Oppenheimer Holdings Research Analysts Cut Earnings Estimates for Sonic Corp. (SONC)
Sonic Corp. (NASDAQ:SONC) – Investment analysts at Oppenheimer Holdings cut their FY2016 earnings estimates for Sonic Corp. in a report issued on Wednesday. Oppenheimer Holdings analyst B. Bittner now expects that the brokerage will post earnings of $1.29 per share for the year, down from their previous forecast of $1.32. Oppenheimer Holdings currently has a “Outperform” rating and a $33.00 price target on the stock. Oppenheimer Holdings also issued estimates for Sonic Corp.’s Q4 2016 earnings at $0.44 EPS, Q1 2017 earnings at $0.25 EPS, Q2 2017 earnings at $0.18 EPS, Q3 2017 earnings at $0.48 EPS, Q4 2017 earnings at $0.51 EPS and FY2017 earnings at $1.40 EPS.
Several other equities analysts have also recently weighed in on the stock. Canaccord Genuity reaffirmed a “buy” rating and set a $32.00 target price (down from $35.00) on shares of Sonic Corp. in a research note on Friday. Zacks Investment Research cut shares of Sonic Corp. from a “hold” rating to a “sell” rating in a research note on Friday. Barclays PLC cut their target price on shares of Sonic Corp. from $30.00 to $25.00 and set an “underweight” rating for the company in a research note on Wednesday. Jefferies Group cut their target price on shares of Sonic Corp. from $30.00 to $28.00 and set a “hold” rating for the company in a research note on Wednesday. Finally, Telsey Advisory Group cut their target price on shares of Sonic Corp. from $38.00 to $36.00 and set an “outperform” rating for the company in a research note on Wednesday, September 7th. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating and nine have given a buy rating to the company’s stock. Sonic Corp. presently has a consensus rating of “Buy” and a consensus price target of $34.01.
Sonic Corp. (NASDAQ:SONC) opened at 26.18 on Thursday. Sonic Corp. has a 12 month low of $23.63 and a 12 month high of $36.34. The company has a market cap of $1.24 billion, a PE ratio of 20.37 and a beta of 1.38. The company has a 50-day moving average of $27.48 and a 200 day moving average of $29.97.
Large investors have recently made changes to their positions in the stock. Mason Street Advisors LLC bought a new stake in shares of Sonic Corp. during the second quarter worth $257,000. Royal Bank of Canada raised its stake in shares of Sonic Corp. by 84.0% in the second quarter. Royal Bank of Canada now owns 1,145,861 shares of the company’s stock worth $30,996,000 after buying an additional 523,188 shares during the last quarter. Numeric Investors LLC raised its stake in shares of Sonic Corp. by 92.6% in the second quarter. Numeric Investors LLC now owns 100,900 shares of the company’s stock worth $2,729,000 after buying an additional 48,500 shares during the last quarter. Westwood Holdings Group Inc. bought a new stake in shares of Sonic Corp. during the second quarter worth $11,786,000. Finally, Cubist Systematic Strategies LLC raised its stake in shares of Sonic Corp. by 445.0% in the second quarter. Cubist Systematic Strategies LLC now owns 131,000 shares of the company’s stock worth $3,544,000 after buying an additional 106,963 shares during the last quarter. Institutional investors own 98.14% of the company’s stock.
Sonic Corp. Company Profile
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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