Oppenheimer downgraded shares of Sonic (NASDAQ:SONC) from an outperform rating to a market perform rating in a report published on Thursday. Oppenheimer currently has $29.00 price target on the restaurant operator’s stock. Oppenheimer also issued estimates for Sonic’s Q1 2018 earnings at $0.26 EPS, Q2 2018 earnings at $0.18 EPS, Q3 2018 earnings at $0.52 EPS, Q4 2018 earnings at $0.55 EPS and FY2019 earnings at $1.68 EPS.
SONC has been the topic of a number of other reports. Guggenheim reissued a buy rating and set a $31.00 target price (up from $29.00) on shares of Sonic in a research report on Thursday, December 28th. UBS Group downgraded Sonic from an outperform rating to a market perform rating in a research report on Thursday. Zacks Investment Research downgraded Sonic from a hold rating to a sell rating in a research report on Thursday, October 19th. BidaskClub raised Sonic from a sell rating to a hold rating in a research report on Saturday, December 2nd. Finally, Canaccord Genuity lifted their price objective on Sonic from $24.00 to $25.00 and gave the company a hold rating in a report on Tuesday, October 17th. One analyst has rated the stock with a sell rating, nine have given a hold rating and five have issued a buy rating to the stock. The stock presently has a consensus rating of Hold and an average price target of $28.86.
Shares of Sonic (SONC) traded down $0.77 during trading hours on Thursday, hitting $27.26. The stock had a trading volume of 1,708,418 shares, compared to its average volume of 1,958,600. The firm has a market capitalization of $1,094.69, a P/E ratio of 18.42, a P/E/G ratio of 1.38 and a beta of 1.74. Sonic has a 12 month low of $22.11 and a 12 month high of $30.05. The company has a current ratio of 1.81, a quick ratio of 1.48 and a debt-to-equity ratio of -2.87.
Sonic declared that its board has authorized a stock repurchase program on Thursday, October 26th that authorizes the company to repurchase $160.00 million in shares. This repurchase authorization authorizes the restaurant operator to buy up to 14.9% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.
In related news, 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 completion of the transaction, the director now owns 1,187,659 shares in the company, valued at approximately $30,392,193.81. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Carolyn C. Cummins sold 2,347 shares of the company’s stock in a transaction on Thursday, November 30th. The shares were sold at an average price of $25.43, for a total transaction of $59,684.21. 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 in the last 90 days. 8.28% of the stock is currently owned by corporate insiders.
Institutional investors have recently modified their holdings of the business. Wells Fargo & Company MN raised its position in shares of Sonic by 28.7% during the 2nd quarter. Wells Fargo & Company MN now owns 79,892 shares of the restaurant operator’s stock valued at $2,116,000 after acquiring an additional 17,822 shares during the last quarter. Nordea Investment Management AB raised its position in shares of Sonic by 27.0% during the 2nd quarter. Nordea Investment Management AB now owns 67,409 shares of the restaurant operator’s stock valued at $1,786,000 after acquiring an additional 14,315 shares during the last quarter. Atlanta Capital Management Co. L L C bought a new stake in shares of Sonic during the 3rd quarter valued at $7,681,000. BNP Paribas Arbitrage SA raised its position in shares of Sonic by 37.9% during the 2nd quarter. BNP Paribas Arbitrage SA now owns 21,140 shares of the restaurant operator’s stock valued at $560,000 after acquiring an additional 5,813 shares during the last quarter. Finally, SG Americas Securities LLC raised its position in shares of Sonic by 117.1% during the 3rd quarter. SG Americas Securities LLC now owns 11,418 shares of the restaurant operator’s stock valued at $291,000 after acquiring an additional 6,159 shares during the last quarter.
ILLEGAL ACTIVITY WARNING: This story was originally 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 copied illegally and reposted in violation of United States and international copyright and trademark legislation. The legal version of this story can be accessed at https://www.com-unik.info/2018/01/08/sonic-sonc-stock-rating-lowered-by-oppenheimer.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.
What are top analysts saying about Sonic? - Enter your email address in the form below to receive our free daily email newsletter that contains the latest headlines and analysts' recommendations for for Sonic and related companies.