Wall Street analysts expect Sonic Co. (NASDAQ:SONC) to report $0.51 earnings per share (EPS) for the current quarter, according to Zacks. Six analysts have issued estimates for Sonic’s earnings. The highest EPS estimate is $0.52 and the lowest is $0.49. Sonic reported earnings of $0.45 per share in the same quarter last year, which indicates a positive year over year growth rate of 13.3%. The business is scheduled to report its next quarterly earnings report on Monday, October 15th.
On average, analysts expect that Sonic will report full-year earnings of $1.49 per share for the current financial year, with EPS estimates ranging from $1.47 to $1.50. For the next financial year, analysts expect that the business will post earnings of $1.64 per share, with EPS estimates ranging from $1.59 to $1.70. Zacks Investment Research’s EPS averages are a mean average based on a survey of sell-side research firms that that provide coverage for Sonic.
SONC has been the subject of several research reports. Telsey Advisory Group increased their price objective on shares of Sonic from $32.00 to $40.00 and gave the stock a “market perform” rating in a research report on Wednesday, September 12th. Zacks Investment Research raised shares of Sonic from a “hold” rating to a “buy” rating and set a $42.00 price objective for the company in a research report on Friday, September 14th. Wedbush initiated coverage on shares of Sonic in a research report on Thursday, September 6th. They set an “outperform” rating and a $42.00 price objective for the company. Piper Jaffray Companies downgraded shares of Sonic from an “overweight” rating to a “neutral” rating in a research report on Tuesday, September 25th. Finally, BidaskClub downgraded shares of Sonic from a “buy” rating to a “hold” rating in a research report on Wednesday, August 8th. Thirteen analysts have rated the stock with a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Sonic currently has a consensus rating of “Hold” and a consensus target price of $35.88.
SONC opened at $43.26 on Wednesday. The company has a current ratio of 1.78, a quick ratio of 1.78 and a debt-to-equity ratio of -2.62. The firm has a market capitalization of $1.54 billion, a price-to-earnings ratio of 34.62, a PEG ratio of 1.86 and a beta of 1.47. Sonic has a twelve month low of $23.22 and a twelve month high of $44.87.
Sonic announced that its Board of Directors has initiated a stock buyback program on Thursday, July 12th that authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes the restaurant operator to buy up to 39.6% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s leadership believes its shares are undervalued.
In related news, insider Christina D. Vaughan sold 2,124 shares of the firm’s stock in a transaction on Tuesday, July 17th. The shares were sold at an average price of $36.00, for a total value of $76,464.00. Following the completion of the transaction, the insider now owns 2,124 shares of the company’s stock, valued at $76,464. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, VP Carolyn C. Cummins sold 2,500 shares of the firm’s stock in a transaction on Monday, October 1st. The shares were sold at an average price of $43.31, for a total transaction of $108,275.00. The disclosure for this sale can be found here. Insiders have sold 115,696 shares of company stock valued at $4,839,037 in the last three months. 8.28% of the stock is owned by insiders.
A number of institutional investors have recently added to or reduced their stakes in the stock. WINTON GROUP Ltd bought a new position in Sonic in the second quarter valued at $10,600,000. Millennium Management LLC bought a new position in Sonic in the second quarter valued at $1,966,000. Point72 Asset Management L.P. grew its position in Sonic by 109.0% in the second quarter. Point72 Asset Management L.P. now owns 4,500 shares of the restaurant operator’s stock valued at $155,000 after purchasing an additional 54,500 shares in the last quarter. Raymond James & Associates bought a new position in Sonic in the second quarter valued at $403,000. Finally, Flinton Capital Management LLC grew its position in Sonic by 16.2% in the second quarter. Flinton Capital Management LLC now owns 10,744 shares of the restaurant operator’s stock valued at $370,000 after purchasing an additional 1,496 shares in the last quarter.
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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