Telsey Advisory Group restated their market perform rating on shares of Sonic (NASDAQ:SONC) in a report published on Wednesday, MarketBeat Ratings reports. The brokerage currently has a $28.00 price target on the restaurant operator’s stock, down from their previous price target of $31.00.
A number of other brokerages have also recently commented on SONC. Guggenheim reissued a buy rating and set a $31.00 target price (up previously from $29.00) on shares of Sonic in a report on Thursday, December 28th. Canaccord Genuity reissued a hold rating and set a $30.00 target price on shares of Sonic in a report on Friday, January 5th. UBS Group reissued a neutral rating and set a $28.00 target price (up previously from $26.00) on shares of Sonic in a report on Friday, January 5th. Oppenheimer cut Sonic from an outperform rating to a market perform rating and set a $29.00 target price for the company. in a report on Thursday, January 4th. Finally, Zacks Investment Research upgraded Sonic from a hold rating to a buy rating and set a $31.00 price target for the company in a research report on Wednesday, January 10th. Two analysts have rated the stock with a sell rating, eight have given a hold rating and five have given a buy rating to the company. The company currently has an average rating of Hold and a consensus price target of $29.43.
Sonic (SONC) opened at $24.39 on Wednesday. The firm has a market capitalization of $951.07, a PE ratio of 18.59, a P/E/G ratio of 1.10 and a beta of 1.55. Sonic has a fifty-two week low of $22.11 and a fifty-two week high of $30.05. The company has a quick ratio of 1.81, a current ratio of 1.81 and a debt-to-equity ratio of -2.87.
Sonic (NASDAQ:SONC) last released its quarterly earnings results on Thursday, January 4th. The restaurant operator reported $0.30 earnings per share for the quarter, topping analysts’ consensus estimates of $0.25 by $0.05. Sonic had a negative return on equity of 28.95% and a net margin of 13.68%. The company had revenue of $105.40 million during the quarter, compared to analysts’ expectations of $106.86 million. During the same quarter in the prior year, the firm posted $0.24 EPS. Sonic’s quarterly revenue was down 18.7% compared to the same quarter last year. analysts forecast that Sonic will post 1.53 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Friday, February 16th. Stockholders of record on Wednesday, February 7th were given a dividend of $0.16 per share. The ex-dividend date was Tuesday, February 6th. This represents a $0.64 dividend on an annualized basis and a dividend yield of 2.62%. Sonic’s payout ratio is 43.24%.
In related news, Director Frank E. Richardson III sold 3,670 shares of Sonic stock in a transaction that occurred on Monday, December 18th. The stock was sold at an average price of $28.21, for a total transaction of $103,530.70. Following the completion of the transaction, the director now directly owns 1,061,699 shares in the company, valued at approximately $29,950,528.79. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Federico F. Pena sold 9,686 shares of Sonic stock in a transaction that occurred on Monday, February 12th. The stock was sold at an average price of $24.61, for a total value of $238,372.46. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 17,931 shares of company stock valued at $460,807. Insiders own 6.24% of the company’s stock.
Several institutional investors have recently modified their holdings of SONC. Glenmede Trust Co. NA raised its position in shares of Sonic by 97.2% during the 4th quarter. Glenmede Trust Co. NA now owns 4,634 shares of the restaurant operator’s stock worth $126,000 after purchasing an additional 2,284 shares during the last quarter. Aperio Group LLC acquired a new position in shares of Sonic during the 4th quarter worth approximately $203,000. Elkfork Partners LLC acquired a new position in shares of Sonic during the 4th quarter worth approximately $209,000. Wolverine Trading LLC raised its position in shares of Sonic by 382.4% during the 3rd quarter. Wolverine Trading LLC now owns 9,110 shares of the restaurant operator’s stock worth $232,000 after purchasing an additional 12,336 shares during the last quarter. Finally, Crossmark Global Holdings Inc. acquired a new position in shares of Sonic during the 3rd quarter worth approximately $239,000.
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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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