Sonic Corp. (SONC) Given New $25.00 Price Target at Canaccord Genuity
Sonic Corp. (NASDAQ:SONC) had its price objective upped by Canaccord Genuity from $24.00 to $25.00 in a research note released on Tuesday morning, MarketBeat reports. The firm currently has a hold rating on the restaurant operator’s stock.
A number of other brokerages have also issued reports on SONC. Oppenheimer Holdings, Inc. reiterated a buy rating and set a $29.00 price target on shares of Sonic Corp. in a research report on Friday, October 6th. Zacks Investment Research upgraded Sonic Corp. from a sell rating to a hold rating in a research report on Tuesday, August 1st. Citigroup Inc. assumed coverage on Sonic Corp. in a research report on Monday, September 18th. They set a buy rating and a $28.00 price target for the company. Cowen and Company reiterated a neutral rating on shares of Sonic Corp. in a research report on Tuesday. Finally, Stephens reiterated an overweight rating and set a $32.00 price target on shares of Sonic Corp. in a research report on Monday, June 26th. Four equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and five have assigned a buy rating to the stock. Sonic Corp. has a consensus rating of Hold and a consensus target price of $27.68.
Sonic Corp. (NASDAQ SONC) traded down 1.84% during midday trading on Tuesday, hitting $25.12. The stock had a trading volume of 881,827 shares. Sonic Corp. has a one year low of $21.12 and a one year high of $30.05. The firm has a market cap of $1.04 billion, a PE ratio of 17.32 and a beta of 1.76. The stock has a 50-day moving average price of $24.40 and a 200 day moving average price of $25.86.
Sonic Corp. (NASDAQ:SONC) last released its quarterly earnings data on Monday, October 16th. The restaurant operator reported $0.45 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.43 by $0.02. Sonic Corp. had a negative return on equity of 33.92% and a net margin of 13.34%. The business had revenue of $123.60 million during the quarter, compared to analyst estimates of $126.01 million. During the same quarter in the previous year, the firm posted $0.45 EPS. The business’s revenue for the quarter was down 23.8% compared to the same quarter last year. On average, analysts predict that Sonic Corp. will post $1.35 earnings per share for the current year.
Sonic Corp. announced that its board has approved a share buyback program on Wednesday, August 9th that permits the company to repurchase $160.00 million in outstanding shares. This repurchase authorization permits the restaurant operator to reacquire up to 16.2% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s board believes its shares are undervalued.
In other news, Director Steven A. Davis acquired 2,000 shares of the company’s stock in a transaction dated Wednesday, September 6th. The shares were bought at an average price of $23.00 per share, with a total value of $46,000.00. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. 6.24% of the stock is currently owned by insiders.
Institutional investors and hedge funds have recently bought and sold shares of the company. Great West Life Assurance Co. Can raised its stake in shares of Sonic Corp. by 2.4% in the 2nd quarter. Great West Life Assurance Co. Can now owns 63,326 shares of the restaurant operator’s stock worth $1,676,000 after buying an additional 1,476 shares in the last quarter. Nordea Investment Management AB raised its position in shares of Sonic Corp. by 27.0% during the second quarter. Nordea Investment Management AB now owns 67,409 shares of the restaurant operator’s stock worth $1,786,000 after purchasing an additional 14,315 shares during the period. BlackRock Inc. raised its position in shares of Sonic Corp. by 121,423.6% during the first 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. Cipher Capital LP raised its position in shares of Sonic Corp. by 885.3% during the second quarter. Cipher Capital LP now owns 143,969 shares of the restaurant operator’s stock worth $3,814,000 after purchasing an additional 129,357 shares during the period. Finally, Morgan Stanley raised its position in shares of Sonic Corp. by 310.9% during the first quarter. Morgan Stanley now owns 866,118 shares of the restaurant operator’s stock worth $21,965,000 after purchasing an additional 655,352 shares during the period.
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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