Wall Street brokerages predict that Sonic Co. (NASDAQ:SONC) will report sales of $123.64 million for the current fiscal quarter, Zacks reports. Four analysts have made estimates for Sonic’s earnings. The highest sales estimate is $125.9 million and the lowest is $119.9 million. Sonic posted sales of $165.24 million during the same quarter last year, which would indicate a negative year-over-year growth rate of 25.2%. The business is expected to report its next earnings report on Thursday, June 22nd.
According to Zacks, analysts expect that Sonic will report full year sales of $123.64 million for the current fiscal year, with estimates ranging from $476.17 million to $486.66 million. For the next fiscal year, analysts anticipate that the firm will post sales of $467.23 million per share, with estimates ranging from $458.2 million to $486.25 million. Zacks Investment Research’s sales averages are an average based on a survey of research firms that cover Sonic.
Sonic (NASDAQ:SONC) last issued its quarterly earnings results on Tuesday, March 28th. The restaurant operator reported $0.15 EPS for the quarter, topping analysts’ consensus estimates of $0.14 by $0.01. The business had revenue of $100.20 million during the quarter, compared to the consensus estimate of $104.32 million. Sonic had a net margin of 10.97% and a negative return on equity of 88.45%. The company’s quarterly revenue was down 24.8% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.18 earnings per share.
A number of equities analysts have recently weighed in on SONC shares. Zacks Investment Research downgraded Sonic from a “buy” rating to a “hold” rating in a report on Thursday, January 19th. Cowen and Company dropped their target price on Sonic to $24.00 in a report on Friday, March 24th. Canaccord Genuity downgraded Sonic from a “buy” rating to a “hold” rating and dropped their target price for the company from $30.00 to $24.00 in a report on Monday, March 20th. Jefferies Group LLC reiterated a “hold” rating and issued a $26.00 target price on shares of Sonic in a report on Wednesday, March 29th. Finally, Barclays PLC lowered their price target on Sonic from $26.00 to $24.00 and set an “underweight” rating for the company in a research note on Wednesday, March 29th. Three analysts have rated the stock with a sell rating, seven have assigned a hold rating and four have assigned a buy rating to the company. Sonic presently has an average rating of “Hold” and a consensus target price of $27.77.
In other Sonic news, VP Carolyn C. Cummins sold 2,500 shares of the company’s stock in a transaction that occurred on Monday, May 8th. The stock was sold at an average price of $28.39, for a total transaction of $70,975.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 6.24% of the stock is owned by corporate insiders.
A number of large investors have recently made changes to their positions in SONC. RidgeWorth Capital Management LLC bought a new stake in shares of Sonic during the first quarter worth about $50,669,000. Norges Bank bought a new stake in shares of Sonic during the fourth quarter worth about $30,952,000. Fenimore Asset Management Inc. bought a new stake in shares of Sonic during the first quarter worth about $18,085,000. Pembroke Management LTD bought a new stake in shares of Sonic during the third quarter worth about $10,697,000. Finally, United Services Automobile Association bought a new stake in shares of Sonic during the third quarter worth about $10,367,000. 96.33% of the stock is owned by hedge funds and other institutional investors.
Shares of Sonic (NASDAQ:SONC) traded up 2.21% during midday trading on Friday, hitting $29.12. 1,210,396 shares of the stock were exchanged. The stock has a market cap of $1.24 billion, a P/E ratio of 21.13 and a beta of 1.49. Sonic has a one year low of $21.12 and a one year high of $34.26. The stock’s 50-day moving average price is $25.30 and its 200 day moving average price is $25.70.
The business also recently announced a quarterly dividend, which will be paid on Friday, May 19th. Shareholders of record on Wednesday, May 10th will be given a dividend of $0.14 per share. The ex-dividend date is Monday, May 8th. This represents a $0.56 dividend on an annualized basis and a yield of 1.92%. Sonic’s payout ratio is currently 41.79%.
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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Sonic Co. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Sonic Co. and related companies with MarketBeat.com's FREE daily email newsletter.