Sonic Drive-In (NASDAQ:SONC)’s share price reached a new 52-week high during trading on Tuesday . The company traded as high as $36.66 and last traded at $36.37, with a volume of 690790 shares. The stock had previously closed at $35.68.
A number of equities analysts have recently commented on the company. BidaskClub lowered Sonic Drive-In from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, July 11th. Wells Fargo & Co boosted their price target on Sonic Drive-In from $28.00 to $30.00 and gave the company a “market perform” rating in a research note on Wednesday, June 27th. Zacks Investment Research upgraded Sonic Drive-In from a “hold” rating to a “buy” rating and set a $38.00 price target on the stock in a research note on Tuesday, June 19th. Canaccord Genuity restated a “hold” rating and set a $27.00 price target on shares of Sonic Drive-In in a research note on Thursday, June 7th. Finally, Guggenheim restated a “buy” rating and set a $38.00 price target on shares of Sonic Drive-In in a research note on Sunday, July 1st. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and six have given a buy rating to the stock. Sonic Drive-In currently has an average rating of “Hold” and an average price target of $31.36.
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The company has a quick ratio of 1.78, a current ratio of 1.78 and a debt-to-equity ratio of -2.62. The company has a market cap of $1.28 billion, a PE ratio of 29.10, a PEG ratio of 1.63 and a beta of 1.48.
Sonic Drive-In (NASDAQ:SONC) last issued its quarterly earnings results on Tuesday, June 26th. The restaurant operator reported $0.52 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.49 by $0.03. Sonic Drive-In had a negative return on equity of 23.60% and a net margin of 16.87%. The firm had revenue of $118.30 million for the quarter, compared to analyst estimates of $119.31 million. During the same period in the previous year, the company posted $0.43 earnings per share. The company’s quarterly revenue was down 4.6% compared to the same quarter last year. equities analysts forecast that Sonic Drive-In will post 1.48 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 17th. Shareholders of record on Wednesday, August 8th will be issued a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a yield of 1.76%. The ex-dividend date is Tuesday, August 7th. Sonic Drive-In’s payout ratio is 51.20%.
Sonic Drive-In announced that its board has authorized a share repurchase plan on Thursday, June 7th that authorizes the company to buyback $500.00 million in outstanding shares. This buyback authorization authorizes the restaurant operator to purchase up to 42.2% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s management believes its shares are undervalued.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SONC. Teacher Retirement System of Texas acquired a new stake in Sonic Drive-In during the fourth quarter valued at approximately $397,000. Wells Fargo & Company MN boosted its holdings in Sonic Drive-In by 25.9% during the fourth quarter. Wells Fargo & Company MN now owns 125,289 shares of the restaurant operator’s stock valued at $3,443,000 after purchasing an additional 25,746 shares in the last quarter. Rhumbline Advisers boosted its holdings in Sonic Drive-In by 14.2% during the fourth quarter. Rhumbline Advisers now owns 94,883 shares of the restaurant operator’s stock valued at $2,607,000 after purchasing an additional 11,796 shares in the last quarter. BlackRock Inc. boosted its holdings in Sonic Drive-In by 1.7% during the fourth quarter. BlackRock Inc. now owns 5,171,678 shares of the restaurant operator’s stock valued at $142,119,000 after purchasing an additional 86,842 shares in the last quarter. Finally, Amundi Pioneer Asset Management Inc. acquired a new stake in Sonic Drive-In during the fourth quarter valued at approximately $3,142,000.
About Sonic Drive-In
Sonic Corp. operates and franchises a chain of quick-service drive-in restaurants in the United States. As of August 31, 2017, the company operated 3,593 Sonic Drive-Ins in 45 states, of which 228 were owned and operated by the company and 3,365 were owned and operated by franchisees. The company also owns and leases 135 properties; and sublease 53 properties to franchisees and other parties.
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