Barclays PLC Trims Sonic Corp. (SONC) Target Price to $25.00
Sonic Corp. (NASDAQ:SONC) had its price objective lowered by Barclays PLC from $30.00 to $25.00 in a report released on Wednesday morning. Barclays PLC currently has an underweight rating on the stock.
A number of other research firms have also issued reports on SONC. Bank of America Corp. reduced their price objective on Sonic Corp. from $36.00 to $35.00 and set a buy rating for the company in a research report on Friday, June 24th. Jefferies Group cut their target price on Sonic Corp. from $34.00 to $32.00 and set a hold rating on the stock in a research note on Friday, June 24th. Oppenheimer Holdings Inc. reaffirmed a buy rating and set a $40.00 target price on shares of Sonic Corp. in a research note on Friday, June 17th. Deutsche Bank AG reaffirmed a hold rating and set a $33.00 target price (down previously from $35.00) on shares of Sonic Corp. in a research note on Tuesday, June 7th. Finally, Telsey Advisory Group lifted their target price on Sonic Corp. from $34.00 to $37.00 and gave the company an outperform rating in a research note on Wednesday, June 1st. Two analysts have rated the stock with a sell rating, two have assigned a hold rating and nine have assigned a buy rating to the company. The stock currently has an average rating of Buy and a consensus price target of $34.01.
Shares of Sonic Corp. (NASDAQ:SONC) opened at 26.18 on Wednesday. The firm has a market cap of $1.24 billion, a price-to-earnings ratio of 20.37 and a beta of 1.20. The company’s 50 day moving average price is $27.48 and its 200-day moving average price is $29.97. Sonic Corp. has a 1-year low of $23.63 and a 1-year high of $36.34.
Several institutional investors have recently modified their holdings of SONC. Bank of Montreal Can bought a new position in shares of Sonic Corp. during the second quarter worth about $123,000. BlackRock Inc. increased its position in shares of 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. Societe Generale acquired a new position in shares of Sonic Corp. during the second quarter worth $141,000. SG Americas Securities LLC acquired a new position in shares of Sonic Corp. during the second quarter worth $141,000. Finally, Advisor Group Inc. acquired a new position in shares of Sonic Corp. during the second quarter worth $154,000. Institutional investors and hedge funds own 98.14% of the company’s stock.
Sonic Corp. Company Profile
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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