Zacks: Brokerages Expect Sonic Co. (SONC) Will Post Quarterly Sales of $123.64 Million

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.

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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%.

About Sonic

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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