Mackenzie Financial Corp Acquires 30,741 Shares of 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 lifted its position in Driven Brands Holdings Inc. (NASDAQ:DRVN - Free Report) by 69.2% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 75,194 shares of the company's stock after buying an additional 30,741 shares during the quarter. Mackenzie Financial Corp's holdings in Driven Brands were worth $1,289,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of DRVN. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of Driven Brands by 3.3% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 34,104 shares of the company's stock valued at $550,000 after acquiring an additional 1,079 shares in the last quarter. MetLife Investment Management LLC increased its position in shares of Driven Brands by 5.7% in the fourth quarter. MetLife Investment Management LLC now owns 37,161 shares of the company's stock worth $600,000 after purchasing an additional 2,003 shares during the last quarter. SG Americas Securities LLC raised its stake in Driven Brands by 25.3% in the first quarter. SG Americas Securities LLC now owns 17,194 shares of the company's stock valued at $295,000 after purchasing an additional 3,474 shares in the last quarter. Legal & General Group Plc raised its stake in Driven Brands by 5.5% in the fourth quarter. Legal & General Group Plc now owns 73,791 shares of the company's stock valued at $1,191,000 after purchasing an additional 3,833 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD lifted its position in Driven Brands by 20.0% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 23,760 shares of the company's stock valued at $384,000 after purchasing an additional 3,952 shares during the last quarter. 77.08% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

DRVN has been the topic of several research reports. Wall Street Zen upgraded shares of Driven Brands from a "hold" rating to a "buy" rating in a research report on Saturday, July 5th. The Goldman Sachs Group started coverage on Driven Brands in a research note on Tuesday, June 3rd. They issued a "neutral" rating and a $20.00 target price on the stock. Canaccord Genuity Group lifted their price target on Driven Brands from $23.00 to $24.00 and gave the stock a "buy" rating in a research note on Friday, June 27th. BTIG Research started coverage on Driven Brands in a report on Monday, June 30th. They issued a "buy" rating and a $22.00 price objective for the company. Finally, JPMorgan Chase & Co. raised Driven Brands from a "neutral" rating to an "overweight" rating and raised their price objective for the company from $17.00 to $23.00 in a report on Wednesday. Two research analysts have rated the stock with a hold rating and eight have given a buy rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $21.60.

Driven Brands Trading Down 1.4%

Shares of NASDAQ DRVN traded down $0.24 during midday trading on Friday, reaching $16.38. The company had a trading volume of 376,657 shares, compared to its average volume of 695,459. The stock has a market cap of $2.69 billion, a PE ratio of -9.64, a price-to-earnings-growth ratio of 0.99 and a beta of 1.08. Driven Brands Holdings Inc. has a one year low of $12.92 and a one year high of $18.72. The firm's fifty day moving average price is $17.40 and its 200-day moving average price is $16.95. The company has a quick ratio of 1.33, a current ratio of 1.47 and a debt-to-equity ratio of 4.07.

Driven Brands (NASDAQ:DRVN - Get Free Report) last announced its quarterly earnings data on Tuesday, August 5th. The company reported $0.36 earnings per share for the quarter, beating the consensus estimate of $0.34 by $0.02. Driven Brands had a positive return on equity of 21.21% and a negative net margin of 12.32%. The firm had revenue of $550.99 million during the quarter, compared to the consensus estimate of $540.12 million. During the same quarter in the previous year, the company posted $0.35 earnings per share. The business's revenue was up 6.2% on a year-over-year basis. On average, equities research analysts anticipate that Driven Brands Holdings Inc. will post 0.85 earnings per share for the current year.

Driven Brands Company Profile

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.