Cortland Associates Inc. MO Purchases Shares of 289,445 Brown & Brown, Inc. $BRO

Key Points

• Cortland Associates Inc. MO bought a new stake of 289,445 shares of Brown & Brown valued at about $23.07 million, equal to roughly 2.9% of Cortland's portfolio and about 0.08% of Brown & Brown outstanding, making it Cortland's 14th largest holding.
• Research firms have trimmed targets and the consensus rating is Hold with a consensus price target of $84.27, as several analysts cut their forecasts while a few maintain buy/neutral views.
• Brown & Brown slightly beat EPS estimates with $0.93 per share and reported revenue of $1.61 billion (up 35.7% YoY); the company has a market cap of about $23.5 billion, a P/E of ~21.6, and a 12‑month range of $63.29–$119.06.

Cortland Associates Inc. MO purchased a new stake in Brown & Brown, Inc. (NYSE:BRO - Free Report) in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 289,445 shares of the financial services provider's stock, valued at approximately $23,069,000. Brown & Brown accounts for about 2.9% of Cortland Associates Inc. MO's investment portfolio, making the stock its 14th largest holding. Cortland Associates Inc. MO owned 0.08% of Brown & Brown at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. Cornerstone Planning Group LLC boosted its holdings in Brown & Brown by 423.1% in the 3rd quarter. Cornerstone Planning Group LLC now owns 272 shares of the financial services provider's stock valued at $26,000 after purchasing an additional 220 shares during the period. Darwin Wealth Management LLC bought a new position in Brown & Brown in the 2nd quarter valued at $30,000. Board of the Pension Protection Fund bought a new position in Brown & Brown in the 4th quarter valued at $40,000. True Wealth Design LLC boosted its holdings in Brown & Brown by 4,369.2% in the 3rd quarter. True Wealth Design LLC now owns 581 shares of the financial services provider's stock valued at $54,000 after purchasing an additional 568 shares during the period. Finally, Maseco LLP bought a new position in Brown & Brown in the 4th quarter valued at $60,000. 71.01% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have commented on the stock. Bank of America cut their price target on shares of Brown & Brown from $90.00 to $88.00 and set a "neutral" rating for the company in a report on Tuesday, April 14th. BMO Capital Markets lowered their price objective on shares of Brown & Brown from $88.00 to $81.00 and set a "market perform" rating on the stock in a research report on Thursday, January 29th. JPMorgan Chase & Co. reduced their target price on Brown & Brown from $91.00 to $85.00 and set a "neutral" rating on the stock in a research note on Thursday, April 9th. Truist Financial reduced their target price on Brown & Brown from $105.00 to $100.00 and set a "buy" rating on the stock in a research note on Wednesday, January 28th. Finally, Morgan Stanley reduced their target price on Brown & Brown from $76.00 to $70.00 and set an "equal weight" rating on the stock in a research note on Monday, April 6th. Three research analysts have rated the stock with a Buy rating and fifteen have assigned a Hold rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $84.27.

Brown & Brown Stock Performance

NYSE BRO opened at $69.03 on Wednesday. The company has a 50-day simple moving average of $68.17 and a two-hundred day simple moving average of $76.41. The company has a quick ratio of 1.66, a current ratio of 1.66 and a debt-to-equity ratio of 0.55. Brown & Brown, Inc. has a 12-month low of $63.29 and a 12-month high of $119.06. The firm has a market cap of $23.50 billion, a price-to-earnings ratio of 21.57, a PEG ratio of 1.85 and a beta of 0.83.

Brown & Brown (NYSE:BRO - Get Free Report) last posted its quarterly earnings results on Monday, January 26th. The financial services provider reported $0.93 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.91 by $0.02. Brown & Brown had a net margin of 17.84% and a return on equity of 12.93%. The business had revenue of $1.61 billion during the quarter, compared to analyst estimates of $1.65 billion. During the same period in the prior year, the business posted $0.86 earnings per share. The company's revenue was up 35.7% on a year-over-year basis. On average, equities analysts forecast that Brown & Brown, Inc. will post 4.54 EPS for the current year.

Brown & Brown Profile

Brown & Brown, Inc NYSE: BRO is a professional insurance brokerage and risk advisory firm that provides a broad range of property and casualty, employee benefits, personal risk, and specialty insurance products. The company works with commercial, public sector and individual clients to design and place insurance programs, manage claims and loss control, and deliver risk management consulting. Its services also include wholesale brokerage, program administration and other specialty distribution solutions that connect carriers and intermediaries to niche markets.

Brown & Brown operates through a decentralized model of operating units and subsidiaries, enabling local client service with the scale to access national and specialty markets.

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