The Manufacturers Life Insurance Company Has $492,000 Stake in Driven Brands Holdings Inc. (NASDAQ:DRVN)

The Manufacturers Life Insurance Company lifted its position in shares of Driven Brands Holdings Inc. (NASDAQ:DRVN) by 152.3% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 38,610 shares of the company’s stock after acquiring an additional 23,307 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Driven Brands were worth $492,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Allspring Global Investments Holdings LLC acquired a new stake in shares of Driven Brands during the 1st quarter valued at $26,000. GAMMA Investing LLC lifted its holdings in Driven Brands by 49.3% during the 1st quarter. GAMMA Investing LLC now owns 2,738 shares of the company’s stock worth $43,000 after buying an additional 904 shares during the period. Innealta Capital LLC acquired a new position in Driven Brands during the 2nd quarter worth about $86,000. Wedmont Private Capital acquired a new position in Driven Brands during the 1st quarter worth about $159,000. Finally, Norden Group LLC acquired a new position in Driven Brands during the 1st quarter worth about $182,000. Institutional investors and hedge funds own 77.08% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have commented on DRVN. Robert W. Baird lifted their target price on Driven Brands from $17.00 to $18.00 and gave the stock an “outperform” rating in a report on Friday, August 2nd. Baird R W raised Driven Brands to a “strong-buy” rating in a research note on Friday, August 2nd. Canaccord Genuity Group boosted their price objective on Driven Brands from $19.00 to $20.00 and gave the company a “buy” rating in a research note on Thursday, September 19th. Benchmark reissued a “buy” rating and issued a $20.00 price objective on shares of Driven Brands in a research note on Tuesday, August 20th. Finally, The Goldman Sachs Group boosted their target price on Driven Brands from $14.00 to $16.00 and gave the company a “neutral” rating in a research report on Friday, August 2nd. Four equities research analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Driven Brands currently has a consensus rating of “Moderate Buy” and a consensus price target of $16.95.

Driven Brands Stock Performance

Shares of DRVN opened at $14.73 on Thursday. The company has a debt-to-equity ratio of 3.03, a quick ratio of 1.91 and a current ratio of 2.11. The stock has a 50 day moving average price of $14.11 and a two-hundred day moving average price of $13.25. The firm has a market capitalization of $2.42 billion, a P/E ratio of -3.16, a P/E/G ratio of 0.83 and a beta of 1.13. Driven Brands Holdings Inc. has a 52 week low of $10.59 and a 52 week high of $16.00.

Driven Brands (NASDAQ:DRVN) last issued its quarterly earnings data on Thursday, August 1st. The company reported $0.35 EPS for the quarter, topping analysts’ consensus estimates of $0.28 by $0.07. Driven Brands had a positive return on equity of 15.12% and a negative net margin of 33.56%. The firm had revenue of $611.60 million during the quarter, compared to analyst estimates of $628.34 million. During the same period in the previous year, the company posted $0.27 EPS. The company’s revenue for the quarter was up .8% on a year-over-year basis. Equities analysts forecast that Driven Brands Holdings Inc. will post 0.88 earnings per share for the current fiscal year.

Driven Brands 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.