Sonic (NASDAQ:SONC) Reaching An Inflection Point; Wedbush Coverage Initiated as “Outperform”

September 8, 2018 - By Catherine Diaz

Sonic Corp. (NASDAQ:SONC) Logo

Investors sentiment decreased to 0.72 in Q1 2018. Its down 0.16, from 0.88 in 2017Q4. It fall, as 28 investors sold Sonic Corp. shares while 58 reduced holdings. 23 funds opened positions while 39 raised stakes. 40.44 million shares or 7.62% less from 43.78 million shares in 2017Q4 were reported.

State Board Of Administration Of Florida Retirement System holds 40,099 shares or 0% of its portfolio. Gsa Limited Liability Partnership stated it has 11,401 shares. The New York-based Jpmorgan Chase & has invested 0% in Sonic Corp. (NASDAQ:SONC). Louisiana State Employees Retirement has invested 0.02% in Sonic Corp. (NASDAQ:SONC). State Teachers Retirement Sys accumulated 125,260 shares. Moreover, National Bank & Trust Of Ny Mellon has 0% invested in Sonic Corp. (NASDAQ:SONC) for 624,561 shares. Great Lakes Ltd reported 215,733 shares. Metropolitan Life Com reported 0% stake. Wells Fargo Mn holds 121,996 shares. Jensen Inv accumulated 11,250 shares or 0% of the stock. Glenmede Trust Na invested in 4,634 shares. Bnp Paribas Arbitrage Sa owns 18,696 shares or 0% of their US portfolio. Federated Investors Pa invested in 0% or 1,297 shares. Atlantic Trust Grp Ltd Liability Company invested in 0% or 545 shares. California State Teachers Retirement Sys reported 56,741 shares.

Since July 17, 2018, it had 0 insider buys, and 2 sales for $874,886 activity. Saroch E Edward sold $798,422 worth of stock.

How Wedbush Currently Rates Sonic (NASDAQ:SONC)

Analysts at Wedbush initiated coverage for shares of Sonic (NASDAQ:SONC) in a note issued to clients on Friday, 7 September. The company set a “Outperform” rating on the $1.31B market cap firm.

Sonic Corp. (NASDAQ:SONC) Ratings Coverage

Among 8 analysts covering Sonic (NASDAQ:SONC), 1 have Buy rating, 1 Sell and 6 Hold. Therefore 13% are positive. Sonic has $41 highest and $25 lowest target. $30.29’s average target is -16.79% below currents $36.4 stock price. Sonic had 11 analyst reports since March 19, 2018 according to SRatingsIntel. The rating was maintained by Morgan Stanley on Monday, March 26 with “Equal-Weight”. The company was maintained on Wednesday, March 28 by Canaccord Genuity. The stock has “Buy” rating by Citigroup on Thursday, July 12. As per Thursday, June 28, the company rating was maintained by Morgan Stanley. The firm has “Market Perform” rating given on Wednesday, June 27 by Wells Fargo. The stock of Sonic Corp. (NASDAQ:SONC) earned “Hold” rating by Jefferies on Wednesday, March 28. The rating was maintained by Cowen & Co on Wednesday, March 28 with “Market Perform”. The firm has “Underweight” rating by Barclays Capital given on Wednesday, June 27. As per Wednesday, March 28, the company rating was maintained by Barclays Capital. Wells Fargo maintained it with “Market Perform” rating and $27 target in Monday, March 19 report.

The stock increased 3.23% or $1.14 during the last trading session, reaching $36.4. About 1.38M shares traded or 83.54% up from the average. Sonic Corp. (NASDAQ:SONC) has declined 16.30% since September 8, 2017 and is downtrending. It has underperformed by 28.87% the S&P500.

Analysts await Sonic Corp. (NASDAQ:SONC) to report earnings on October, 15. They expect $0.50 EPS, up 11.11 % or $0.05 from last year’s $0.45 per share. SONC’s profit will be $18.05M for 18.20 P/E if the $0.50 EPS becomes a reality. After $0.52 actual EPS reported by Sonic Corp. for the previous quarter, Wall Street now forecasts -3.85 % negative EPS growth.

Sonic Corp. operates and franchises a chain of quick-service drive-in restaurants in the United States. The company has market cap of $1.31 billion. As of August 31, 2016, the firm operated 3,557 Sonic Drive-Ins in 45 states, of which 345 were owned and operated by the firm and 3,212 were owned and operated by franchisees. It has a 19.56 P/E ratio. It also leases real estate properties to franchisees.

Sonic Corp. (NASDAQ:SONC) Institutional Positions Chart

Receive News & Ratings Via Email - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings with our FREE daily email newsletter.