Sonic initiates 9c cash dividend, authorizes $105M share buyback program Sonic Corp announced that its board initiated a cash dividend program under which the company will pay a regular quarterly cash dividend to shareholders of its common stock. The board declared the first quarterly cash dividend of 9c per share of common stock to be paid to shareholders of record as of the close of business on November 12, with a payment date of November 21. The company also announced that its board has increased the company’s share repurchase program for FY15. Pursuant to the program, the company is authorized to repurchase up to $105M of its common stock for the fiscal year beginning September 1 and ending August 31, 2015. The company expects to complete the remaining purchases under its $80M FY14 program by August 31.
Sonic upgraded to Overweight from Neutral at Piper Jaffray Piper Jaffray upgraded Sonic to Overweight citing tis favorable view of the company's multi-layered process to growing sales. Piper raised its price target for shares to $38 from $28.