Wall Street brokerages predict that Sonic Corp. (NASDAQ:SONC) will announce earnings per share of $0.43 for the current fiscal quarter, according to Zacks Investment Research. Five analysts have provided estimates for Sonic Corp.’s earnings, with the highest EPS estimate coming in at $0.46 and the lowest estimate coming in at $0.41. Sonic Corp. reported earnings per share of $0.45 during the same quarter last year, which suggests a negative year over year growth rate of 4.4%. The firm is scheduled to issue its next earnings report on Monday, October 23rd.
On average, analysts expect that Sonic Corp. will report full year earnings of $1.24 per share for the current year, with EPS estimates ranging from $1.22 to $1.26. For the next financial year, analysts forecast that the business will report earnings of $1.37 per share, with EPS estimates ranging from $1.33 to $1.42. Zacks Investment Research’s earnings per share calculations are an average based on a survey of research firms that that provide coverage for Sonic Corp..
Sonic Corp. (NASDAQ:SONC) last posted its earnings results on Thursday, June 22nd. The restaurant operator reported $0.43 EPS for the quarter, beating the Zacks’ consensus estimate of $0.41 by $0.02. Sonic Corp. had a negative return on equity of 44.21% and a net margin of 13.23%. The firm had revenue of $124 million for the quarter, compared to analysts’ expectations of $122.58 million. During the same period last year, the firm earned $0.43 EPS. The company’s quarterly revenue was down 24.9% on a year-over-year basis.
SONC has been the topic of a number of recent analyst reports. BidaskClub downgraded shares of Sonic Corp. from a “hold” rating to a “sell” rating in a research note on Sunday, July 16th. Bank of America Corporation reaffirmed a “buy” rating and set a $30.00 price target on shares of Sonic Corp. in a research note on Monday. Piper Jaffray Companies reaffirmed a “buy” rating and set a $32.00 price target on shares of Sonic Corp. in a research note on Wednesday, July 26th. Jefferies Group LLC reaffirmed a “hold” rating and set a $26.00 price target on shares of Sonic Corp. in a research note on Thursday, July 27th. Finally, 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. Three equities research analysts have rated the stock with a sell rating, ten have given a hold rating and four have given a buy rating to the stock. The stock has a consensus rating of “Hold” and an average target price of $27.75.
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Sonic Corp. (NASDAQ:SONC) traded down 0.37% during midday trading on Monday, hitting $24.01. The stock had a trading volume of 35,953 shares. The stock has a market cap of $1.00 billion, a price-to-earnings ratio of 16.01 and a beta of 1.74. Sonic Corp. has a 12 month low of $21.12 and a 12 month high of $30.05. The stock has a 50 day moving average of $24.97 and a 200 day moving average of $26.08.
The company 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 dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a yield of 2.32%. The ex-dividend date of this dividend is Monday, August 7th. Sonic Corp.’s payout ratio is 37.33%.
Sonic Corp. announced that its board has authorized a share buyback plan on Wednesday, August 9th that permits the company to buyback $160.00 million in shares. This buyback authorization permits the restaurant operator to repurchase up to 16.2% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s management believes its shares are undervalued.
In other news, Director Steven A. Davis purchased 2,000 shares of the stock in a transaction that occurred on Friday, July 21st. The stock was acquired at an average cost of $24.62 per share, with a total value of $49,240.00. The acquisition was disclosed in a document filed with the SEC, which is available at this link. 6.24% of the stock is currently owned by company insiders.
A number of large investors have recently added to or reduced their stakes in SONC. Riverhead Capital Management LLC raised its stake in Sonic Corp. by 77.7% in the second quarter. Riverhead Capital Management LLC now owns 4,797 shares of the restaurant operator’s stock worth $127,000 after buying an additional 2,097 shares during the last quarter. Flinton Capital Management LLC raised its stake in Sonic Corp. by 74.5% in the second quarter. Flinton Capital Management LLC now owns 6,290 shares of the restaurant operator’s stock worth $167,000 after buying an additional 2,686 shares during the last quarter. Karp Capital Management Corp purchased a new stake in Sonic Corp. during the first quarter worth $209,000. LSV Asset Management purchased a new stake in Sonic Corp. during the first quarter worth $218,000. Finally, State of Alaska Department of Revenue raised its stake in Sonic Corp. by 72.7% in the second quarter. State of Alaska Department of Revenue now owns 8,378 shares of the restaurant operator’s stock worth $221,000 after buying an additional 3,528 shares during 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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