Sonic Corp. (NASDAQ:SONC) – Research analysts at Oppenheimer Holdings reduced their FY2016 earnings estimates for shares of Sonic Corp. in a research note issued to investors on Wednesday. Oppenheimer Holdings analyst B. Bittner now expects that the firm will post earnings per share of $1.29 for the year, down from their prior forecast of $1.32. Oppenheimer Holdings has a “Outperform” rating and a $33.00 price target on the stock. Oppenheimer Holdings also issued estimates for Sonic Corp.’s Q4 2016 earnings at $0.44 EPS, Q1 2017 earnings at $0.25 EPS, Q2 2017 earnings at $0.18 EPS, Q3 2017 earnings at $0.48 EPS, Q4 2017 earnings at $0.51 EPS and FY2017 earnings at $1.40 EPS.
A number of other research firms also recently weighed in on SONC. Canaccord Genuity restated a “buy” rating and issued a $35.00 price objective on shares of Sonic Corp. in a report on Friday, September 9th. Telsey Advisory Group decreased their price objective on Sonic Corp. from $38.00 to $36.00 and set an “outperform” rating for the company in a report on Wednesday, September 7th. Jefferies Group restated a “hold” rating on shares of Sonic Corp. in a report on Thursday, August 4th. Barclays PLC restated a “sell” rating on shares of Sonic Corp. in a report on Sunday, June 26th. Finally, Zacks Investment Research upgraded Sonic Corp. from a “sell” rating to a “hold” rating in a report on Tuesday, August 23rd. Two analysts have rated the stock with a sell rating, two have issued a hold rating and nine have given a buy rating to the company. The stock currently has an average rating of “Buy” and an average price target of $34.01.
Sonic Corp. (NASDAQ:SONC) opened at 26.18 on Thursday. The firm has a market cap of $1.24 billion, a price-to-earnings ratio of 20.37 and a beta of 1.38. Sonic Corp. has a one year low of $23.63 and a one year high of $36.34. The stock’s 50 day moving average price is $27.48 and its 200-day moving average price is $29.97.
A number of institutional investors have recently made changes to their positions in the stock. Aperio Group LLC boosted its position in shares of Sonic Corp. by 4.1% in the first quarter. Aperio Group LLC now owns 10,844 shares of the company’s stock valued at $381,000 after buying an additional 426 shares during the last quarter. Capital Fund Management S.A. boosted its position in shares of Sonic Corp. by 234.8% in the second quarter. Capital Fund Management S.A. now owns 402,291 shares of the company’s stock valued at $10,882,000 after buying an additional 282,116 shares during the last quarter. BlackRock Group LTD boosted its position in shares of Sonic Corp. by 20.8% in the first quarter. BlackRock Group LTD now owns 58,659 shares of the company’s stock valued at $2,064,000 after buying an additional 10,100 shares during the last quarter. Royal Bank of Canada boosted its position in shares of Sonic Corp. by 7.3% in the first quarter. Royal Bank of Canada now owns 622,673 shares of the company’s stock valued at $21,864,000 after buying an additional 42,193 shares during the last quarter. Finally, UBS Group AG boosted its position in shares of Sonic Corp. by 199.9% in the first quarter. UBS Group AG now owns 40,892 shares of the company’s stock valued at $1,438,000 after buying an additional 27,259 shares during 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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