Research Analysts Issue Forecasts for Sonic Corp.’s FY2016 Earnings (SONC)
Sonic Corp. (NASDAQ:SONC) – Stock analysts at William Blair decreased their FY2016 earnings per share (EPS) estimates for shares of Sonic Corp. in a note issued to investors on Wednesday. William Blair analyst S. Zackfia now forecasts that the brokerage will earn $1.29 per share for the year, down from their previous forecast of $1.33. William Blair also issued estimates for Sonic Corp.’s Q4 2016 earnings at $0.44 EPS, Q1 2017 earnings at $0.24 EPS, Q2 2017 earnings at $0.18 EPS, Q3 2017 earnings at $0.45 EPS, Q4 2017 earnings at $0.53 EPS, FY2017 earnings at $1.39 EPS and FY2018 earnings at $1.53 EPS.
A number of other brokerages have also weighed in on SONC. Canaccord Genuity assumed coverage on shares of Sonic Corp. in a report on Monday, August 22nd. They issued a “buy” rating and a $35.00 price objective for the company. Barclays PLC lowered their price objective on shares of Sonic Corp. from $33.00 to $30.00 and set an “underweight” rating for the company in a report on Friday, June 24th. Zacks Investment Research upgraded shares of Sonic Corp. from a “sell” rating to a “hold” rating in a report on Tuesday, August 23rd. Telsey Advisory Group lowered their price objective on shares of Sonic Corp. from $38.00 to $36.00 and set an “outperform” rating for the company in a report on Wednesday, September 7th. Finally, Jefferies Group lowered their price objective on shares of Sonic Corp. from $34.00 to $32.00 and set a “hold” rating for the company in a report on Friday, June 24th. Two research analysts have rated the stock with a sell rating, two have given a hold rating and nine have given a buy rating to the company. The company has a consensus rating of “Buy” and a consensus target price of $34.01.
Shares of Sonic Corp. (NASDAQ:SONC) opened at 26.18 on Thursday. Sonic Corp. has a 52 week low of $23.63 and a 52 week high of $36.34. The firm has a 50-day moving average of $27.48 and a 200 day moving average of $29.97. The firm has a market capitalization of $1.24 billion, a price-to-earnings ratio of 20.37 and a beta of 1.38.
A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Norges Bank acquired a new stake in Sonic Corp. during the fourth quarter worth $11,462,000. Commonwealth Equity Services Inc increased its stake in Sonic Corp. by 13.4% in the first quarter. Commonwealth Equity Services Inc now owns 15,653 shares of the company’s stock worth $550,000 after buying an additional 1,854 shares in the last quarter. Aperio Group LLC increased its stake in Sonic Corp. by 4.1% in the first quarter. Aperio Group LLC now owns 10,844 shares of the company’s stock worth $381,000 after buying an additional 426 shares in the last quarter. BlackRock Inc. increased its stake in Sonic Corp. by 127.1% in the first quarter. BlackRock Inc. now owns 3,826 shares of the company’s stock worth $134,000 after buying an additional 2,141 shares in the last quarter. Finally, BlackRock Group LTD increased its stake in Sonic Corp. by 20.8% in the first quarter. BlackRock Group LTD now owns 58,659 shares of the company’s stock worth $2,064,000 after buying an additional 10,100 shares in the last quarter. 98.14% of the stock is currently owned by institutional investors and hedge funds.
About Sonic Corp.
Sonic Corp. operates and franchises a chain of drive-in restaurants in the United States. The Company has around 3,512 Sonic Drive-Ins in 44 states of the United States. The Company’s product categories include Burgers, Coneys and Hot Dogs, Chicken, Breakfast, Snacks and Sides, Drinks, Ice Cream, and Wacky Pack.
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