Equities analysts expect Sonic Co. (NASDAQ:SONC) to announce $113.04 million in sales for the current quarter, according to Zacks Investment Research. Five analysts have issued estimates for Sonic’s earnings. The lowest sales estimate is $111.80 million and the highest is $116.40 million. Sonic posted sales of $123.57 million in the same quarter last year, which would indicate a negative year over year growth rate of 8.5%. The firm is scheduled to issue its next quarterly earnings results on Monday, October 15th.

On average, analysts expect that Sonic will report full-year sales of $424.52 million for the current financial year, with estimates ranging from $422.91 million to $428.20 million. For the next financial year, analysts expect that the firm will report sales of $404.21 million per share, with estimates ranging from $398.22 million to $419.10 million. Zacks Investment Research’s sales averages are a mean average based on a survey of research analysts that that provide coverage for Sonic.

Sonic (NASDAQ:SONC) last issued its quarterly earnings results on Tuesday, June 26th. The restaurant operator reported $0.52 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.49 by $0.03. Sonic had a negative return on equity of 23.60% and a net margin of 16.87%. The firm had revenue of $118.30 million for the quarter, compared to analyst estimates of $119.31 million. During the same period in the previous year, the company posted $0.43 earnings per share. The company’s quarterly revenue was down 4.6% compared to the same quarter last year.

Several brokerages recently issued reports on SONC. Zacks Investment Research upgraded Sonic from a “sell” rating to a “hold” rating in a research note on Friday, June 1st. BidaskClub lowered Sonic from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, July 11th. Barclays boosted their price target on Sonic from $25.00 to $27.00 and gave the company an “underweight” rating in a research note on Wednesday, June 27th. ValuEngine upgraded Sonic from a “sell” rating to a “hold” rating in a research note on Thursday, June 7th. Finally, Canaccord Genuity reiterated a “hold” rating and issued a $33.00 price objective on shares of Sonic in a research note on Wednesday, June 27th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and three have issued a buy rating to the stock. The stock has an average rating of “Hold” and an average price target of $32.18.

SONC traded up $0.27 on Wednesday, hitting $34.53. 644,225 shares of the stock traded hands, compared to its average volume of 521,840. Sonic has a 52 week low of $22.11 and a 52 week high of $37.44. The company has a quick ratio of 1.78, a current ratio of 1.78 and a debt-to-equity ratio of -2.62. The firm has a market capitalization of $1.23 billion, a price-to-earnings ratio of 27.62, a P/E/G ratio of 1.57 and a beta of 1.48.

Sonic announced that its board has authorized a stock repurchase plan on Thursday, June 7th that authorizes the company to repurchase $500.00 million in outstanding shares. This repurchase authorization authorizes the restaurant operator to purchase up to 42.2% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s management believes its stock is undervalued.

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 17th. Stockholders of record on Wednesday, August 8th were paid a $0.16 dividend. The ex-dividend date of this dividend was Tuesday, August 7th. This represents a $0.64 annualized dividend and a dividend yield of 1.85%. Sonic’s dividend payout ratio is currently 51.20%.

In related news, insider Christina D. Vaughan sold 2,124 shares of the stock in a transaction that occurred on Tuesday, July 17th. The stock was sold at an average price of $36.00, for a total transaction of $76,464.00. Following the sale, the insider now directly owns 2,124 shares in the company, valued at approximately $76,464. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, VP E Edward Saroch sold 21,896 shares of the stock in a transaction that occurred on Tuesday, July 17th. The stock was sold at an average price of $36.46, for a total value of $798,328.16. The disclosure for this sale can be found here. Corporate insiders own 6.24% of the company’s stock.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. WINTON GROUP Ltd bought a new stake in Sonic during the 2nd quarter worth approximately $10,600,000. Millennium Management LLC bought a new stake in Sonic during the 2nd quarter worth approximately $1,966,000. Point72 Asset Management L.P. grew its position in Sonic by 109.0% during the 2nd quarter. Point72 Asset Management L.P. now owns 4,500 shares of the restaurant operator’s stock worth $155,000 after acquiring an additional 54,500 shares during the last quarter. Raymond James & Associates bought a new stake in Sonic during the 2nd quarter worth approximately $403,000. Finally, Flinton Capital Management LLC grew its position in Sonic by 16.2% during the 2nd quarter. Flinton Capital Management LLC now owns 10,744 shares of the restaurant operator’s stock worth $370,000 after acquiring an additional 1,496 shares during the last quarter.

Sonic Company Profile

Sonic Corp. operates and franchises a chain of quick-service drive-in restaurants in the United States. As of August 31, 2017, the company operated 3,593 Sonic Drive-Ins in 45 states, of which 228 were owned and operated by the company and 3,365 were owned and operated by franchisees. The company also owns and leases 135 properties; and sublease 53 properties to franchisees and other parties.

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Earnings History and Estimates for Sonic (NASDAQ:SONC)

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