Oppenheimer Holdings Weighs in on Sonic Corp.’s FY2017 Earnings (SONC)
Sonic Corp. (NASDAQ:SONC) – Stock analysts at Oppenheimer Holdings lowered their FY2017 EPS estimates for Sonic Corp. in a research report issued on Friday. Oppenheimer Holdings analyst B. Bittner now expects that the restaurant operator will earn $1.23 per share for the year, down from their previous estimate of $1.25. Oppenheimer Holdings currently has a “Buy” rating and a $29.00 price objective on the stock. Oppenheimer Holdings also issued estimates for Sonic Corp.’s Q4 2017 earnings at $0.43 EPS, Q1 2018 earnings at $0.23 EPS, Q2 2018 earnings at $0.16 EPS, Q3 2018 earnings at $0.47 EPS, Q4 2018 earnings at $0.47 EPS, FY2018 earnings at $1.30 EPS and FY2019 earnings at $1.47 EPS.
SONC has been the topic of several other reports. Bank of America Corporation restated an “underperform” rating and issued a $28.00 price objective (down from $30.00) on shares of Sonic Corp. in a research report on Sunday, June 25th. BidaskClub downgraded Sonic Corp. from a “hold” rating to a “sell” rating in a research report on Sunday, July 16th. Zacks Investment Research downgraded Sonic Corp. from a “hold” rating to a “sell” rating in a research report on Thursday, August 24th. Jefferies Group LLC reiterated a “hold” rating and set a $26.00 target price on shares of Sonic Corp. in a research report on Thursday, July 27th. Finally, Cowen and Company increased their target price on Sonic Corp. from $23.00 to $25.00 and gave the stock a “market perform” rating in a research report on Friday, June 23rd. Three research analysts have rated the stock with a sell rating, nine have assigned a hold rating and five have issued a buy rating to the company’s stock. Sonic Corp. currently has a consensus rating of “Hold” and a consensus price target of $27.61.
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Shares of Sonic Corp. (NASDAQ SONC) opened at 24.24 on Monday. Sonic Corp. has a 12 month low of $21.12 and a 12 month high of $30.05. The company’s 50 day moving average price is $24.05 and its 200-day moving average price is $25.85. The firm has a market capitalization of $1.01 billion, a P/E ratio of 16.16 and a beta of 1.76.
Several institutional investors have recently added to or reduced their stakes in the company. BlackRock Inc. raised its holdings in shares of Sonic Corp. by 121,423.6% in the 1st quarter. BlackRock Inc. now owns 5,323,947 shares of the restaurant operator’s stock worth $135,015,000 after purchasing an additional 5,319,566 shares during the period. Vanguard Group Inc. raised its holdings in shares of Sonic Corp. by 1.2% in the 2nd quarter. Vanguard Group Inc. now owns 3,596,500 shares of the restaurant operator’s stock worth $95,272,000 after purchasing an additional 43,146 shares during the period. Dimensional Fund Advisors LP raised its holdings in shares of Sonic Corp. by 5.2% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,946,931 shares of the restaurant operator’s stock worth $51,575,000 after purchasing an additional 95,894 shares during the period. Macquarie Group Ltd. raised its holdings in shares of Sonic Corp. by 2.3% in the 2nd quarter. Macquarie Group Ltd. now owns 1,165,874 shares of the restaurant operator’s stock worth $30,884,000 after purchasing an additional 26,636 shares during the period. Finally, State Street Corp raised its holdings in shares of Sonic Corp. by 2.0% in the 2nd quarter. State Street Corp now owns 1,083,561 shares of the restaurant operator’s stock worth $28,707,000 after purchasing an additional 21,420 shares during the period.
In other news, Director Steven A. Davis acquired 2,000 shares of the business’s stock in a transaction dated Wednesday, September 6th. The shares were bought at an average cost of $23.00 per share, for a total transaction of $46,000.00. The purchase was disclosed in a document filed with the SEC, which is available through the SEC website. Over the last 90 days, insiders bought 5,000 shares of company stock worth $117,730. Company insiders own 6.24% of the company’s stock.
Sonic Corp. announced that its board has initiated a share repurchase plan on Wednesday, August 9th that authorizes the company to repurchase $160.00 million in shares. This repurchase authorization authorizes the restaurant operator to buy up to 16.2% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board believes its shares are undervalued.
Sonic Corp. Company Profile
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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