Sonic (SONC) Downgraded to Market Perform at UBS Group

UBS Group downgraded shares of Sonic (NASDAQ:SONC) from an outperform rating to a market perform rating in a report released on Thursday.

Other equities analysts have also issued reports about the stock. Oppenheimer restated a buy rating and set a $29.00 price target on shares of Sonic in a research report on Friday, October 6th. Citigroup assumed coverage on shares of Sonic in a report on Monday, September 18th. They issued a buy rating and a $28.00 price objective for the company. Zacks Investment Research lowered shares of Sonic from a buy rating to a hold rating in a research note on Wednesday, September 27th. Cowen restated a neutral rating on shares of Sonic in a report on Tuesday, October 17th. Finally, BidaskClub upgraded Sonic from a sell rating to a hold rating in a research report on Saturday, December 2nd. One analyst has rated the stock with a sell rating, nine have given a hold rating and five have assigned a buy rating to the company. Sonic currently has a consensus rating of Hold and an average target price of $28.50.

Shares of Sonic (NASDAQ SONC) traded down $0.10 during mid-day trading on Thursday, reaching $27.57. The company’s stock had a trading volume of 1,602,700 shares, compared to its average volume of 1,210,467. Sonic has a 12 month low of $22.11 and a 12 month high of $30.05. The company has a quick ratio of 1.48, a current ratio of 1.52 and a debt-to-equity ratio of -3.19. The stock has a market cap of $1,090.00, a price-to-earnings ratio of 18.88, a P/E/G ratio of 1.41 and a beta of 1.73.

Sonic (NASDAQ:SONC) last released its earnings results on Thursday, January 4th. The restaurant operator reported $0.30 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.25 by $0.05. The business had revenue of $105.40 million during the quarter, compared to analyst estimates of $106.86 million. Sonic had a net margin of 13.34% and a negative return on equity of 33.92%. The company’s revenue for the quarter was down 18.7% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.24 earnings per share. equities research analysts predict that Sonic will post 1.34 earnings per share for the current year.

Sonic declared that its board has authorized a stock repurchase plan on Thursday, October 26th that permits the company to repurchase $160.00 million in outstanding shares. This repurchase authorization permits the restaurant operator to purchase up to 14.9% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board of directors believes its stock is undervalued.

In other news, Director Federico F. Pena sold 1,161 shares of the stock in a transaction on Monday, October 23rd. The stock was sold at an average price of $25.20, for a total transaction of $29,257.20. Following the completion of the transaction, the director now directly owns 1,187,659 shares in the company, valued at approximately $29,929,006.80. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Frank E. Richardson III sold 50,000 shares of the stock in a transaction on Wednesday, December 13th. The stock was sold at an average price of $28.40, for a total value of $1,420,000.00. The disclosure for this sale can be found here. Insiders sold a total of 167,587 shares of company stock worth $4,537,647 over the last quarter. 6.24% of the stock is currently owned by company insiders.

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Victory Capital Management Inc. boosted its stake in Sonic by 8.1% during the second quarter. Victory Capital Management Inc. now owns 18,464 shares of the restaurant operator’s stock worth $489,000 after buying an additional 1,380 shares during the period. Riverhead Capital Management LLC raised its stake in shares of Sonic by 77.7% in the 2nd quarter. Riverhead Capital Management LLC now owns 4,797 shares of the restaurant operator’s stock valued at $127,000 after acquiring an additional 2,097 shares during the period. California Public Employees Retirement System lifted its holdings in shares of Sonic by 2.0% in the 2nd quarter. California Public Employees Retirement System now owns 111,900 shares of the restaurant operator’s stock worth $2,964,000 after acquiring an additional 2,200 shares during the last quarter. Flinton Capital Management LLC lifted its holdings in shares of Sonic by 74.5% in the 2nd quarter. Flinton Capital Management LLC now owns 6,290 shares of the restaurant operator’s stock worth $167,000 after acquiring an additional 2,686 shares during the last quarter. Finally, TD Asset Management Inc. boosted its position in shares of Sonic by 3.6% during the 3rd quarter. TD Asset Management Inc. now owns 92,761 shares of the restaurant operator’s stock worth $2,361,000 after purchasing an additional 3,200 shares during the period.

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Sonic Company Profile

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.

Analyst Recommendations for Sonic (NASDAQ:SONC)

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