Sonic Drive-In (NASDAQ:SONC) has been assigned a consensus recommendation of “Hold” from the seventeen analysts that are covering the firm, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating and five have issued a buy rating on the company. The average 12 month target price among brokerages that have covered the stock in the last year is $28.46.
Several analysts recently commented on the stock. BidaskClub upgraded shares of Sonic Drive-In from a “sell” rating to a “hold” rating in a report on Thursday, June 7th. Canaccord Genuity reiterated a “hold” rating and issued a $27.00 target price on shares of Sonic Drive-In in a research note on Thursday, June 7th. ValuEngine upgraded shares of Sonic Drive-In from a “sell” rating to a “hold” rating in a research note on Thursday, June 7th. Zacks Investment Research upgraded shares of Sonic Drive-In from a “sell” rating to a “hold” rating in a research note on Friday, June 1st. Finally, Wells Fargo & Co reduced their target price on shares of Sonic Drive-In from $30.00 to $27.00 and set a “market perform” rating for the company in a research note on Monday, March 19th.
Large investors have recently added to or reduced their stakes in the company. Glenmede Trust Co. NA increased its position in Sonic Drive-In by 97.2% during the fourth quarter. Glenmede Trust Co. NA now owns 4,634 shares of the restaurant operator’s stock worth $126,000 after acquiring an additional 2,284 shares during the period. SG Americas Securities LLC increased its position in Sonic Drive-In by 70.9% during the first quarter. SG Americas Securities LLC now owns 6,285 shares of the restaurant operator’s stock worth $159,000 after acquiring an additional 2,608 shares during the period. Aperio Group LLC bought a new position in Sonic Drive-In during the fourth quarter worth $203,000. Elkfork Partners LLC bought a new position in Sonic Drive-In during the fourth quarter worth $209,000. Finally, Xact Kapitalforvaltning AB bought a new position in Sonic Drive-In during the first quarter worth $222,000.
Shares of SONC stock traded down $0.17 during trading on Thursday, hitting $33.46. 792,726 shares of the company were exchanged, compared to its average volume of 867,970. The company has a debt-to-equity ratio of -2.85, a quick ratio of 2.51 and a current ratio of 2.51. The stock has a market cap of $1.22 billion, a P/E ratio of 26.77, a P/E/G ratio of 1.52 and a beta of 1.45. Sonic Drive-In has a twelve month low of $22.11 and a twelve month high of $33.82.
Sonic Drive-In (NASDAQ:SONC) last posted its quarterly earnings results on Tuesday, March 27th. The restaurant operator reported $0.17 EPS for the quarter, topping the consensus estimate of $0.15 by $0.02. The business had revenue of $88.10 million during the quarter, compared to analysts’ expectations of $94.34 million. Sonic Drive-In had a net margin of 16.01% and a negative return on equity of 25.75%. The firm’s quarterly revenue was down 12.1% compared to the same quarter last year. During the same period last year, the company posted $0.15 earnings per share. sell-side analysts predict that Sonic Drive-In will post 1.47 EPS for the current year.
Sonic Drive-In declared that its board has approved a share 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 reacquire up to 42.2% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s leadership believes its stock is undervalued.
The company also recently declared a quarterly dividend, which was paid on Friday, May 18th. Stockholders of record on Wednesday, May 9th were given a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a dividend yield of 1.91%. The ex-dividend date of this dividend was Tuesday, May 8th. Sonic Drive-In’s dividend payout ratio is 51.20%.
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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