Zacks: Analysts Anticipate Sonic Corp. (SONC) Will Post Quarterly Sales of $126.26 Million

Wall Street analysts expect that Sonic Corp. (NASDAQ:SONC) will announce sales of $126.26 million for the current fiscal quarter, according to Zacks Investment Research. Five analysts have issued estimates for Sonic Corp.’s earnings. The lowest sales estimate is $124.59 million and the highest is $127.80 million. Sonic Corp. posted sales of $162.12 million in the same quarter last year, which suggests a negative year-over-year growth rate of 22.1%. The business is scheduled to issue its next earnings report on Monday, October 23rd.

On average, analysts expect that Sonic Corp. will report full-year sales of $126.26 million for the current fiscal year, with estimates ranging from $478.29 million to $481.50 million. For the next financial year, analysts anticipate that the company will post sales of $459.66 million per share, with estimates ranging from $441.48 million to $475.28 million. Zacks Investment Research’s sales calculations are a mean average based on a survey of analysts that cover Sonic Corp..

Sonic Corp. (NASDAQ:SONC) last released its earnings results on Thursday, June 22nd. The restaurant operator reported $0.43 EPS for the quarter, topping analysts’ consensus estimates of $0.41 by $0.02. The company 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%. Sonic Corp.’s quarterly revenue was down 24.9% compared to the same quarter last year. During the same quarter last year, the business posted $0.43 EPS.

Several research firms have recently commented on SONC. Zacks Investment Research raised shares of Sonic Corp. from a “sell” rating to a “hold” rating in a research report on Tuesday. Jefferies Group LLC reaffirmed a “hold” rating and issued a $26.00 price objective on shares of Sonic Corp. in a research report on Thursday, July 27th. BidaskClub downgraded shares of Sonic Corp. from a “sell” rating to a “strong sell” rating in a research report on Thursday, July 27th. Piper Jaffray Companies reaffirmed a “buy” rating and issued a $32.00 price objective on shares of Sonic Corp. in a research report on Wednesday, July 26th. Finally, Oppenheimer Holdings, Inc. reaffirmed an “outperform” rating and issued a $29.00 price objective on shares of Sonic Corp. in a research report on Monday, June 26th. Four analysts have rated the stock with a sell rating, ten have assigned a hold rating and three have given a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus price target of $27.61.

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In other news, VP Carolyn C. Cummins sold 2,500 shares of the firm’s stock in a transaction dated 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 legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Frank E. Richardson III sold 50,000 shares of the firm’s stock in a transaction dated Tuesday, May 16th. The stock was sold at an average price of $28.15, for a total transaction of $1,407,500.00. Following the completion of the sale, the director now directly owns 1,202,310 shares of the company’s stock, valued at $33,845,026.50. The disclosure for this sale can be found here. 6.24% of the stock is currently owned by company insiders.

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. RidgeWorth Capital Management LLC acquired a new position in shares of Sonic Corp. during the first quarter worth about $50,669,000. Morgan Stanley boosted its position in shares of Sonic Corp. by 310.9% in the first quarter. Morgan Stanley now owns 866,118 shares of the restaurant operator’s stock worth $21,965,000 after buying an additional 655,352 shares during the period. Invictus RG boosted its position in shares of Sonic Corp. by 1,553.2% in the first quarter. Invictus RG now owns 9,539 shares of the restaurant operator’s stock worth $242,000 after buying an additional 8,962 shares during the period. Teachers Advisors LLC boosted its position in shares of Sonic Corp. by 25.7% in the fourth quarter. Teachers Advisors LLC now owns 121,742 shares of the restaurant operator’s stock worth $3,227,000 after buying an additional 24,896 shares during the period. Finally, Bank of New York Mellon Corp boosted its position in shares of Sonic Corp. by 0.6% in the first quarter. Bank of New York Mellon Corp now owns 728,407 shares of the restaurant operator’s stock worth $18,472,000 after buying an additional 4,070 shares during the period. 97.48% of the stock is owned by institutional investors.

Shares of Sonic Corp. (NASDAQ SONC) traded down 0.76% during trading on Friday, hitting $23.48. The stock had a trading volume of 1,252,484 shares. The stock has a market capitalization of $981.68 million, a price-to-earnings ratio of 32.61 and a beta of 1.77. The stock’s 50 day moving average is $26.27 and its 200 day moving average is $26.21. Sonic Corp. has a 52 week low of $21.12 and a 52 week high of $30.05.

The business also recently declared a quarterly dividend, which will be paid on Friday, August 18th. Stockholders of record on Wednesday, August 9th will be issued a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.39%. The ex-dividend date of this dividend is Monday, August 7th. Sonic Corp.’s payout ratio is 37.33%.

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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