I see this question a lot. From my experience and this is my opinion based on my sites and research, Social Media does help with Rankings ONLY if there is traffic coming through them to your site. In google analytic, you see the amount of traffic coming from each SM such as Pinterst, Twitter, FB, instagram ETC. If you have a good amount of traffic that is consistent coming through all SM and the time on page is high from this traffic, I notice my rankings will go up(not incredibly high). But understand it takes time before SM brings any kind of consistent traffic(build trust)
Retweets and Favorits and likes and so on do not do anything to SEO rankings in my research which makes sense, because those can easily get manipulated.
At then end of the day, you need a variety of different traffic source and links to do well in SEO nowadays if you want long term success.