Should You Hold Brown & Brown (BRO) Stock?

Madison Funds, managed by Madison Investment Management, released its “Madison Mid Cap Fund” fourth-quarter 2022 investor letter. A copy of the same can be downloaded here. In the fourth quarter, the fund increased by 9.6% compared to a 9.2% increase in the Russell Midcap Index. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.

Madison Funds highlighted stocks like Brown & Brown, Inc. (NYSE:BRO) in its Q4 2022 investor letter. Headquartered in Daytona Beach, Florida, Brown & Brown, Inc. (NYSE:BRO) is an insurance provider. On January 13, 2023, Brown & Brown, Inc. (NYSE:BRO) stock closed at $61.27 per share. One-month return of Brown & Brown, Inc. (NYSE:BRO) was 10.40%, and its shares lost 8.62% of their value over the last 52 weeks. Brown & Brown, Inc. (NYSE:BRO) has a market capitalization of $17.353 billion.

Madison Funds made the following comment about Brown & Brown, Inc. (NYSE:BRO) in its fourth-quarter 2022 investor letter:

“The bottom five detractors for the quarter were Carlisle Companies, Brown & Brown, Inc. (NYSE:BRO), Brookfield, CarMax, and Armstrong World Industries. Brown & Brown continues to put up solid organic growth, although profitability was weaker than expected this quarter, for what we believe to be transitory issues.”

Brown & Brown, Inc. (NYSE:BRO) is not on our 30 Most Popular Stocks Among Hedge Funds list. As per our database, 27 hedge fund portfolios held Brown & Brown, Inc. (NYSE:BRO) at the end of the third quarter, which was 30 in the previous quarter.

We discussed Brown & Brown, Inc. (NYSE:BRO) in another article and shared the best dividend stocks for passive income. In addition, please check out our hedge fund investor letters Q4 2022 page for more investor letters from hedge funds and other leading investors.

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Disclosure: None. This article is originally published at Insider Monkey.