Sonic Corp. (SONC) Receives $27.58 Consensus Target Price from Brokerages
Sonic Corp. (NASDAQ:SONC) has earned a consensus rating of “Hold” from the seventeen brokerages that are presently covering the stock, Marketbeat reports. Three research analysts have rated the stock with a sell rating, ten have issued a hold rating and four have given a buy rating to the company. The average 12 month price objective among analysts that have issued a report on the stock in the last year is $27.58.
Several research analysts recently commented on the company. Zacks Investment Research cut Sonic Corp. from a “hold” rating to a “sell” rating in a research report on Thursday, May 11th. Bank of America Corporation cut Sonic Corp. from a “buy” rating to an “underperform” rating and raised their target price for the stock from $27.00 to $30.00 in a research report on Tuesday, June 13th. BidaskClub cut Sonic Corp. from a “strong-buy” rating to a “buy” rating in a research report on Saturday, June 17th. Wells Fargo & Company assumed coverage on Sonic Corp. in a research report on Tuesday, May 23rd. They issued a “market perform” rating and a $30.00 target price for the company. Finally, Stephens reaffirmed an “overweight” rating and issued a $32.00 target price on shares of Sonic Corp. in a research report on Monday, June 26th.
Shares of Sonic Corp. (NASDAQ:SONC) traded down 2.10% during mid-day trading on Friday, hitting $23.27. 160,354 shares of the company traded hands. The firm has a 50-day moving average price of $24.79 and a 200 day moving average price of $26.05. The firm has a market cap of $972.90 million, a price-to-earnings ratio of 15.51 and a beta of 1.74. Sonic Corp. has a 52-week low of $21.12 and a 52-week high of $30.05.
Sonic Corp. (NASDAQ:SONC) last issued its earnings results on Thursday, June 22nd. The restaurant operator reported $0.43 EPS for the quarter, topping the consensus estimate of $0.41 by $0.02. The firm had revenue of $124 million during the quarter, compared to analysts’ expectations of $122.58 million. Sonic Corp. had a negative return on equity of 44.21% and a net margin of 13.23%. Sonic Corp.’s quarterly revenue was down 24.9% compared to the same quarter last year. During the same period last year, the business earned $0.43 earnings per share. Equities research analysts anticipate that Sonic Corp. will post $1.24 EPS for the current fiscal year.
Sonic Corp. announced that its Board of Directors has authorized a share buyback plan on Wednesday, August 9th that allows the company to repurchase $160.00 million in shares. This repurchase authorization allows the restaurant operator to purchase up to 16.2% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s board believes its stock is undervalued.
The firm also recently announced a quarterly dividend, which was paid on Friday, August 18th. Stockholders of record on Wednesday, August 9th were paid a $0.14 dividend. The ex-dividend date was Monday, August 7th. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.36%. Sonic Corp.’s dividend payout ratio (DPR) is presently 37.33%.
ILLEGAL ACTIVITY NOTICE: “Sonic Corp. (SONC) Receives $27.58 Consensus Target Price from Brokerages” was originally reported by The Cerbat Gem and is the sole property of of The Cerbat Gem. If you are accessing this piece on another domain, it was illegally stolen and reposted in violation of U.S. & international copyright and trademark legislation. The original version of this piece can be read at https://www.thecerbatgem.com/2017/08/21/sonic-corp-sonc-receives-27-58-consensus-target-price-from-brokerages.html.
In other Sonic Corp. news, Director Steven A. Davis bought 2,000 shares of the stock in a transaction dated Friday, July 21st. The stock was bought at an average cost of $24.62 per share, for a total transaction of $49,240.00. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 6.24% of the company’s stock.
Hedge funds have recently made changes to their positions in the stock. RidgeWorth Capital Management LLC acquired a new stake in shares of Sonic Corp. during the first quarter worth $50,669,000. BlackRock Inc. raised its stake in shares of Sonic Corp. by 121,423.6% in the first quarter. BlackRock Inc. now owns 5,323,947 shares of the restaurant operator’s stock worth $135,015,000 after buying an additional 5,319,566 shares during the period. Morgan Stanley raised its stake in shares of Sonic Corp. by 310.9% in the first quarter. Morgan Stanley now owns 866,118 shares of the restaurant operator’s stock worth $21,965,000 after buying an additional 655,352 shares during the period. Invictus RG raised its stake in shares of Sonic Corp. by 1,553.2% in the first quarter. Invictus RG now owns 9,539 shares of the restaurant operator’s stock worth $242,000 after buying an additional 8,962 shares during the period. Finally, Teachers Advisors LLC raised its stake in shares of Sonic Corp. by 25.7% in the fourth quarter. Teachers Advisors LLC now owns 121,742 shares of the restaurant operator’s stock worth $3,227,000 after buying an additional 24,896 shares during the period. Institutional investors own 97.48% of the company’s stock.
About Sonic Corp.
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.
Receive News & Stock Ratings for Sonic Corp. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Sonic Corp. and related stocks with our FREE daily email newsletter.