William Blair Weighs in on Sonic Corp.’s FY2019 Earnings (SONC)
Sonic Corp. (NASDAQ:SONC) – Analysts at William Blair increased their FY2019 EPS estimates for Sonic Corp. in a research report issued to clients and investors on Monday. William Blair analyst S. Zackfia now forecasts that the restaurant operator will post earnings per share of $1.55 for the year, up from their prior estimate of $1.54.
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Other research analysts have also issued reports about the stock. BidaskClub lowered shares of Sonic Corp. from a “buy” rating to a “hold” rating in a research note on Saturday, June 24th. Stephens reaffirmed an “overweight” rating and issued a $32.00 price objective on shares of Sonic Corp. in a research note on Monday, June 26th. Piper Jaffray Companies reaffirmed a “buy” rating and issued a $32.00 price objective on shares of Sonic Corp. in a research note on Wednesday, July 26th. Citigroup Inc. began coverage on shares of Sonic Corp. in a research note on Monday, September 18th. They issued a “buy” rating and a $28.00 price objective on the stock. Finally, Zacks Investment Research lowered shares of Sonic Corp. from a “buy” rating to a “hold” rating in a research note on Tuesday. Three equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and five have assigned a buy rating to the stock. The company currently has an average rating of “Hold” and an average target price of $27.61.
Shares of Sonic Corp. (NASDAQ SONC) traded up 0.54% during midday trading on Wednesday, reaching $24.37. 362,438 shares of the company’s stock traded hands. The company has a 50 day moving average of $24.05 and a 200 day moving average of $25.85. The firm has a market cap of $1.02 billion, a PE ratio of 33.85 and a beta of 1.76. Sonic Corp. has a 52-week low of $21.12 and a 52-week high of $30.05.
Sonic Corp. announced that its board has initiated a share repurchase program on Wednesday, August 9th that authorizes the company to buyback $160.00 million in shares. This buyback authorization authorizes the restaurant operator to reacquire up to 16.2% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board believes its stock is undervalued.
In related news, Director Steven A. Davis acquired 2,000 shares of the firm’s stock in a transaction that occurred on Wednesday, September 6th. The stock was acquired at an average price of $23.00 per share, for a total transaction of $46,000.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders have purchased 5,000 shares of company stock valued at $117,730 in the last 90 days. 6.24% of the stock is currently owned by corporate insiders.
A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. BlackRock Inc. increased its holdings in Sonic Corp. by 121,423.6% during the first quarter. BlackRock Inc. now owns 5,323,947 shares of the restaurant operator’s stock worth $135,015,000 after buying an additional 5,319,566 shares during the last quarter. Vanguard Group Inc. increased its holdings in Sonic Corp. by 1.2% during the second quarter. Vanguard Group Inc. now owns 3,596,500 shares of the restaurant operator’s stock worth $95,272,000 after buying an additional 43,146 shares during the last quarter. Dimensional Fund Advisors LP increased its holdings in Sonic Corp. by 5.2% during the second quarter. Dimensional Fund Advisors LP now owns 1,946,931 shares of the restaurant operator’s stock worth $51,575,000 after buying an additional 95,894 shares during the last quarter. Macquarie Group Ltd. increased its holdings in Sonic Corp. by 2.3% during the second quarter. Macquarie Group Ltd. now owns 1,165,874 shares of the restaurant operator’s stock worth $30,884,000 after buying an additional 26,636 shares during the last quarter. Finally, State Street Corp increased its holdings in Sonic Corp. by 2.0% during the second quarter. State Street Corp now owns 1,083,561 shares of the restaurant operator’s stock worth $28,707,000 after buying an additional 21,420 shares during the last quarter.
About Sonic Corp.
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.
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