Analysts forecast that Sonic Corp. (NASDAQ:SONC) will post sales of $126.26 million for the current quarter, Zacks reports. Five analysts have issued estimates for Sonic Corp.’s earnings. The highest sales estimate is $127.80 million and the lowest is $124.59 million. Sonic Corp. posted sales of $162.12 million during the same quarter last year, which suggests a negative year-over-year growth rate of 22.1%. The business is expected to report its next quarterly earnings report on Monday, October 23rd.

According to Zacks, analysts expect that Sonic Corp. will report full-year sales of $126.26 million for the current financial year, with estimates ranging from $478.29 million to $481.50 million. For the next financial year, analysts anticipate that the business will post sales of $459.66 million per share, with estimates ranging from $441.48 million to $475.28 million. Zacks Investment Research’s sales averages are a mean average based on a survey of sell-side analysts that cover Sonic Corp..

Sonic Corp. (NASDAQ:SONC) last released its quarterly earnings data on Thursday, June 22nd. The restaurant operator reported $0.43 earnings per share for the quarter, topping the consensus estimate of $0.41 by $0.02. The firm had revenue of $124 million for the quarter, compared to analyst estimates of $122.58 million. Sonic Corp. had a net margin of 13.23% and a negative return on equity of 44.21%. Sonic Corp.’s quarterly revenue was down 24.9% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.43 earnings per share.

Several analysts have recently weighed in on SONC shares. Bank of America Corporation reiterated an “underperform” rating and set a $28.00 target price (down from $30.00) on shares of Sonic Corp. in a research report on Sunday, June 25th. Zacks Investment Research lowered shares of Sonic Corp. from a “hold” rating to a “sell” rating in a research report on Tuesday, July 18th. BidaskClub lowered shares of Sonic Corp. from a “hold” rating to a “sell” rating in a research report on Sunday, July 16th. 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, Wells Fargo & Company started coverage on shares of Sonic Corp. in a research report on Tuesday, May 23rd. They set a “market perform” rating and a $30.00 target price on the stock. Three research analysts have rated the stock with a sell rating, ten have assigned a hold rating and four have given a buy rating to the company’s stock. Sonic Corp. currently has an average rating of “Hold” and a consensus price target of $27.75.

Shares of Sonic Corp. (NASDAQ:SONC) opened at 23.76 on Wednesday. The company’s 50-day moving average is $25.05 and its 200 day moving average is $26.09. Sonic Corp. has a 1-year low of $21.12 and a 1-year high of $30.05. The firm has a market cap of $993.38 million, a price-to-earnings ratio of 15.84 and a beta of 1.74.

Sonic Corp. declared that its Board of Directors has authorized a share buyback program on Wednesday, August 9th that authorizes the company to repurchase $160.00 million in shares. This repurchase authorization authorizes the restaurant operator to repurchase up to 16.2% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s management believes its stock is undervalued.

The business also recently announced a quarterly dividend, which will be paid on Friday, August 18th. Shareholders of record on Wednesday, August 9th will be paid a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.36%. The ex-dividend date is Monday, August 7th. Sonic Corp.’s dividend payout ratio is presently 37.33%.

WARNING: This news story was published by Watch List News and is the sole property of of Watch List News. If you are reading this news story on another site, it was stolen and republished in violation of US and international trademark and copyright law. The legal version of this news story can be viewed at https://www.watchlistnews.com/brokerages-expect-sonic-corp-sonc-will-post-quarterly-sales-of-126-26-million/1492850.html.

In related news, Director Steven A. Davis bought 2,000 shares of the company’s stock in a transaction on Friday, July 21st. The stock was bought at an average cost of $24.62 per share, with a total value of $49,240.00. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 6.24% of the company’s stock.

Several institutional investors have recently made changes to their positions in the company. Teachers Advisors LLC increased its position 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 in the last quarter. Cardinal Capital Management increased its position in shares of Sonic Corp. by 1.6% in the first quarter. Cardinal Capital Management now owns 17,448 shares of the restaurant operator’s stock worth $442,000 after buying an additional 274 shares in the last quarter. Geneva Advisors LLC increased its position in shares of Sonic Corp. by 6.8% in the first quarter. Geneva Advisors LLC now owns 40,392 shares of the restaurant operator’s stock worth $1,024,000 after buying an additional 2,580 shares in the last quarter. OLD National Bancorp IN bought a new position in shares of Sonic Corp. during the first quarter worth $380,000. Finally, LSV Asset Management bought a new position in shares of Sonic Corp. during the first quarter worth $218,000. 97.48% of the stock is owned by institutional investors.

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.

Get a free copy of the Zacks research report on Sonic Corp. (SONC)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Earnings History and Estimates for Sonic Corp. (NASDAQ:SONC)

Receive News & 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 companies with Analyst Ratings Network's FREE daily email newsletter.