Sonic Corp. (NASDAQ:SONC) had its price objective upped by Canaccord Genuity from $24.00 to $25.00 in a report issued on Tuesday, October 17th, Marketbeat reports. They currently have a hold rating on the restaurant operator’s stock.
A number of other research firms have also weighed in on SONC. BidaskClub lowered Sonic Corp. from a hold rating to a sell rating in a research note on Sunday, July 16th. Bank of America Corporation reissued a buy rating and set a $30.00 price target on shares of Sonic Corp. in a research note on Monday, August 14th. Zacks Investment Research raised Sonic Corp. from a sell rating to a buy rating and set a $26.00 price target for the company in a research note on Wednesday, September 13th. Piper Jaffray Companies reissued a buy rating and set a $32.00 price target on shares of Sonic Corp. in a research note on Wednesday, July 26th. Finally, Jefferies Group LLC reissued a hold rating and set a $26.00 price target on shares of Sonic Corp. in a research note on Thursday, July 27th. Three research analysts have rated the stock with a sell rating, eight have assigned a hold rating and five have issued a buy rating to the stock. Sonic Corp. presently has an average rating of Hold and an average price target of $27.73.
Sonic Corp. (NASDAQ:SONC) opened at 25.77 on Tuesday. The company has a 50-day moving average price of $24.53 and a 200-day moving average price of $25.85. Sonic Corp. has a 1-year low of $22.11 and a 1-year high of $30.05. The firm has a market cap of $1.06 billion, a P/E ratio of 17.77 and a beta of 1.76.
Sonic Corp. (NASDAQ:SONC) last released its quarterly earnings data on Monday, October 16th. The restaurant operator reported $0.45 earnings per share for the quarter, topping analysts’ consensus estimates of $0.43 by $0.02. The firm had revenue of $123.60 million during the quarter, compared to analyst estimates of $126.01 million. Sonic Corp. had a negative return on equity of 33.92% and a net margin of 13.34%. The business’s quarterly revenue was down 23.8% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.45 earnings per share. On average, equities research analysts forecast that Sonic Corp. will post $1.35 EPS for the current fiscal year.
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Sonic Corp. announced that its Board of Directors has authorized a stock repurchase program on Wednesday, August 9th that allows the company to repurchase $160.00 million in outstanding shares. This repurchase authorization allows the restaurant operator to repurchase up to 16.2% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s board believes its stock is undervalued.
The firm also recently declared a quarterly dividend, which will be paid on Friday, November 17th. Stockholders of record on Wednesday, November 8th will be issued a $0.16 dividend. This represents a $0.64 annualized dividend and a dividend yield of 2.48%. This is an increase from Sonic Corp.’s previous quarterly dividend of $0.14. The ex-dividend date of this dividend is Tuesday, November 7th. Sonic Corp.’s dividend payout ratio is presently 38.10%.
In other news, Director Federico F. Pena sold 1,161 shares of the stock in a transaction that occurred on Monday, October 23rd. The stock was sold at an average price of $25.20, for a total value of $29,257.20. Following the sale, the director now directly owns 1,187,659 shares in the company, valued at $29,929,006.80. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, Director Steven A. Davis acquired 2,000 shares of Sonic Corp. stock in a transaction on Wednesday, September 6th. The shares were purchased at an average price of $23.00 per share, for a total transaction of $46,000.00. The disclosure for this purchase can be found here. Corporate insiders own 6.24% of the company’s stock.
A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Aperio Group LLC boosted its position in Sonic Corp. by 1.4% during the 2nd quarter. Aperio Group LLC now owns 8,348 shares of the restaurant operator’s stock valued at $221,000 after acquiring an additional 119 shares in the last quarter. Mason Street Advisors LLC boosted its position in Sonic Corp. by 2.8% during the 1st quarter. Mason Street Advisors LLC now owns 10,274 shares of the restaurant operator’s stock valued at $261,000 after acquiring an additional 275 shares in the last quarter. Victory Capital Management Inc. boosted its position in Sonic Corp. by 8.1% during the 2nd quarter. Victory Capital Management Inc. now owns 18,464 shares of the restaurant operator’s stock valued at $489,000 after acquiring an additional 1,380 shares in the last quarter. Cobiz Wealth LLC boosted its position in Sonic Corp. by 2.6% during the 2nd quarter. Cobiz Wealth LLC now owns 57,230 shares of the restaurant operator’s stock valued at $1,516,000 after acquiring an additional 1,447 shares in the last quarter. Finally, Denver Investment Advisors LLC boosted its position in Sonic Corp. by 8.9% during the 2nd quarter. Denver Investment Advisors LLC now owns 17,880 shares of the restaurant operator’s stock valued at $474,000 after acquiring an additional 1,465 shares in the last quarter.
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.
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