Mackenzie Financial Corp Has $1.29 Million Stock Holdings in Driven Brands Holdings Inc. (NASDAQ:DRVN)

Key Points

• Mackenzie Financial Corp increased its stake in Driven Brands Holdings Inc. (NASDAQ:DRVN) by 69.2%, owning a total of 75,194 shares valued at approximately $1.29 million.
• Driven Brands reported a 7.1% increase in revenue year-over-year, with earnings per share of $0.27, surpassing analysts' expectations of $0.23.
• Analysts have a consensus rating of "Moderate Buy" for Driven Brands, with an average target price set at $21.00, indicating positive sentiment towards the stock's potential performance.

Mackenzie Financial Corp grew its position in Driven Brands Holdings Inc. (NASDAQ:DRVN - Free Report) by 69.2% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 75,194 shares of the company's stock after purchasing an additional 30,741 shares during the period. Mackenzie Financial Corp's holdings in Driven Brands were worth $1,289,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Principal Financial Group Inc. acquired a new stake in Driven Brands in the first quarter worth $2,850,000. Yorktown Management & Research Co Inc acquired a new stake in Driven Brands in the first quarter worth $255,000. Arrowstreet Capital Limited Partnership raised its holdings in Driven Brands by 687.6% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 114,327 shares of the company's stock worth $1,845,000 after purchasing an additional 99,811 shares during the period. Invesco Ltd. raised its holdings in Driven Brands by 14.6% in the fourth quarter. Invesco Ltd. now owns 143,117 shares of the company's stock worth $2,310,000 after purchasing an additional 18,277 shares during the period. Finally, Norges Bank acquired a new stake in Driven Brands in the fourth quarter worth $1,742,000. 77.08% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

DRVN has been the topic of several analyst reports. BTIG Research began coverage on shares of Driven Brands in a report on Monday, June 30th. They issued a "buy" rating and a $22.00 target price on the stock. Wall Street Zen raised shares of Driven Brands from a "hold" rating to a "buy" rating in a research report on Saturday, July 5th. The Goldman Sachs Group began coverage on shares of Driven Brands in a research report on Tuesday, June 3rd. They set a "neutral" rating and a $20.00 price objective for the company. Finally, Canaccord Genuity Group increased their price objective on shares of Driven Brands from $23.00 to $24.00 and gave the stock a "buy" rating in a research report on Friday, June 27th. Three investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, Driven Brands presently has a consensus rating of "Moderate Buy" and an average target price of $21.00.

Driven Brands Stock Up 1.7%

Driven Brands stock opened at $16.99 on Tuesday. The company has a market cap of $2.79 billion, a P/E ratio of -9.39, a price-to-earnings-growth ratio of 0.96 and a beta of 1.08. Driven Brands Holdings Inc. has a 1-year low of $12.73 and a 1-year high of $18.72. The company has a fifty day simple moving average of $17.44 and a 200 day simple moving average of $16.93. The company has a current ratio of 1.47, a quick ratio of 1.33 and a debt-to-equity ratio of 4.07.

Driven Brands (NASDAQ:DRVN - Get Free Report) last released its earnings results on Tuesday, May 6th. The company reported $0.27 earnings per share for the quarter, beating analysts' consensus estimates of $0.23 by $0.04. Driven Brands had a negative net margin of 12.75% and a positive return on equity of 19.61%. The business had revenue of $516.16 million during the quarter, compared to the consensus estimate of $492.19 million. During the same quarter last year, the firm earned $0.23 earnings per share. The firm's revenue for the quarter was up 7.1% compared to the same quarter last year. Research analysts anticipate that Driven Brands Holdings Inc. will post 0.85 earnings per share for the current fiscal year.

About Driven Brands

Driven Brands Holdings Inc, together with its subsidiaries, provides automotive services to retail and commercial customers in the United States, Canada, and internationally. It offers various services, such as paint, collision, glass, repair, car wash, oil change, and maintenance services. The company also distributes automotive parts, including radiators, air conditioning components, and exhaust products to automotive repair shops, auto parts stores, body shops, and other auto repair outlets; windshields and glass accessories through a network of distribution centers; and consumable products, such as oil filters and wiper blades, as well as training services to repair and maintenance, and paint and collision shops.

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