Jennison Associates LLC Has $136.75 Million Stake in Markel Group Inc. $MKL

Key Points

• Jennison Associates trimmed its Markel Group stake by 2.4% in the first quarter, but still held 71,444 shares valued at about $136.75 million at quarter-end.
• Institutional ownership in Markel remains heavy, with several large investors recently increasing positions and 77.12% of shares currently held by institutions and hedge funds.
• Analyst sentiment is cautious: Markel has a consensus rating of "Reduce" with an average price target of $2,025, while the company also reported a quarterly earnings miss despite revenue of $3.55 billion.

Jennison Associates LLC reduced its position in Markel Group Inc. (NYSE:MKL - Free Report) by 2.4% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 71,444 shares of the insurance provider's stock after selling 1,755 shares during the quarter. Jennison Associates LLC owned about 0.57% of Markel Group worth $136,749,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Davis Selected Advisers boosted its position in shares of Markel Group by 11.1% during the 4th quarter. Davis Selected Advisers now owns 415,160 shares of the insurance provider's stock worth $892,496,000 after acquiring an additional 41,632 shares in the last quarter. Select Equity Group L.P. lifted its stake in Markel Group by 75.9% during the second quarter. Select Equity Group L.P. now owns 336,369 shares of the insurance provider's stock worth $671,850,000 after purchasing an additional 145,146 shares during the last quarter. State Street Corp lifted its stake in Markel Group by 2.1% during the third quarter. State Street Corp now owns 304,400 shares of the insurance provider's stock worth $581,818,000 after purchasing an additional 6,160 shares during the last quarter. DAVENPORT & Co LLC boosted its holdings in shares of Markel Group by 2.4% in the 4th quarter. DAVENPORT & Co LLC now owns 209,999 shares of the insurance provider's stock valued at $452,365,000 after purchasing an additional 4,972 shares in the last quarter. Finally, Van Lanschot Kempen Investment Management N.V. boosted its holdings in shares of Markel Group by 13.0% in the 4th quarter. Van Lanschot Kempen Investment Management N.V. now owns 204,861 shares of the insurance provider's stock valued at $440,379,000 after purchasing an additional 23,631 shares in the last quarter. 77.12% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

MKL has been the subject of a number of research analyst reports. Brean Capital started coverage on Markel Group in a report on Tuesday, March 24th. They set a "neutral" rating and a $2,100.00 price target for the company. Wolfe Research started coverage on Markel Group in a research report on Wednesday, July 1st. They issued an "underperform" rating on the stock. Truist Financial lowered their target price on Markel Group from $2,100.00 to $1,950.00 and set a "hold" rating for the company in a research note on Thursday, April 30th. Wall Street Zen cut shares of Markel Group from a "buy" rating to a "sell" rating in a report on Saturday, May 2nd. Finally, Weiss Ratings downgraded shares of Markel Group from a "hold (c+)" rating to a "hold (c)" rating in a research note on Thursday, June 11th. Five research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Reduce" and an average price target of $2,025.00.

Insider Transactions at Markel Group

In other Markel Group news, Director Diane Leopold acquired 50 shares of the company's stock in a transaction that occurred on Thursday, May 7th. The stock was acquired at an average price of $1,789.19 per share, for a total transaction of $89,459.50. Following the acquisition, the director directly owned 550 shares in the company, valued at $984,054.50. This represents a 10.00% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Greta J. Harris sold 76 shares of the firm's stock in a transaction that occurred on Friday, May 22nd. The shares were sold at an average price of $1,847.31, for a total transaction of $140,395.56. Following the completion of the transaction, the director owned 645 shares of the company's stock, valued at approximately $1,191,514.95. This trade represents a 10.54% decrease in their position. The SEC filing for this sale provides additional information. Company insiders own 1.08% of the company's stock.

Markel Group Trading Up 0.5%

NYSE MKL opened at $1,970.12 on Friday. The company has a quick ratio of 0.63, a current ratio of 0.63 and a debt-to-equity ratio of 0.24. Markel Group Inc. has a twelve month low of $1,719.41 and a twelve month high of $2,207.59. The company has a market cap of $24.65 billion, a price-to-earnings ratio of 14.20 and a beta of 0.66. The business's fifty day moving average is $1,878.19 and its 200 day moving average is $1,956.88.

Markel Group (NYSE:MKL - Get Free Report) last issued its quarterly earnings data on Tuesday, April 28th. The insurance provider reported ($18.90) earnings per share for the quarter, missing analysts' consensus estimates of $26.38 by ($45.28). The firm had revenue of $3.55 billion for the quarter, compared to the consensus estimate of $3.66 billion. Markel Group had a return on equity of 7.90% and a net margin of 10.85%. As a group, sell-side analysts expect that Markel Group Inc. will post 114.11 EPS for the current fiscal year.

Markel Group Company Profile

Markel Group NYSE: MKL is a diversified insurance holding company best known for underwriting specialty insurance products. Founded in 1930 and headquartered in Richmond, Virginia, the company provides a wide range of commercial property and casualty coverages tailored to niche and hard-to-place risks. Its underwriting operations focus on specialty lines across multiple industries, delivering customized policy structures, program administration, and claims management services for complex exposures.

In addition to primary specialty insurance, Markel operates reinsurance and alternative risk-transfer activities and manages invested assets derived from underwriting float.

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