Sonic Corp. (SONC) Receives $30.11 Average PT from Analysts
Shares of Sonic Corp. (NASDAQ:SONC) have been assigned a consensus recommendation of “Hold” from the twelve analysts that are covering the firm. Two research analysts have rated the stock with a sell recommendation, four have issued a hold recommendation and six have issued a buy recommendation on the company. The average 12 month price target among brokerages that have covered the stock in the last year is $30.11.
A number of research firms recently commented on SONC. Canaccord Genuity reiterated a “buy” rating and set a $35.00 price objective on shares of Sonic Corp. in a research report on Friday, September 9th. Jefferies Group reiterated a “hold” rating on shares of Sonic Corp. in a research report on Thursday, August 4th. Oppenheimer Holdings Inc. reiterated an “outperform” rating and set a $40.00 price objective on shares of Sonic Corp. in a research report on Wednesday, August 10th. Barclays PLC reduced their price objective on Sonic Corp. from $30.00 to $25.00 and set an “underweight” rating for the company in a research report on Wednesday, September 28th. Finally, Stephens cut Sonic Corp. from an “overweight” rating to an “equal weight” rating and reduced their price objective for the company from $32.00 to $26.00 in a research report on Tuesday, October 25th.
Institutional investors have recently made changes to their positions in the stock. BlackRock Inc. raised its position 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 during the last quarter. Bank of Montreal Can purchased a new position in shares of Sonic Corp. during the second quarter worth approximately $123,000. Societe Generale purchased a new position in shares of Sonic Corp. during the second quarter worth approximately $141,000. SG Americas Securities LLC purchased a new position in shares of Sonic Corp. during the second quarter worth approximately $141,000. Finally, FNY Managed Accounts LLC purchased a new position in shares of Sonic Corp. during the third quarter worth approximately $147,000. 96.33% of the stock is owned by institutional investors.
Shares of Sonic Corp. (NASDAQ:SONC) opened at 25.93 on Wednesday. The company has a market cap of $1.19 billion, a P/E ratio of 20.10 and a beta of 1.44. The stock’s 50 day moving average price is $25.13 and its 200-day moving average price is $28.05. Sonic Corp. has a 12 month low of $21.12 and a 12 month high of $36.34.
Sonic Corp. (NASDAQ:SONC) last announced its quarterly earnings results on Monday, October 24th. The company reported $0.45 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.44 by $0.01. The firm had revenue of $162.12 million for the quarter, compared to the consensus estimate of $167.15 million. Sonic Corp. had a negative return on equity of 136.77% and a net margin of 10.57%. The company’s quarterly revenue was down 7.5% on a year-over-year basis. During the same period in the prior year, the company posted $0.43 earnings per share. Equities research analysts expect that Sonic Corp. will post $1.26 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, November 18th. Investors of record on Wednesday, November 9th will be paid a dividend of $0.14 per share. The ex-dividend date of this dividend is Monday, November 7th. This is a positive change from Sonic Corp.’s previous quarterly dividend of $0.11. This represents a $0.56 dividend on an annualized basis and a yield of 2.16%. Sonic Corp.’s dividend payout ratio is presently 43.08%.
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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