Brokers Set Expectations for Sonic Corp.’s Q1 2018 Earnings (SONC)

Sonic Corp. (NASDAQ:SONC) – Equities researchers at William Blair decreased their Q1 2018 earnings per share estimates for shares of Sonic Corp. in a research note issued to investors on Tuesday. William Blair analyst S. Zackfia now anticipates that the restaurant operator will post earnings per share of $0.23 for the quarter, down from their previous estimate of $0.26. William Blair also issued estimates for Sonic Corp.’s Q4 2018 earnings at $0.49 EPS and FY2019 earnings at $1.53 EPS.

Sonic Corp. (NASDAQ:SONC) last posted its earnings results on Monday, October 16th. The restaurant operator reported $0.45 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.43 by $0.02. The business had revenue of $123.60 million for the quarter, compared to analysts’ expectations of $126.01 million. Sonic Corp. had a net margin of 13.34% and a negative return on equity of 33.92%. The firm’s revenue for the quarter was down 23.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.45 earnings per share.

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Several other research firms have also commented on SONC. Bank of America Corporation reissued an “underperform” rating and issued a $28.00 target price (down from $30.00) on shares of Sonic Corp. in a report on Sunday, June 25th. BidaskClub lowered shares of Sonic Corp. from a “buy” rating to a “hold” rating in a report on Saturday, June 24th. Stephens reissued an “overweight” rating and issued a $32.00 target price on shares of Sonic Corp. in a report on Monday, June 26th. Oppenheimer Holdings, Inc. reissued an “outperform” rating and issued a $29.00 target price on shares of Sonic Corp. in a report on Monday, June 26th. Finally, Cowen and Company raised their target price on shares of Sonic Corp. from $23.00 to $25.00 and gave the company a “market perform” rating in a report on Friday, June 23rd. Four research analysts have rated the stock with a sell rating, eight have assigned a hold rating and five have given a buy rating to the company’s stock. Sonic Corp. has a consensus rating of “Hold” and an average target price of $27.68.

Sonic Corp. (SONC) traded down 1.84% during mid-day trading on Thursday, reaching $25.12. 881,827 shares of the company were exchanged. The stock has a market capitalization of $1.04 billion, a price-to-earnings ratio of 17.32 and a beta of 1.76. The company’s 50 day moving average price is $24.40 and its 200-day moving average price is $25.86. Sonic Corp. has a 12-month low of $21.12 and a 12-month high of $30.05.

Sonic Corp. announced that its board has approved a stock repurchase program on Wednesday, August 9th that allows the company to buyback $160.00 million in outstanding shares. This buyback authorization allows the restaurant operator to purchase up to 16.2% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its shares are undervalued.

In related news, Director Steven A. Davis purchased 2,000 shares of the firm’s stock in a transaction that occurred on Wednesday, September 6th. The shares were bought at an average cost of $23.00 per share, with a total value of $46,000.00. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 6.24% of the company’s stock.

Several institutional investors have recently made changes to their positions in SONC. BlackRock Inc. boosted its position in Sonic Corp. by 121,423.6% during the 1st 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 period. Macquarie Group Ltd. acquired a new stake in Sonic Corp. during the 1st quarter worth approximately $28,891,000. Westfield Capital Management Co. LP acquired a new stake in Sonic Corp. during the 2nd quarter worth approximately $27,984,000. Morgan Stanley boosted its position in Sonic Corp. by 310.9% during the 1st quarter. Morgan Stanley now owns 866,118 shares of the restaurant operator’s stock worth $21,965,000 after buying an additional 655,352 shares during the period. Finally, UBS Asset Management Americas Inc. boosted its position in Sonic Corp. by 3,507.8% during the 2nd quarter. UBS Asset Management Americas Inc. now owns 420,125 shares of the restaurant operator’s stock worth $11,129,000 after buying an additional 408,480 shares during the period.

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. <

Sonic Corp. (NASDAQ:SONC) – Equities researchers at William Blair decreased their Q1 2018 earnings per share estimates for shares of Sonic Corp. in a research note issued to investors on Tuesday. William Blair analyst S. Zackfia now anticipates that the restaurant operator will post earnings per share of $0.23 for the quarter, down from their previous estimate of $0.26. William Blair also issued estimates for Sonic Corp.’s Q4 2018 earnings at $0.49 EPS and FY2019 earnings at $1.53 EPS.

Sonic Corp. (NASDAQ:SONC) last posted its earnings results on Monday, October 16th. The restaurant operator reported $0.45 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.43 by $0.02. The business had revenue of $123.60 million for the quarter, compared to analysts’ expectations of $126.01 million. Sonic Corp. had a net margin of 13.34% and a negative return on equity of 33.92%. The firm’s revenue for the quarter was down 23.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.45 earnings per share.

TRADEMARK VIOLATION NOTICE: This article was first reported by The Ledger Gazette and is owned by of The Ledger Gazette. If you are accessing this article on another website, it was illegally copied and reposted in violation of United States and international copyright law. The legal version of this article can be read at https://ledgergazette.com/2017/10/21/brokers-set-expectations-for-sonic-corp-s-q1-2018-earnings-sonc.html.

Several other research firms have also commented on SONC. Bank of America Corporation reissued an “underperform” rating and issued a $28.00 target price (down from $30.00) on shares of Sonic Corp. in a report on Sunday, June 25th. BidaskClub lowered shares of Sonic Corp. from a “buy” rating to a “hold” rating in a report on Saturday, June 24th. Stephens reissued an “overweight” rating and issued a $32.00 target price on shares of Sonic Corp. in a report on Monday, June 26th. Oppenheimer Holdings, Inc. reissued an “outperform” rating and issued a $29.00 target price on shares of Sonic Corp. in a report on Monday, June 26th. Finally, Cowen and Company raised their target price on shares of Sonic Corp. from $23.00 to $25.00 and gave the company a “market perform” rating in a report on Friday, June 23rd. Four research analysts have rated the stock with a sell rating, eight have assigned a hold rating and five have given a buy rating to the company’s stock. Sonic Corp. has a consensus rating of “Hold” and an average target price of $27.68.

Sonic Corp. (SONC) traded down 1.84% during mid-day trading on Thursday, reaching $25.12. 881,827 shares of the company were exchanged. The stock has a market capitalization of $1.04 billion, a price-to-earnings ratio of 17.32 and a beta of 1.76. The company’s 50 day moving average price is $24.40 and its 200-day moving average price is $25.86. Sonic Corp. has a 12-month low of $21.12 and a 12-month high of $30.05.

Sonic Corp. announced that its board has approved a stock repurchase program on Wednesday, August 9th that allows the company to buyback $160.00 million in outstanding shares. This buyback authorization allows the restaurant operator to purchase up to 16.2% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its shares are undervalued.

In related news, Director Steven A. Davis purchased 2,000 shares of the firm’s stock in a transaction that occurred on Wednesday, September 6th. The shares were bought at an average cost of $23.00 per share, with a total value of $46,000.00. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 6.24% of the company’s stock.

Several institutional investors have recently made changes to their positions in SONC. BlackRock Inc. boosted its position in Sonic Corp. by 121,423.6% during the 1st 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 period. Macquarie Group Ltd. acquired a new stake in Sonic Corp. during the 1st quarter worth approximately $28,891,000. Westfield Capital Management Co. LP acquired a new stake in Sonic Corp. during the 2nd quarter worth approximately $27,984,000. Morgan Stanley boosted its position in Sonic Corp. by 310.9% during the 1st quarter. Morgan Stanley now owns 866,118 shares of the restaurant operator’s stock worth $21,965,000 after buying an additional 655,352 shares during the period. Finally, UBS Asset Management Americas Inc. boosted its position in Sonic Corp. by 3,507.8% during the 2nd quarter. UBS Asset Management Americas Inc. now owns 420,125 shares of the restaurant operator’s stock worth $11,129,000 after buying an additional 408,480 shares during the period.

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.

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

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