FY2017 EPS Estimates for Sonic Corp. (SONC) Lowered by Analyst
Sonic Corp. (NASDAQ:SONC) – Equities research analysts at Oppenheimer Holdings reduced their FY2017 earnings estimates for Sonic Corp. in a research note 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 target 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.
A number of other equities research analysts have also weighed in on SONC. Bank of America Corporation lowered shares of Sonic Corp. from a “buy” rating to an “underperform” rating and raised their price objective for the stock from $27.00 to $30.00 in a report on Tuesday, June 13th. BidaskClub lowered shares of Sonic Corp. from a “strong-buy” rating to a “buy” rating in a report on Saturday, June 17th. Cowen and Company raised their price objective on shares of Sonic Corp. from $23.00 to $25.00 and gave the stock a “market perform” rating in a report on Friday, June 23rd. Stephens restated an “overweight” rating and issued a $32.00 price target on shares of Sonic Corp. in a research report on Monday, June 26th. Finally, Zacks Investment Research downgraded shares of Sonic Corp. from a “hold” rating to a “sell” rating in a research report on Tuesday, July 18th. Three research analysts have rated the stock with a sell rating, eight have issued a hold rating and six have given a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus price target of $27.61.
Shares of Sonic Corp. (SONC) opened at 24.52 on Monday. The firm’s 50-day moving average price is $24.02 and its 200 day moving average price is $25.79. Sonic Corp. has a 12-month low of $21.12 and a 12-month high of $30.05. The company has a market cap of $1.03 billion, a price-to-earnings ratio of 16.35 and a beta of 1.76.
Sonic Corp. declared that its board has authorized a stock repurchase 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 purchase up to 16.2% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s board of directors believes its stock is undervalued.
In related news, Director Steven A. Davis purchased 2,000 shares of the company’s stock in a transaction on 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 legal filing with the SEC, which is available at this link. Over the last quarter, insiders purchased 5,000 shares of company stock worth $117,730. 6.24% of the stock is currently owned by insiders.
Several institutional investors and hedge funds have recently made changes to their positions in the company. Aperio Group LLC grew its stake in shares of Sonic Corp. by 1.4% in the 2nd quarter. Aperio Group LLC now owns 8,348 shares of the restaurant operator’s stock worth $221,000 after purchasing an additional 119 shares during the last quarter. BNP Paribas Arbitrage SA grew its stake in shares of Sonic Corp. by 1.4% in the 1st quarter. BNP Paribas Arbitrage SA now owns 15,327 shares of the restaurant operator’s stock worth $389,000 after purchasing an additional 213 shares during the last quarter. Mason Street Advisors LLC grew its stake in shares of Sonic Corp. by 2.8% in the 1st quarter. Mason Street Advisors LLC now owns 10,274 shares of the restaurant operator’s stock worth $261,000 after purchasing an additional 275 shares during the last quarter. Victory Capital Management Inc. grew its stake in shares of Sonic Corp. by 8.1% in the 2nd quarter. Victory Capital Management Inc. now owns 18,464 shares of the restaurant operator’s stock worth $489,000 after purchasing an additional 1,380 shares during the last quarter. Finally, Cobiz Wealth LLC grew its stake in shares of Sonic Corp. by 2.6% in the 2nd quarter. Cobiz Wealth LLC now owns 57,230 shares of the restaurant operator’s stock worth $1,516,000 after purchasing an additional 1,447 shares during the last quarter.
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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