by Fool.com which published an article titled: “3 Companies Rewarding Investors Through Buybacks” on August 07, 2018.

Sonic Corp. (NASDAQ:SONC) Institutional Positions Chart

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