Aon plc $AON Stock: Broadway Wealth Solutions Inc. Raises Stake

Key Points

• Broadway Wealth Solutions increased its Aon stake by 540.8% in the third quarter, reaching 6,671 shares valued at approximately $682,000. Other institutional investors also expanded their positions, with institutions collectively owning 86.14% of AON.
• Analyst sentiment remains a “Moderate Buy,” with 12 Buy, six Hold and two Sell ratings and an average price target of $367.59, despite some firms recently lowering their targets or downgrading the stock.
• AON was trading near $303.47, below its 12-month high of $382.34. The company reported quarterly EPS of $3.81, slightly above estimates, and declared a quarterly dividend of $0.82, representing a 1.1% annualized yield.

Broadway Wealth Solutions Inc. lifted its stake in Aon plc (NYSE:AON - Free Report) by 540.8% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 6,671 shares of the financial services provider's stock after purchasing an additional 5,630 shares during the quarter. Broadway Wealth Solutions Inc.'s holdings in AON were worth $682,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of the company. Robeco Institutional Asset Management B.V. increased its stake in AON by 11,179.6% during the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 4,026,135 shares of the financial services provider's stock valued at $1,114,313,000 after purchasing an additional 3,990,441 shares in the last quarter. Ninety One UK Ltd lifted its stake in shares of AON by 419.8% in the third quarter. Ninety One UK Ltd now owns 836,932 shares of the financial services provider's stock worth $231,638,000 after buying an additional 675,919 shares in the last quarter. Arrowstreet Capital Limited Partnership grew its holdings in shares of AON by 74.7% during the first quarter. Arrowstreet Capital Limited Partnership now owns 797,418 shares of the financial services provider's stock valued at $257,391,000 after buying an additional 340,866 shares during the last quarter. The Manufacturers Life Insurance Company grew its holdings in shares of AON by 136.1% during the first quarter. The Manufacturers Life Insurance Company now owns 547,850 shares of the financial services provider's stock valued at $176,835,000 after buying an additional 315,817 shares during the last quarter. Finally, Evergreen Capital Management LLC grew its holdings in shares of AON by 10,298.7% during the third quarter. Evergreen Capital Management LLC now owns 290,747 shares of the financial services provider's stock valued at $80,470,000 after buying an additional 287,951 shares during the last quarter. Institutional investors own 86.14% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on the stock. Wolfe Research lowered shares of AON from a "hold" rating to a "strong sell" rating in a report on Friday, September 11th. Cantor Fitzgerald lowered their price objective on AON from $433.00 to $400.00 and set an "overweight" rating on the stock in a research report on Wednesday, October 7th. Citigroup started coverage on AON in a research note on Monday, September 21st. They set a "buy" rating and a $435.00 target price on the stock. Wall Street Zen lowered AON from a "hold" rating to a "sell" rating in a report on Sunday, September 6th. Finally, The Goldman Sachs Group boosted their price target on AON from $375.00 to $401.00 and gave the stock a "buy" rating in a research note on Friday, July 31st. Twelve equities research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $367.59.

Insiders Place Their Bets

In related news, General Counsel Darren Zeidel sold 1,900 shares of the company's stock in a transaction on Tuesday, July 28th. The stock was sold at an average price of $377.76, for a total transaction of $717,744.00. Following the completion of the sale, the general counsel owned 11,504 shares in the company, valued at approximately $4,345,751.04. This represents a 14.17% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Lester B. Knight bought 20,000 shares of the stock in a transaction on Wednesday, September 2nd. The stock was purchased at an average cost of $327.48 per share, for a total transaction of $6,549,600.00. Following the acquisition, the director owned 163,000 shares of the company's stock, valued at $53,379,240. This trade represents a 13.99% increase in their position. The SEC filing for this purchase provides additional information. Company insiders own 1.00% of the company's stock.

AON Stock Down 0.0%

AON opened at $303.47 on Monday. The stock has a market capitalization of $64.37 billion, a price-to-earnings ratio of 16.73, a PEG ratio of 1.59 and a beta of 0.70. The firm has a 50 day moving average price of $305.15 and a 200-day moving average price of $325.23. Aon plc has a twelve month low of $266.33 and a twelve month high of $382.34. The company has a quick ratio of 1.54, a current ratio of 1.54 and a debt-to-equity ratio of 1.34.

AON (NYSE:AON - Get Free Report) last issued its earnings results on Wednesday, July 29th. The financial services provider reported $3.81 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.80 by $0.01. The company had revenue of $4.25 billion for the quarter, compared to analysts' expectations of $4.28 billion. AON had a net margin of 22.27% and a return on equity of 42.13%. The firm's quarterly revenue was up 2.2% on a year-over-year basis. During the same quarter last year, the company posted $3.49 earnings per share. Equities research analysts forecast that Aon plc will post 18.73 earnings per share for the current year.

AON Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, November 13th. Stockholders of record on Monday, November 2nd will be paid a $0.82 dividend. This represents a $3.28 dividend on an annualized basis and a dividend yield of 1.1%. The ex-dividend date is Monday, November 2nd. AON's dividend payout ratio (DPR) is 18.08%.

AON Profile

Aon plc is a global professional services firm that helps organizations manage risk, make informed decisions and improve workforce outcomes. Its services span commercial risk, health, retirement and investments, and data and analytics.

The company provides insurance brokerage and risk-management services, including coverage placement, claims support, risk transfer and consulting. Through its reinsurance business, Aon also serves insurers and other organizations seeking to manage catastrophe, capital and underwriting risks.

Aon's human capital offerings include employee benefits consulting, retirement advisory services, talent and compensation consulting, and health and workforce solutions.

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