Piper Jaffray Companies Reiterates Buy Rating for Sonic Corp. (SONC)
Piper Jaffray Companies restated their buy rating on shares of Sonic Corp. (NASDAQ:SONC) in a research note published on Wednesday morning. The brokerage currently has a $32.00 price objective on the restaurant operator’s stock.
SONC has been the subject of a number of other research reports. Zacks Investment Research upgraded shares of Sonic Corp. from a sell rating to a hold rating in a research note on Saturday, May 27th. Wells Fargo & Company began coverage on shares of Sonic Corp. in a research note on Tuesday, May 23rd. They issued a market perform rating and a $30.00 target price for the company. Stephens upgraded shares of Sonic Corp. from an equal weight rating to an overweight rating and lifted their target price for the company from $26.00 to $32.00 in a research note on Monday, April 24th. Cowen and Company cut their target price on shares of Sonic Corp. from $24.00 to $23.00 and set a market perform rating for the company in a research note on Wednesday, March 29th. Finally, Oppenheimer Holdings, Inc. reiterated an outperform rating and issued a $29.00 target price on shares of Sonic Corp. in a research note on Monday, June 26th. Five investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and three have assigned a buy rating to the company. The company has a consensus rating of Hold and a consensus price target of $27.61.
Sonic Corp. (NASDAQ SONC) opened at 23.68 on Wednesday. Sonic Corp. has a one year low of $21.12 and a one year high of $30.05. The company has a market capitalization of $990.04 million, a price-to-earnings ratio of 15.79 and a beta of 1.77. The company has a 50-day moving average price of $26.60 and a 200-day moving average price of $26.27.
Sonic Corp. (NASDAQ:SONC) last posted its earnings results on Thursday, June 22nd. The restaurant operator reported $0.43 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.41 by $0.02. Sonic Corp. had a net margin of 13.23% and a negative return on equity of 44.21%. The company had revenue of $124 million during the quarter, compared to analysts’ expectations of $122.58 million. During the same quarter in the previous year, the company posted $0.43 earnings per share. Sonic Corp.’s quarterly revenue was down 24.9% compared to the same quarter last year. Equities research analysts anticipate that Sonic Corp. will post $1.24 EPS for the current year.
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The business also recently declared a quarterly dividend, which will be paid on Friday, August 18th. Investors of record on Wednesday, August 9th will be issued 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 of this dividend is Monday, August 7th. Sonic Corp.’s dividend payout ratio is currently 37.33%.
In related news, Director Frank E. Richardson III sold 50,000 shares of the firm’s stock in a transaction that occurred on Tuesday, May 16th. The shares were sold at an average price of $28.15, for a total value of $1,407,500.00. Following the completion of the sale, the director now owns 1,202,310 shares of the company’s stock, valued at $33,845,026.50. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, VP Carolyn C. Cummins sold 2,500 shares of the firm’s stock in a transaction that occurred on Monday, May 8th. The shares were sold at an average price of $28.39, for a total transaction of $70,975.00. The disclosure for this sale can be found here. Company insiders own 6.24% of the company’s stock.
Hedge funds have recently modified their holdings of the stock. Aperio Group LLC raised its stake in shares of Sonic Corp. by 1.4% in the second quarter. Aperio Group LLC now owns 8,348 shares of the restaurant operator’s stock worth $221,000 after buying an additional 119 shares in the last quarter. BNP Paribas Arbitrage SA raised its stake in shares of Sonic Corp. by 1.4% in the first quarter. BNP Paribas Arbitrage SA now owns 15,327 shares of the restaurant operator’s stock worth $389,000 after buying an additional 213 shares in the last quarter. Cardinal Capital Management raised its stake 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. Mason Street Advisors LLC raised its stake in shares of Sonic Corp. by 2.8% in the first quarter. Mason Street Advisors LLC now owns 10,274 shares of the restaurant operator’s stock worth $261,000 after buying an additional 275 shares in the last quarter. Finally, Thrivent Financial for Lutherans raised its stake in shares of Sonic Corp. by 1.6% in the fourth quarter. Thrivent Financial for Lutherans now owns 24,712 shares of the restaurant operator’s stock worth $655,000 after buying an additional 390 shares in the last quarter. 97.48% of the stock is owned by institutional investors and hedge funds.
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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