Wedge Capital Management L L P NC Sells 1,288 Shares of Markel Group Inc. $MKL

Key Points

• Wedge Capital Management L L P NC reduced its stake in Markel Group by 15.9%, selling 1,288 shares and holding 6,817 shares valued at approximately $13.6 million as of the latest reporting period.
• Markel Group recently received an upgrade from Argus, changing its rating from "hold" to "buy," while the stock has a current average target price of $1,820.33.
• In its latest earnings report, Markel Group posted an EPS of $25.46, beating analysts' expectations, with revenue of $4.82 billion, reflecting a year-over-year revenue increase of 24.3%.

Wedge Capital Management L L P NC cut its holdings in Markel Group Inc. (NYSE:MKL - Free Report) by 15.9% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 6,817 shares of the insurance provider's stock after selling 1,288 shares during the period. Wedge Capital Management L L P NC owned approximately 0.05% of Markel Group worth $13,616,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Axxcess Wealth Management LLC lifted its position in shares of Markel Group by 0.7% during the 1st quarter. Axxcess Wealth Management LLC now owns 878 shares of the insurance provider's stock valued at $1,642,000 after buying an additional 6 shares in the last quarter. GAMMA Investing LLC boosted its position in Markel Group by 12.7% in the 1st quarter. GAMMA Investing LLC now owns 62 shares of the insurance provider's stock valued at $116,000 after buying an additional 7 shares during the last quarter. Resonant Capital Advisors LLC grew its holdings in Markel Group by 1.1% during the first quarter. Resonant Capital Advisors LLC now owns 654 shares of the insurance provider's stock worth $1,223,000 after purchasing an additional 7 shares during the period. Checchi Capital Advisers LLC increased its holdings in shares of Markel Group by 5.8% during the first quarter. Checchi Capital Advisers LLC now owns 128 shares of the insurance provider's stock worth $239,000 after buying an additional 7 shares in the last quarter. Finally, MainStreet Investment Advisors LLC lifted its position in Markel Group by 2.3% in the 1st quarter. MainStreet Investment Advisors LLC now owns 359 shares of the insurance provider's stock valued at $671,000 after acquiring an additional 8 shares in the last quarter. 77.12% of the stock is currently owned by institutional investors and hedge funds.

Markel Group Stock Down 0.5%

MKL traded down $9.31 on Friday, hitting $1,935.29. 98,734 shares of the company were exchanged, compared to its average volume of 38,751. The company has a current ratio of 0.59, a quick ratio of 0.59 and a debt-to-equity ratio of 0.25. The firm has a 50-day moving average price of $1,961.90 and a two-hundred day moving average price of $1,907.63. Markel Group Inc. has a twelve month low of $1,521.25 and a twelve month high of $2,075.92. The company has a market cap of $24.48 billion, a price-to-earnings ratio of 11.61 and a beta of 0.82.

Markel Group (NYSE:MKL - Get Free Report) last released its quarterly earnings data on Wednesday, July 30th. The insurance provider reported $25.46 EPS for the quarter, beating the consensus estimate of $24.74 by $0.72. The company had revenue of $4.82 billion for the quarter, compared to analyst estimates of $3.96 billion. Markel Group had a return on equity of 7.18% and a net margin of 13.39%.The firm's revenue was up 24.3% compared to the same quarter last year. During the same period last year, the company posted $18.62 earnings per share. On average, equities analysts predict that Markel Group Inc. will post 96.25 earnings per share for the current year.

Analyst Upgrades and Downgrades

Separately, Argus raised shares of Markel Group from a "hold" rating to a "buy" rating in a report on Friday, May 30th. One equities research analyst has rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. According to data from MarketBeat.com, Markel Group currently has a consensus rating of "Hold" and an average price target of $1,820.33.

Markel Group Profile

Markel Group Inc, a diverse holding company, engages in marketing and underwriting specialty insurance products in the United States, Bermuda, the United Kingdom, and Germany. The company offers general and professional liability, personal lines, marine and energy, specialty programs, and workers' compensation insurance products; and property coverages that include fire, allied lines, and other specialized property coverages, including catastrophe-exposed property risks, such as earthquake and wind.