Sonic (NASDAQ:SONC) had its price objective upped by equities researchers at Barclays from $27.00 to $28.00 in a research note issued on Tuesday. The firm currently has an “underweight” rating on the restaurant operator’s stock. Barclays’ target price would indicate a potential upside of 7.82% from the company’s current price.

SONC has been the topic of a number of other research reports. Oppenheimer reissued a “buy” rating and set a $29.00 price objective on shares of Sonic in a report on Friday, October 6th. Zacks Investment Research lowered shares of Sonic from a “buy” rating to a “hold” rating in a report on Wednesday, September 27th. BidaskClub lowered shares of Sonic from a “hold” rating to a “sell” rating in a report on Saturday. Guggenheim reissued a “buy” rating and set a $31.00 price objective (up previously from $29.00) on shares of Sonic in a report on Thursday, December 28th. Finally, Canaccord Genuity increased their price objective on shares of Sonic from $24.00 to $25.00 and gave the stock a “hold” rating in a report on Tuesday, October 17th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating and six have issued a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus target price of $29.64.

Shares of Sonic (SONC) traded down $0.37 during trading on Tuesday, hitting $25.97. 888,870 shares of the company were exchanged, compared to its average volume of 1,426,780. The firm has a market cap of $998.76, a PE ratio of 17.79, a P/E/G ratio of 1.18 and a beta of 1.73. The company has a quick ratio of 1.81, a current ratio of 1.81 and a debt-to-equity ratio of -2.87. Sonic has a 1-year low of $22.11 and a 1-year high of $30.05.

Sonic (NASDAQ:SONC) last announced its earnings results on Thursday, January 4th. The restaurant operator reported $0.30 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.25 by $0.05. Sonic had a net margin of 13.68% and a negative return on equity of 28.95%. The business had revenue of $105.40 million during the quarter, compared to analysts’ expectations of $106.86 million. During the same quarter last year, the company posted $0.24 EPS. The firm’s revenue for the quarter was down 18.7% on a year-over-year basis. equities analysts predict that Sonic will post 1.52 EPS for the current year.

Sonic declared that its Board of Directors has initiated a stock repurchase plan on Thursday, October 26th that allows the company to repurchase $160.00 million in outstanding shares. This repurchase authorization allows the restaurant operator to buy up to 14.9% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s management believes its shares are undervalued.

In other news, Director Federico F. Pena sold 1,161 shares of the firm’s stock in a transaction dated Monday, October 23rd. The shares were sold at an average price of $25.20, for a total value of $29,257.20. Following the transaction, the director now owns 1,187,659 shares of the company’s stock, valued at approximately $29,929,006.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Carolyn C. Cummins sold 2,347 shares of the firm’s stock in a transaction dated Thursday, November 30th. The shares were sold at an average price of $25.43, for a total transaction of $59,684.21. The disclosure for this sale can be found here. Insiders sold a total of 167,587 shares of company stock worth $4,537,647 in the last ninety days. Insiders own 8.28% of the company’s stock.

Several large investors have recently made changes to their positions in the stock. Victory Capital Management Inc. raised its position in shares of Sonic by 8.1% in the 2nd quarter. Victory Capital Management Inc. now owns 18,464 shares of the restaurant operator’s stock valued at $489,000 after acquiring an additional 1,380 shares during the period. Riverhead Capital Management LLC raised its position in shares of Sonic by 77.7% in the 2nd 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 during the period. California Public Employees Retirement System raised its position in shares of Sonic by 2.0% in the 2nd quarter. California Public Employees Retirement System now owns 111,900 shares of the restaurant operator’s stock valued at $2,964,000 after acquiring an additional 2,200 shares during the period. Flinton Capital Management LLC raised its position in shares of Sonic by 74.5% in the 2nd 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 during the period. Finally, TD Asset Management Inc. raised its position in shares of Sonic by 3.6% in the 3rd quarter. TD Asset Management Inc. now owns 92,761 shares of the restaurant operator’s stock valued at $2,361,000 after acquiring an additional 3,200 shares during the period.

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Sonic 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.

Analyst Recommendations for Sonic (NASDAQ:SONC)

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