Sonic Corp. (NASDAQ:SONC) – Research analysts at Jefferies Group lowered their Q2 2018 earnings per share estimates for shares of Sonic Corp. in a research note issued to investors on Tuesday. Jefferies Group analyst A. Slagle now anticipates that the restaurant operator will earn $0.13 per share for the quarter, down from their previous estimate of $0.14. Jefferies Group has a “Hold” rating and a $26.00 price target on the stock. Jefferies Group also issued estimates for Sonic Corp.’s Q3 2018 earnings at $0.49 EPS and Q4 2018 earnings at $0.50 EPS.
A number of other research firms have also recently commented on SONC. BidaskClub cut shares of Sonic Corp. from a “hold” rating to a “sell” rating in a report on Sunday, July 16th. Bank of America Corporation reiterated a “buy” rating and set a $30.00 price target on shares of Sonic Corp. in a report on Monday, August 14th. Zacks Investment Research upgraded shares of Sonic Corp. from a “sell” rating to a “buy” rating and set a $26.00 price target on the stock in a report on Wednesday, September 13th. Piper Jaffray Companies restated a “buy” rating and issued a $32.00 target price on shares of Sonic Corp. in a report on Wednesday, July 26th. Finally, Canaccord Genuity raised their target price on shares of Sonic Corp. from $24.00 to $25.00 and gave the stock a “hold” rating in a report on Tuesday. Four investment analysts have rated the stock with a sell rating, eight have given a hold rating and five have given a buy rating to the stock. Sonic Corp. presently has an average rating of “Hold” and a consensus target price of $27.68.
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Sonic Corp. (NASDAQ SONC) traded down 0.78% during midday trading on Wednesday, hitting $25.40. 278,159 shares of the company were exchanged. Sonic Corp. has a 1-year low of $21.12 and a 1-year high of $30.05. The stock has a 50 day moving average of $24.29 and a 200-day moving average of $25.86. The stock has a market capitalization of $1.05 billion, a price-to-earnings ratio of 17.52 and a beta of 1.76.
Sonic Corp. (NASDAQ:SONC) last posted its quarterly earnings results on Monday, October 16th. The restaurant operator reported $0.45 EPS for the quarter, topping analysts’ consensus estimates of $0.43 by $0.02. The company had revenue of $123.60 million for the quarter, compared to analysts’ expectations of $126.01 million. Sonic Corp. had a net margin of 13.34% and a negative return on equity of 33.92%. Sonic Corp.’s revenue was down 23.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.45 EPS.
Sonic Corp. declared that its board has authorized a stock buyback 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 purchase up to 16.2% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s management believes its shares are undervalued.
In other Sonic Corp. news, Director Steven A. Davis purchased 2,000 shares of the firm’s stock in a transaction on Wednesday, September 6th. The shares were acquired at an average cost of $23.00 per share, for a total transaction of $46,000.00. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders acquired 5,000 shares of company stock worth $117,730 over the last quarter. Insiders own 6.24% of the company’s stock.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Aperio Group LLC raised its position in Sonic Corp. by 1.4% in the second quarter. Aperio Group LLC now owns 8,348 shares of the restaurant operator’s stock worth $221,000 after acquiring an additional 119 shares during the period. Mason Street Advisors LLC raised its position in Sonic Corp. by 2.8% in the first quarter. Mason Street Advisors LLC now owns 10,274 shares of the restaurant operator’s stock worth $261,000 after acquiring an additional 275 shares during the period. Victory Capital Management Inc. raised its position in Sonic Corp. by 8.1% in the second quarter. Victory Capital Management Inc. now owns 18,464 shares of the restaurant operator’s stock worth $489,000 after acquiring an additional 1,380 shares during the period. Cobiz Wealth LLC raised its position in Sonic Corp. by 2.6% in the second quarter. Cobiz Wealth LLC now owns 57,230 shares of the restaurant operator’s stock worth $1,516,000 after acquiring an additional 1,447 shares during the period. Finally, Denver Investment Advisors LLC raised its position in Sonic Corp. by 8.9% in the second quarter. Denver Investment Advisors LLC now owns 17,880 shares of the restaurant operator’s stock worth $474,000 after acquiring an additional 1,465 shares during the period.
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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