Sonic Corp. (NASDAQ:SONC) had its target price raised by Canaccord Genuity from $24.00 to $25.00 in a report issued on Tuesday, October 17th, MarketBeat Ratings reports. The firm currently has a hold rating on the restaurant operator’s stock.
A number of other research analysts also recently issued reports on the company. Zacks Investment Research upgraded Sonic Corp. from a sell rating to a buy rating and set a $26.00 price target on the stock in a report on Wednesday, September 13th. Bank of America Corporation reissued an underperform rating and issued a $28.00 price objective (down previously from $30.00) on shares of Sonic Corp. in a research report on Sunday, June 25th. Stephens reissued an overweight rating and issued a $32.00 price objective on shares of Sonic Corp. in a research report on Monday, June 26th. Citigroup Inc. began coverage on Sonic Corp. in a research report on Monday, September 18th. They set a buy rating and a $28.00 price target for the company. Finally, BidaskClub cut Sonic Corp. from a buy rating to a hold rating in a research report on Saturday, June 24th. Three research analysts have rated the stock with a sell rating, eight have issued a hold rating and five have given a buy rating to the company. The company has a consensus rating of Hold and an average price target of $27.73.
Sonic Corp. (SONC) traded down $0.34 on Tuesday, reaching $24.61. The company’s stock had a trading volume of 752,523 shares, compared to its average volume of 1,044,036. The stock has a market cap of $1,004.25, a P/E ratio of 19.65, a P/E/G ratio of 1.27 and a beta of 1.75. Sonic Corp. has a one year low of $22.11 and a one year high of $30.05. The company has a debt-to-equity ratio of -3.19, a current ratio of 1.52 and a quick ratio of 1.48.
Sonic Corp. (NASDAQ:SONC) last announced its quarterly earnings results on Monday, October 16th. The restaurant operator reported $0.45 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.43 by $0.02. Sonic Corp. had a negative return on equity of 33.92% and a net margin of 13.34%. The business had revenue of $123.60 million for the quarter, compared to the consensus estimate of $126.01 million. During the same period last year, the business posted $0.45 EPS. The business’s revenue was down 23.8% compared to the same quarter last year. equities analysts anticipate that Sonic Corp. will post 1.34 EPS for the current year.
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Sonic Corp. declared that its board has approved a share repurchase plan on Wednesday, August 9th that allows the company to repurchase $160.00 million in outstanding shares. This repurchase authorization allows the restaurant operator to repurchase up to 16.2% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board believes its stock is undervalued.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 17th. Investors of record on Wednesday, November 8th will be issued a $0.16 dividend. The ex-dividend date is Tuesday, November 7th. This is a boost from Sonic Corp.’s previous quarterly dividend of $0.14. This represents a $0.64 dividend on an annualized basis and a yield of 2.60%. Sonic Corp.’s dividend payout ratio is currently 38.10%.
In other news, Director Federico F. Pena sold 1,161 shares of the company’s stock in a transaction on Monday, October 23rd. The stock was sold at an average price of $25.20, for a total transaction of $29,257.20. Following the sale, the director now owns 1,187,659 shares of the company’s stock, valued at $29,929,006.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Frank E. Richardson III sold 50,000 shares of the company’s stock in a transaction on Thursday, October 26th. The stock was sold at an average price of $25.59, for a total value of $1,279,500.00. Following the sale, the director now directly owns 1,187,659 shares in the company, valued at approximately $30,392,193.81. The disclosure for this sale can be found here. Corporate insiders own 6.24% of the company’s stock.
Large investors have recently bought and sold shares of the stock. Great West Life Assurance Co. Can increased its holdings in Sonic Corp. by 2.4% in the second quarter. Great West Life Assurance Co. Can now owns 63,326 shares of the restaurant operator’s stock valued at $1,676,000 after buying an additional 1,476 shares during the last quarter. Wells Fargo & Company MN increased its holdings in Sonic Corp. by 28.7% in the second quarter. Wells Fargo & Company MN now owns 79,892 shares of the restaurant operator’s stock valued at $2,116,000 after buying an additional 17,822 shares during the last quarter. Nordea Investment Management AB increased its holdings in Sonic Corp. by 27.0% in the second quarter. Nordea Investment Management AB now owns 67,409 shares of the restaurant operator’s stock valued at $1,786,000 after buying an additional 14,315 shares during the last quarter. BlackRock Inc. increased its holdings 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 valued at $135,015,000 after buying an additional 5,319,566 shares during the last quarter. Finally, Cipher Capital LP increased its holdings in Sonic Corp. by 885.3% in the second quarter. Cipher Capital LP now owns 143,969 shares of the restaurant operator’s stock valued at $3,814,000 after buying an additional 129,357 shares during the last quarter.
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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