Sonic Corp. (SONC) Rating Reiterated by Jefferies Group LLC
Jefferies Group LLC reiterated their hold rating on shares of Sonic Corp. (NASDAQ:SONC) in a research report released on Thursday morning. They currently have a $26.00 price target on the restaurant operator’s stock.
Other research analysts have also issued research reports about the stock. BidaskClub lowered shares of Sonic Corp. from a strong-buy rating to a buy rating in a research note on Saturday, June 17th. Piper Jaffray Companies restated a buy rating and set a $32.00 price target on shares of Sonic Corp. in a research note on Wednesday, July 26th. Zacks Investment Research upgraded shares of Sonic Corp. from a sell rating to a hold rating in a research note on Saturday, May 27th. Cowen and Company increased their price target on shares of Sonic Corp. from $23.00 to $25.00 and gave the stock a market perform rating in a research note on Friday, June 23rd. Finally, Wells Fargo & Company started coverage on shares of Sonic Corp. in a research note on Tuesday, May 23rd. They set a market perform rating and a $30.00 price target on the stock. Five research analysts have rated the stock with a sell rating, nine have given a hold rating and three have issued a buy rating to the company’s stock. The stock currently has a consensus rating of Hold and a consensus price target of $27.61.
Shares of Sonic Corp. (NASDAQ SONC) traded up 0.25% during mid-day trading on Thursday, hitting $23.74. 39,661 shares of the stock traded hands. The stock has a 50-day moving average of $26.60 and a 200-day moving average of $26.27. Sonic Corp. has a 52 week low of $21.12 and a 52 week high of $30.05. The company has a market cap of $992.55 million, a price-to-earnings ratio of 15.83 and a beta of 1.77.
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, beating the Thomson Reuters’ 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%. The company’s revenue for the quarter was down 24.9% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.43 EPS. Analysts anticipate that Sonic Corp. will post $1.24 EPS for the current year.
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The company also recently announced a quarterly dividend, which will be paid on Friday, August 18th. Investors of record on Wednesday, August 9th will be paid a $0.14 dividend. The ex-dividend date is Monday, August 7th. This represents a $0.56 dividend on an annualized basis and a yield of 2.36%. Sonic Corp.’s payout ratio is presently 37.33%.
In related news, VP Carolyn C. Cummins sold 2,500 shares of the firm’s stock in a transaction on Monday, May 8th. The shares were sold at an average price of $28.39, for a total value of $70,975.00. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Steven A. Davis bought 2,000 shares of the stock in a transaction that occurred on Friday, July 21st. The stock was purchased at an average price of $24.62 per share, for a total transaction of $49,240.00. The disclosure for this purchase can be found here. Company insiders own 6.24% of the company’s stock.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. BlackRock Inc. raised its position in Sonic Corp. by 121,423.6% in the first quarter. BlackRock Inc. now owns 5,323,947 shares of the restaurant operator’s stock worth $135,015,000 after buying an additional 5,319,566 shares during the last quarter. RidgeWorth Capital Management LLC purchased a new position in Sonic Corp. during the first quarter worth about $50,669,000. Norges Bank purchased a new position in Sonic Corp. during the fourth quarter worth about $30,952,000. Macquarie Group Ltd. purchased a new position in Sonic Corp. during the first quarter worth about $28,891,000. Finally, Fenimore Asset Management Inc. purchased a new position in Sonic Corp. during the first quarter worth about $18,085,000. Institutional investors and hedge funds own 97.48% of the company’s stock.
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.
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