Jefferies Group Weighs in on Sonic Corp.’s FY2016 Earnings (SONC)
Sonic Corp. (NASDAQ:SONC) – Jefferies Group dropped their FY2016 EPS estimates for Sonic Corp. in a report released on Wednesday. Jefferies Group analyst A. Slagle now forecasts that the brokerage will earn $1.29 per share for the year, down from their prior forecast of $1.32. Jefferies Group currently has a “Hold” rating and a $28.00 target price on the stock. Jefferies Group also issued estimates for Sonic Corp.’s Q4 2016 earnings at $0.45 EPS, Q1 2017 earnings at $0.26 EPS, Q2 2017 earnings at $0.19 EPS, Q3 2017 earnings at $0.47 EPS, Q4 2017 earnings at $0.49 EPS and FY2017 earnings at $1.40 EPS.
SONC has been the topic of several other research reports. Bank of America Corp. dropped their target price on Sonic Corp. from $36.00 to $35.00 and set a “buy” rating on the stock in a report on Friday, June 24th. Deutsche Bank AG reiterated a “hold” rating and set a $33.00 target price (down previously from $35.00) on shares of Sonic Corp. in a report on Tuesday, June 7th. Zacks Investment Research downgraded Sonic Corp. from a “hold” rating to a “sell” rating in a research report on Saturday, July 9th. Barclays PLC lowered their price target on Sonic Corp. from $30.00 to $25.00 and set an “underweight” rating on the stock in a research report on Wednesday. Finally, Canaccord Genuity reissued a “buy” rating and set a $32.00 price target (down previously from $35.00) on shares of Sonic Corp. in a research report on Friday. Two analysts have rated the stock with a sell rating, two have assigned a hold rating and nine have assigned a buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus target price of $34.01.
Sonic Corp. (NASDAQ:SONC) opened at 26.18 on Thursday. Sonic Corp. has a 52 week low of $23.63 and a 52 week high of $36.34. The company has a market capitalization of $1.24 billion, a P/E ratio of 20.37 and a beta of 1.38. The company’s 50-day moving average price is $27.48 and its 200-day moving average price is $29.97.
Large investors have recently modified their holdings of the company. Norges Bank bought a new stake in shares of Sonic Corp. during the fourth quarter worth about $11,462,000. Commonwealth Equity Services Inc increased its stake in shares of Sonic Corp. by 13.4% in the first quarter. Commonwealth Equity Services Inc now owns 15,653 shares of the company’s stock worth $550,000 after buying an additional 1,854 shares in the last quarter. Aperio Group LLC increased its stake in shares of Sonic Corp. by 4.1% in the first quarter. Aperio Group LLC now owns 10,844 shares of the company’s stock worth $381,000 after buying an additional 426 shares in the last quarter. BlackRock Inc. increased its stake in shares of Sonic Corp. by 127.1% in the first quarter. BlackRock Inc. now owns 3,826 shares of the company’s stock worth $134,000 after buying an additional 2,141 shares in the last quarter. Finally, BlackRock Group LTD increased its stake in shares of Sonic Corp. by 20.8% in the first quarter. BlackRock Group LTD now owns 58,659 shares of the company’s stock worth $2,064,000 after buying an additional 10,100 shares in the last quarter. 98.14% of the stock is currently owned by institutional investors and hedge funds.
About Sonic Corp.
Sonic Corp. operates and franchises a chain of drive-in restaurants in the United States. The Company has around 3,512 Sonic Drive-Ins in 44 states of the United States. The Company’s product categories include Burgers, Coneys and Hot Dogs, Chicken, Breakfast, Snacks and Sides, Drinks, Ice Cream, and Wacky Pack.
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