Sonic Co. (SONC) Receives $29.38 Consensus Target Price from Brokerages

Shares of Sonic Co. (NASDAQ:SONC) have received a consensus recommendation of “Hold” from the fifteen analysts that are covering the firm, Marketbeat.com reports. Two research analysts have rated the stock with a sell recommendation, seven have given a hold recommendation and six have assigned a buy recommendation to the company. The average 12-month target price among brokerages that have issued a report on the stock in the last year is $29.69.

SONC has been the topic of several analyst reports. UBS Group restated a “neutral” rating and issued a $28.00 price target (up previously from $26.00) on shares of Sonic in a research note on Friday, January 5th. Canaccord Genuity restated a “hold” rating and issued a $30.00 price target on shares of Sonic in a research note on Friday, January 5th. Zacks Investment Research upgraded shares of Sonic from a “hold” rating to a “buy” rating and set a $28.00 price target on the stock in a research note on Friday, September 22nd. Oppenheimer lowered shares of Sonic from an “outperform” rating to a “market perform” rating and set a $29.00 price objective on the stock. in a research note on Thursday, January 4th. Finally, Guggenheim reiterated a “buy” rating and set a $31.00 price objective (up previously from $29.00) on shares of Sonic in a research note on Thursday, December 28th.

In other Sonic news, Director Frank E. Richardson III sold 3,670 shares of Sonic stock in a transaction that occurred on Monday, December 18th. The shares were sold at an average price of $28.21, for a total value of $103,530.70. Following the transaction, the director now owns 1,061,699 shares in the company, valued at $29,950,528.79. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Federico F. Pena sold 1,161 shares of Sonic 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 owns 1,187,659 shares in the company, valued at approximately $29,929,006.80. The disclosure for this sale can be found here. In the last 90 days, insiders sold 167,587 shares of company stock worth $4,537,647. 6.24% of the stock is currently owned by company insiders.

A number of institutional investors have recently bought and sold shares of the business. Victory Capital Management Inc. grew its position in Sonic by 8.1% in the second quarter. Victory Capital Management Inc. now owns 18,464 shares of the restaurant operator’s stock worth $489,000 after buying an additional 1,380 shares during the last quarter. Riverhead Capital Management LLC boosted its stake 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 during the period. California Public Employees Retirement System boosted its stake 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 during the period. Flinton Capital Management LLC boosted its stake 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 during the period. Finally, TD Asset Management Inc. boosted its stake 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 during the period.

Shares of Sonic (NASDAQ SONC) traded up $0.10 during trading hours on Monday, hitting $26.07. 524,300 shares of the company’s stock traded hands, compared to its average volume of 1,346,109. Sonic has a 12 month low of $22.11 and a 12 month high of $30.05. The firm has a market capitalization of $1,010.00, a price-to-earnings ratio of 17.86, a P/E/G ratio of 1.16 and a beta of 1.73. The company has a quick ratio of 1.81, a current ratio of 1.81 and a debt-to-equity ratio of -2.87.

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

The business also recently disclosed a quarterly dividend, which will be paid on Friday, February 16th. Investors of record on Wednesday, February 7th will be paid a dividend of $0.16 per share. The ex-dividend date of this dividend is Tuesday, February 6th. This represents a $0.64 dividend on an annualized basis and a dividend yield of 2.45%. Sonic’s dividend payout ratio is presently 43.84%.

Sonic declared that its board has initiated a stock buyback program on Thursday, October 26th that allows the company to repurchase $160.00 million in outstanding shares. This repurchase authorization allows the restaurant operator to reacquire up to 14.9% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s board believes its stock is undervalued.

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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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