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Catherine Ann Halligan, a director at Driven Brands Holdings Inc. (NASDAQ:DRVN), has sold 4,242 shares of the company’s common stock. The shares were sold at a weighted average price of $17.42, totaling approximately $73,895. The transaction price sits near the stock’s 52-week high of $18.01, with DRVN shares delivering a robust 27% return over the past year. Following this transaction, Halligan holds 17,791 shares in the company. Driven Brands, a leader in the automotive repair and services sector with a market capitalization of $2.8 billion, continues to be a significant player in the industry. According to InvestingPro, the company maintains a Fair Financial Health rating, with analyst price targets suggesting potential upside from current levels.
In other recent news, Driven Brands has announced the sale of its U.S. car wash operations to Whistle Express Car Wash for $385 million. This transaction is expected to close in the second quarter of 2025 and involves $255 million in cash and a $130 million interest-bearing seller note. The company plans to use the proceeds to reduce debt, aiming for a net leverage ratio of 3x or lower by the end of 2026. Additionally, BMO Capital Markets has raised its price target for Driven Brands to $16, maintaining a Market Perform rating following the divestiture announcement. In leadership changes, Daniel Rivera will become the new President and CEO on May 9, 2025, succeeding Jonathan Fitzpatrick, who will transition to the role of Non-Executive Chair. Meanwhile, Chief Accounting Officer Michael Beland will resign effective January 3, 2025, with CFO Michael Diamond stepping in as interim principal accounting officer. These developments reflect Driven Brands’ strategic focus on its core operations and leadership succession planning. The company continues to operate approximately 5,200 locations across 13 countries, generating about $2.3 billion in annual revenue.
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