Sonic (SONC) Stock Rating Reaffirmed by Telsey Advisory Group

Sonic (NASDAQ:SONC)‘s stock had its “market perform” rating reaffirmed by research analysts at Telsey Advisory Group in a note issued to investors on Friday, January 5th, MarketBeat reports. They presently have a $31.00 price objective on the restaurant operator’s stock, up from their prior price objective of $27.00. Telsey Advisory Group’s price target suggests a potential upside of 17.69% from the stock’s previous close.

Several other brokerages have also recently issued reports on SONC. Oppenheimer restated a “buy” rating and issued a $29.00 target price on shares of Sonic in a report on Friday, October 6th. Zacks Investment Research cut shares of Sonic from a “buy” rating to a “hold” rating in a report on Wednesday, September 27th. Finally, Guggenheim reaffirmed a “buy” rating and issued a $31.00 price target (up previously from $29.00) on shares of Sonic in a research note on Thursday, December 28th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating and six have assigned a buy rating to the stock. Sonic currently has a consensus rating of “Hold” and an average target price of $29.36.

Shares of Sonic (SONC) traded down $0.53 during trading on Friday, hitting $26.34. 854,300 shares of the stock were exchanged, compared to its average volume of 1,488,233. The stock has a market capitalization of $1,010.00, a P/E ratio of 18.04, a price-to-earnings-growth ratio of 1.18 and a beta of 1.73. The company has a debt-to-equity ratio of -2.87, a quick ratio of 1.81 and a current ratio of 1.81. Sonic has a 52-week low of $22.11 and a 52-week high of $30.05.

Sonic (NASDAQ:SONC) last announced its earnings results on Thursday, January 4th. The restaurant operator reported $0.30 earnings per share for the quarter, beating analysts’ consensus estimates of $0.25 by $0.05. Sonic had a net margin of 13.68% and a negative return on equity of 28.95%. The business had revenue of $105.40 million for the quarter, compared to the consensus estimate of $106.86 million. During the same period last year, the firm posted $0.24 earnings per share. Sonic’s quarterly revenue was down 18.7% on a year-over-year basis. equities research analysts expect that Sonic will post 1.52 EPS for the current year.

Sonic announced that its board has approved a stock repurchase program on Thursday, October 26th that allows the company to repurchase $160.00 million in shares. This repurchase authorization allows the restaurant operator to purchase up to 14.9% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board believes its shares are undervalued.

In related news, Director Federico F. Pena sold 1,161 shares of the business’s stock in a transaction that occurred 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 completion of the transaction, the director now directly owns 1,187,659 shares in the company, valued at approximately $29,929,006.80. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Frank E. Richardson III sold 50,000 shares of the business’s stock in a transaction that occurred on Thursday, October 26th. The shares were sold at an average price of $25.59, for a total value of $1,279,500.00. Following the transaction, the director now owns 1,187,659 shares of the company’s stock, valued at $30,392,193.81. The disclosure for this sale can be found here. Insiders sold a total of 167,587 shares of company stock valued at $4,537,647 over the last quarter. 8.28% of the stock is owned by corporate insiders.

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Victory Capital Management Inc. lifted its holdings in Sonic 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 in the last quarter. Riverhead Capital Management LLC lifted its holdings in Sonic by 77.7% in the 2nd quarter. Riverhead Capital Management LLC now owns 4,797 shares of the restaurant operator’s stock worth $127,000 after purchasing an additional 2,097 shares in the last quarter. California Public Employees Retirement System lifted its holdings in Sonic by 2.0% in the 2nd quarter. California Public Employees Retirement System now owns 111,900 shares of the restaurant operator’s stock worth $2,964,000 after purchasing an additional 2,200 shares in the last quarter. Flinton Capital Management LLC lifted its holdings in Sonic by 74.5% in the 2nd quarter. Flinton Capital Management LLC now owns 6,290 shares of the restaurant operator’s stock worth $167,000 after purchasing an additional 2,686 shares in the last quarter. Finally, TD Asset Management Inc. lifted its holdings in Sonic by 3.6% in the 3rd quarter. TD Asset Management Inc. now owns 92,761 shares of the restaurant operator’s stock worth $2,361,000 after purchasing an additional 3,200 shares in the last quarter.

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Sonic 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.

Analyst Recommendations for Sonic (NASDAQ:SONC)

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