Sonic Corp. (SONC) Forecasted to Post Q1 2018 Earnings of $0.25 Per Share

Sonic Corp. (NASDAQ:SONC) – Investment analysts at Jefferies Group reduced their Q1 2018 earnings per share (EPS) estimates for Sonic in a research note issued on Friday. Jefferies Group analyst A. Slagle now anticipates that the restaurant operator will post earnings of $0.25 per share for the quarter, down from their prior forecast of $0.26. Jefferies Group also issued estimates for Sonic’s FY2018 earnings at $1.34 EPS and FY2019 earnings at $1.53 EPS.

A number of other brokerages have also weighed in on SONC. Zacks Investment Research upgraded Sonic from a “sell” rating to a “buy” rating and set a $26.00 target price on the stock in a research note on Wednesday, September 13th. Canaccord Genuity increased their target price on Sonic from $24.00 to $25.00 and gave the stock a “hold” rating in a research note on Tuesday, October 17th. Oppenheimer reiterated a “buy” rating and set a $29.00 target price on shares of Sonic in a research note on Tuesday, October 17th. BidaskClub upgraded Sonic from a “sell” rating to a “hold” rating in a research note on Saturday, December 2nd. Finally, Cowen reiterated a “neutral” rating on shares of Sonic in a research note on Tuesday, October 17th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating and five have assigned a buy rating to the stock. Sonic presently has an average rating of “Hold” and an average target price of $27.73.

Sonic (NASDAQ:SONC) opened at $28.23 on Monday. The firm has a market capitalization of $1,100.00, a P/E ratio of 19.34, a PEG ratio of 1.44 and a beta of 1.74. The company has a debt-to-equity ratio of -3.19, a quick ratio of 1.48 and a current ratio of 1.52. 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 Monday, October 16th. The restaurant operator reported $0.45 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.43 by $0.02. The company had revenue of $123.60 million for the quarter, compared to analyst estimates of $126.01 million. Sonic had a negative return on equity of 33.92% and a net margin of 13.34%. The firm’s quarterly revenue was down 23.8% compared to the same quarter last year. During the same quarter last year, the company earned $0.45 earnings per share.

Several hedge funds have recently modified their holdings of the business. Aperio Group LLC boosted its holdings in shares of Sonic by 1.4% in the 2nd quarter. Aperio Group LLC now owns 8,348 shares of the restaurant operator’s stock valued at $221,000 after purchasing an additional 119 shares in the last quarter. Victory Capital Management Inc. boosted its holdings in shares of Sonic by 8.1% during the 2nd quarter. Victory Capital Management Inc. now owns 18,464 shares of the restaurant operator’s stock valued at $489,000 after acquiring an additional 1,380 shares in the last quarter. Great West Life Assurance Co. Can boosted its holdings in shares of Sonic by 2.4% during the 2nd quarter. Great West Life Assurance Co. Can now owns 63,326 shares of the restaurant operator’s stock valued at $1,676,000 after acquiring an additional 1,476 shares in the last quarter. Riverhead Capital Management LLC boosted its holdings in shares of Sonic by 77.7% during the 2nd quarter. Riverhead Capital Management LLC now owns 4,797 shares of the restaurant operator’s stock valued at $127,000 after acquiring an additional 2,097 shares in the last quarter. Finally, California Public Employees Retirement System boosted its holdings in shares of Sonic by 2.0% during the 2nd quarter. California Public Employees Retirement System now owns 111,900 shares of the restaurant operator’s stock valued at $2,964,000 after acquiring an additional 2,200 shares in the last quarter.

In other Sonic news, VP Carolyn C. Cummins sold 2,347 shares of the firm’s stock in a transaction on Thursday, November 30th. The stock was sold at an average price of $25.43, for a total value of $59,684.21. The sale 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 firm’s stock in a transaction on Wednesday, December 13th. The shares were sold at an average price of $28.40, for a total value of $1,420,000.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 167,587 shares of company stock worth $4,537,647. Corporate insiders own 6.24% of the company’s stock.

Sonic announced that its board has authorized a stock buyback plan on Thursday, October 26th that permits the company to buyback $160.00 million in outstanding shares. This buyback authorization permits the restaurant operator to reacquire up to 14.9% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s leadership believes its stock is undervalued.

COPYRIGHT VIOLATION NOTICE: “Sonic Corp. (SONC) Forecasted to Post Q1 2018 Earnings of $0.25 Per Share” was first posted by Community Financial News and is the sole property of of Community Financial News. If you are accessing this story on another publication, it was stolen and reposted in violation of United States and international copyright legislation. The correct version of this story can be accessed at https://www.com-unik.info/2017/12/25/sonic-corp-sonc-forecasted-to-post-q1-2018-earnings-of-0-25-per-share.html.

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.

Earnings History and Estimates for Sonic (NASDAQ:SONC)

Receive News & Ratings for Sonic Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Sonic and related companies with MarketBeat.com's FREE daily email newsletter.

Comments

Leave a Reply


share news on Facebook
tweet this investment news
share on linkedin
share on StockTwits
share on Google Plus
share on reddit