Los Angeles Capital Management LLC has significantly reduced its stake in Aon plc (NYSE:AON), trimming its holdings by 57.5% during the second quarter of this year. According to a disclosure with the Securities and Exchange Commission (SEC), the firm now owns 1,007 shares of the financial services provider, down from 2,369 shares after selling 1,362 shares in the quarter. At the end of the most recent quarter, the value of Los Angeles Capital Management’s holdings in Aon was approximately $359,000.
Several other institutional investors have also adjusted their positions in Aon recently. For instance, AGF Management Ltd. increased its holdings by 21.1%, now owning 8,322 shares valued at $2,969,000 following the purchase of an additional 1,452 shares. Similarly, AE Wealth Management LLC raised its stake by 24.1%, acquiring 721 shares worth $257,000 after adding 140 shares during the last quarter.
Fox Run Management L.L.C. entered a new position in Aon, worth $379,000. Vestmark Advisory Solutions Inc. expanded its stake by 29.3%, bringing its total to 11,543 shares valued at $4,118,000 after purchasing an additional 2,618 shares. Finally, Savant Capital LLC increased its position by 0.9%, now holding 11,580 shares worth $4,131,000. Collectively, institutional investors own 86.14% of Aon’s stock.
Aon Stock Performance and Dividend Announcement
On Friday, Aon opened at $349.98 per share. The company has a market capitalization of $75.22 billion, with a price-to-earnings (P/E) ratio of 29.31, a P/E growth (P/E/G) ratio of 1.92, and a beta of 0.86. Aon’s debt-to-equity ratio stands at 1.93, and both its current and quick ratios are 1.52. The fifty-day moving average price is $351.87, while the two-hundred day moving average price is $357.62. Aon has experienced a fifty-two week low of $323.73 and a high of $412.97.
In addition to the stock movements, Aon recently announced a quarterly dividend of $0.745 per share, which was paid on November 14, 2023. Shareholders of record on November 3, 2023 received this dividend, which translates to an annualized dividend of $2.98 and a yield of 0.9%. Currently, Aon’s payout ratio is 23.88%.
Analyst Ratings and Market Outlook
Recent reports from equity research analysts highlight a range of opinions on Aon’s stock. Notably, Morgan Stanley upgraded Aon from an “equal weight” to an “overweight” rating, raising its price target from $385.00 to $430.00 in a report dated September 11, 2023. Citigroup also upgraded Aon from a “neutral” to a “buy” rating, setting a target price of $402.00 on November 3, 2023.
Meanwhile, Jefferies Financial Group upgraded Aon from a “hold” to a “buy” rating, increasing its price objective from $400.00 to $426.00 on July 30, 2023. Wells Fargo & Company adjusted its target price on Aon from $451.00 to $448.00, maintaining an “overweight” rating as of October 8, 2023. Lastly, Evercore ISI raised its price target from $427.00 to $435.00 with an “outperform” rating on November 3, 2023.
Currently, one analyst has rated Aon with a strong buy, twelve have given it a buy rating, and five have assigned a hold rating. According to data from MarketBeat.com, Aon holds an average rating of “Moderate Buy” with a consensus price target of $419.13.
Aon plc engages in providing risk, health, and wealth solutions. Its services encompass risk capital management, claim management, reinsurance, risk analysis, human capital analytics, health benefits, investments, pensions, retirement, talent management, workplace wellbeing, and more. As the company continues to navigate the financial landscape, its strategic adjustments and market performance will remain a focus for investors and analysts alike.
