Sonic Corp. (SONC) Receiving Somewhat Favorable News Coverage, Report Shows
Media coverage about Sonic Corp. (NASDAQ:SONC) has been trending somewhat positive on Sunday, Accern Sentiment reports. Accern scores the sentiment of press coverage by reviewing more than twenty million blog and news sources. Accern ranks coverage of companies on a scale of negative one to one, with scores nearest to one being the most favorable. Sonic Corp. earned a media sentiment score of 0.02 on Accern’s scale. Accern also gave media stories about the restaurant operator an impact score of 45.8637729963657 out of 100, meaning that recent press coverage is somewhat unlikely to have an effect on the stock’s share price in the immediate future.
Here are some of the news articles that may have impacted Accern’s analysis:
- IHS Markit Score Update: Rise in bearish short interest is a negative sign for Sonic Corp shares (finance.yahoo.com)
- Sonic Corp. (NASDAQ:SONC) Declares Stock Buyback Program (americanbankingnews.com)
- Sonic Corp. appoints Jose A. Dueñas as EVP and chief brand officer (eprretailnews.com)
- Sonic Corp. (SONC) Short Interest Up 14.1% in July (americanbankingnews.com)
- BRIEF-Sonic Foundry Q3 loss per share $0.13 (feeds.reuters.com)
Shares of Sonic Corp. (NASDAQ:SONC) opened at 24.06 on Friday. The company’s 50 day moving average price is $25.28 and its 200 day moving average price is $26.11. The stock has a market capitalization of $1.01 billion, a P/E ratio of 16.04 and a beta of 1.74. Sonic Corp. has a one year low of $21.12 and a one year high of $30.05.
Sonic Corp. (NASDAQ:SONC) last issued its quarterly earnings data on Thursday, June 22nd. The restaurant operator reported $0.43 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.41 by $0.02. The business had revenue of $124 million for the quarter, compared to the consensus estimate of $122.58 million. Sonic Corp. had a negative return on equity of 44.21% and a net margin of 13.23%. The firm’s revenue was down 24.9% compared to the same quarter last year. During the same quarter last year, the business posted $0.43 EPS. On average, equities analysts expect that Sonic Corp. will post $1.24 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, August 18th. Shareholders of record on Wednesday, August 9th will be issued a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a yield of 2.33%. The ex-dividend date of this dividend is Monday, August 7th. Sonic Corp.’s dividend payout ratio (DPR) is presently 37.33%.
Sonic Corp. declared that its board has initiated a share buyback program on Wednesday, August 9th that permits the company to buyback $160.00 million in shares. This buyback authorization permits the restaurant operator to reacquire up to 16.2% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s management believes its shares are undervalued.
Several research firms recently weighed in on SONC. BidaskClub downgraded Sonic Corp. from a “buy” rating to a “hold” rating in a research report on Saturday, June 24th. Stephens reiterated an “overweight” rating and set a $32.00 target price on shares of Sonic Corp. in a research report on Monday, June 26th. Zacks Investment Research upgraded Sonic Corp. from a “sell” rating to a “hold” rating in a research report on Saturday, May 27th. Piper Jaffray Companies reiterated a “buy” rating and set a $32.00 target price on shares of Sonic Corp. in a research report on Wednesday, July 26th. Finally, Oppenheimer Holdings, Inc. reiterated an “outperform” rating and set a $29.00 target price on shares of Sonic Corp. in a research report on Monday, June 26th. Four research analysts have rated the stock with a sell rating, ten have issued a hold rating and three have issued a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus target price of $27.61.
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In other news, Director Steven A. Davis bought 2,000 shares of the stock in a transaction 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 transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Frank E. Richardson III sold 50,000 shares of the stock in a transaction dated Tuesday, May 16th. The stock was sold at an average price of $28.15, for a total value of $1,407,500.00. Following the transaction, the director now owns 1,202,310 shares of the company’s stock, valued at approximately $33,845,026.50. The disclosure for this sale can be found here. 6.24% of the stock is currently owned by corporate insiders.
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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