Sonic Corp. (NASDAQ:SONC) – William Blair dropped their FY2017 earnings per share estimates for shares of Sonic Corp. in a note issued to investors on Monday. William Blair analyst S. Zackfia now forecasts that the restaurant operator will earn $1.22 per share for the year, down from their previous estimate of $1.25. William Blair also issued estimates for Sonic Corp.’s FY2018 earnings at $1.36 EPS.

Several other brokerages also recently weighed in on SONC. BidaskClub downgraded Sonic Corp. from a “strong-buy” rating to a “buy” rating in a report on Saturday, June 17th. Bank of America Corporation reissued an “underperform” rating and issued a $28.00 price target (down previously from $30.00) on shares of Sonic Corp. in a report on Sunday, June 25th. Stephens reissued an “overweight” rating and issued a $32.00 price target on shares of Sonic Corp. in a report on Monday, June 26th. Oppenheimer Holdings, Inc. reissued an “outperform” rating and issued a $29.00 price target on shares of Sonic Corp. in a report on Monday, June 26th. Finally, Cowen and Company raised their price target on Sonic Corp. from $23.00 to $25.00 and gave the stock a “market perform” rating in a report on Friday, June 23rd. Three research analysts have rated the stock with a sell rating, nine have assigned a hold rating and five have assigned a buy rating to the stock. Sonic Corp. presently has an average rating of “Hold” and a consensus price target of $27.61.

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Sonic Corp. (NASDAQ:SONC) opened at 24.41 on Thursday. The stock has a market cap of $1.02 billion, a price-to-earnings ratio of 16.27 and a beta of 1.76. The firm has a 50-day moving average price of $24.07 and a 200-day moving average price of $25.84. Sonic Corp. has a 12 month low of $21.12 and a 12 month high of $30.05.

Hedge funds have recently made changes to their positions in the stock. Riverhead Capital Management LLC raised its position in Sonic Corp. by 77.7% during the second quarter. Riverhead Capital Management LLC now owns 4,797 shares of the restaurant operator’s stock valued at $127,000 after acquiring an additional 2,097 shares in the last quarter. Flinton Capital Management LLC raised its position in Sonic Corp. by 74.5% during the second quarter. Flinton Capital Management LLC now owns 6,290 shares of the restaurant operator’s stock valued at $167,000 after acquiring an additional 2,686 shares in the last quarter. Karp Capital Management Corp purchased a new position in Sonic Corp. during the first quarter valued at approximately $209,000. Aperio Group LLC raised its position in Sonic Corp. by 1.4% during the second quarter. Aperio Group LLC now owns 8,348 shares of the restaurant operator’s stock valued at $221,000 after acquiring an additional 119 shares in the last quarter. Finally, State of Alaska Department of Revenue raised its position in Sonic Corp. by 72.7% during the second quarter. State of Alaska Department of Revenue now owns 8,378 shares of the restaurant operator’s stock valued at $221,000 after acquiring an additional 3,528 shares in the last quarter.

In related news, Director Steven A. Davis purchased 2,000 shares of Sonic Corp. stock in a transaction that occurred on Friday, July 21st. The stock was bought at an average cost of $24.62 per share, for a total transaction of $49,240.00. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Over the last quarter, insiders have purchased 5,000 shares of company stock valued at $117,730. 6.24% of the stock is owned by company insiders.

Sonic Corp. declared that its Board of Directors has authorized a stock repurchase plan on Wednesday, August 9th that authorizes the company to buyback $160.00 million in shares. This buyback authorization authorizes the restaurant operator to purchase up to 16.2% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s management believes its shares are undervalued.

Sonic Corp. 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.

Earnings History and Estimates for Sonic Corp. (NASDAQ:SONC)

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