Los Angeles Capital Management LLC has significantly reduced its stake in Aon plc, a global leader in financial services, by 57.5% during the second quarter of 2023. According to a disclosure filed with the Securities and Exchange Commission (SEC), the firm now holds 1,007 shares of Aon, down from 2,369 shares after selling 1,362 shares during this period. The remaining shares are valued at approximately $359,000.
This adjustment comes amid broader shifts in investment strategies among institutional investors. Other notable changes include AGF Management Ltd., which increased its holdings in Aon by 21.1%, now owning 8,322 shares worth around $2,969,000. AE Wealth Management LLC also raised its stake by 24.1%, acquiring an additional 140 shares, bringing its total to 721 shares valued at $257,000.
Additionally, Fox Run Management L.L.C. entered a new investment with a stake valued at $379,000, while Vestmark Advisory Solutions Inc. expanded its position by 29.3%, now holding 11,543 shares valued at $4,118,000. Savant Capital LLC also saw a modest increase, buying 102 shares to reach a total of 11,580 shares, valued at $4,131,000. Collectively, institutional investors own approximately 86.14% of Aon’s stock.
Aon’s Stock Performance and Dividend Announcement
As of the latest trading session, Aon’s stock opened at $349.98. The company boasts a market capitalization of $75.22 billion, with a price-to-earnings (P/E) ratio of 29.31. Aon also reported a dividend of $0.745 per share, which was paid on November 14, 2023, to shareholders recorded as of November 3, 2023. This dividend equates to an annualized payout of $2.98, yielding 0.9% based on current stock prices.
Aon has displayed a fifty-two week trading range, with a low of $323.73 and a high of $412.97. The company’s debt-to-equity ratio stands at 1.93, while both the current and quick ratios are 1.52.
Analyst Ratings and Future Outlook
Recent analyst ratings indicate a positive outlook for Aon. Morgan Stanley upgraded Aon from an “equal weight” to an “overweight” rating, raising its price target from $385.00 to $430.00. Similarly, Citigroup upgraded the stock from “neutral” to “buy,” setting a target price of $402.00. Other firms, including Jefferies Financial Group, have also raised their price objectives, reflecting a consensus that favors growth.
Currently, one analyst has given Aon a “Strong Buy” rating, while twelve have assigned a “Buy” rating and five have maintained a “Hold” rating. According to data compiled by MarketBeat.com, Aon has an average rating of “Moderate Buy” with a consensus price target of $419.13.
As Aon continues to navigate the complexities of the global market, its strategic adjustments and the responses from institutional investors highlight the ongoing interest in this financial services provider.
