Shares of Sonic Drive-In (NASDAQ:SONC) have been given an average recommendation of “Hold” by the seventeen research firms that are currently covering the stock, MarketBeat reports. One investment analyst has rated the stock with a sell rating, eleven have given a hold rating and five have given a buy rating to the company. The average 1-year target price among analysts that have covered the stock in the last year is $28.46.
A number of research firms have commented on SONC. ValuEngine upgraded shares of Sonic Drive-In from a “sell” rating to a “hold” rating in a research note on Thursday, June 7th. Canaccord Genuity reiterated a “hold” rating and set a $27.00 price objective on shares of Sonic Drive-In in a research note on Thursday, June 7th. BidaskClub upgraded shares of Sonic Drive-In from a “sell” rating to a “hold” rating in a research report on Thursday, June 7th. Zacks Investment Research downgraded shares of Sonic Drive-In from a “hold” rating to a “sell” rating in a research report on Saturday, April 14th. Finally, Barclays reduced their price target on shares of Sonic Drive-In from $28.00 to $25.00 and set an “underweight” rating on the stock in a research report on Wednesday, March 28th.
NASDAQ SONC traded down $0.17 during trading hours on Thursday, reaching $33.46. 792,726 shares of the company traded hands, compared to its average volume of 867,970. Sonic Drive-In has a 12 month low of $22.11 and a 12 month high of $33.82. The company has a debt-to-equity ratio of -2.85, a current ratio of 2.51 and a quick ratio of 2.51. The company has a market capitalization of $1.22 billion, a price-to-earnings ratio of 26.77, a price-to-earnings-growth ratio of 1.52 and a beta of 1.45.
Sonic Drive-In (NASDAQ:SONC) last posted its quarterly earnings data on Tuesday, March 27th. The restaurant operator reported $0.17 EPS for the quarter, beating the Zacks’ consensus estimate of $0.15 by $0.02. Sonic Drive-In had a net margin of 16.01% and a negative return on equity of 25.75%. The firm had revenue of $88.10 million for the quarter, compared to the consensus estimate of $94.34 million. During the same period in the prior year, the firm posted $0.15 EPS. The firm’s revenue was down 12.1% compared to the same quarter last year. analysts anticipate that Sonic Drive-In will post 1.47 EPS for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, May 18th. Investors of record on Wednesday, May 9th were given a $0.16 dividend. The ex-dividend date was Tuesday, May 8th. This represents a $0.64 annualized dividend and a yield of 1.91%. Sonic Drive-In’s dividend payout ratio is presently 51.20%.
Sonic Drive-In announced that its Board of Directors has authorized a stock buyback plan on Thursday, June 7th that permits the company to repurchase $500.00 million in outstanding shares. This repurchase authorization permits the restaurant operator to purchase up to 42.2% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.
A number of large investors have recently modified their holdings of SONC. Glenmede Trust Co. NA lifted its position in Sonic Drive-In by 97.2% in the 4th quarter. Glenmede Trust Co. NA now owns 4,634 shares of the restaurant operator’s stock valued at $126,000 after purchasing an additional 2,284 shares during the last quarter. SG Americas Securities LLC lifted its position in Sonic Drive-In by 70.9% in the 1st quarter. SG Americas Securities LLC now owns 6,285 shares of the restaurant operator’s stock valued at $159,000 after purchasing an additional 2,608 shares during the last quarter. Aperio Group LLC bought a new stake in Sonic Drive-In in the 4th quarter valued at about $203,000. Elkfork Partners LLC bought a new stake in Sonic Drive-In in the 4th quarter valued at about $209,000. Finally, Xact Kapitalforvaltning AB acquired a new position in Sonic Drive-In during the 1st quarter valued at about $222,000.
Sonic Drive-In Company Profile
Sonic Corp. operates and franchises a chain of quick-service drive-in restaurants in the United States. As of August 31, 2017, the company operated 3,593 Sonic Drive-Ins in 45 states, of which 228 were owned and operated by the company and 3,365 were owned and operated by franchisees. The company also owns and leases 135 properties; and sublease 53 properties to franchisees and other parties.
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