Aon plc (NYSE:AON) Shares Sold by Weitz Investment Management Inc.

Key Points

• Weitz Investment Management Inc. has reduced its stake in Aon plc by 18.2%, now holding 213,450 shares worth approximately $85.19 million, making it the 5th largest holding in their portfolio.
• Aon recently reported a 10.5% year-over-year revenue growth, with earnings per share of $3.49, surpassing analyst expectations, and forecasts suggest 17.21 EPS for the current fiscal year.
• Several major analysts have upgraded Aon's stock ratings, with price targets reaching up to $438, reflecting strong market confidence and an average rating of "Moderate Buy".

Weitz Investment Management Inc. lowered its position in Aon plc (NYSE:AON - Free Report) by 18.2% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 213,450 shares of the financial services provider's stock after selling 47,500 shares during the quarter. AON makes up about 4.5% of Weitz Investment Management Inc.'s investment portfolio, making the stock its 5th largest holding. Weitz Investment Management Inc. owned 0.10% of AON worth $85,186,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in the company. Haverford Financial Services Inc. lifted its stake in shares of AON by 22.6% during the 1st quarter. Haverford Financial Services Inc. now owns 23,144 shares of the financial services provider's stock worth $9,237,000 after buying an additional 4,259 shares during the last quarter. R Squared Ltd lifted its stake in shares of AON by 1,758.3% during the 1st quarter. R Squared Ltd now owns 2,230 shares of the financial services provider's stock worth $890,000 after buying an additional 2,110 shares during the last quarter. United Super Pty Ltd in its capacity as Trustee for the Construction & Building Unions Superannuation Fund acquired a new stake in shares of AON during the 1st quarter worth about $239,000. Cumberland Partners Ltd acquired a new stake in shares of AON during the 1st quarter worth about $3,883,000. Finally, Jupiter Asset Management Ltd. acquired a new stake in AON in the 1st quarter worth about $25,057,000. Institutional investors and hedge funds own 86.14% of the company's stock.

AON Trading Down 0.7%

Shares of AON stock opened at $353.09 on Monday. The firm has a market capitalization of $76.14 billion, a PE ratio of 29.57, a price-to-earnings-growth ratio of 2.10 and a beta of 0.83. The company has a current ratio of 1.52, a quick ratio of 1.52 and a debt-to-equity ratio of 1.93. The firm's 50 day moving average is $358.07 and its 200 day moving average is $370.83. Aon plc has a 1 year low of $322.95 and a 1 year high of $412.97.

AON (NYSE:AON - Get Free Report) last announced its quarterly earnings results on Friday, July 25th. The financial services provider reported $3.49 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.40 by $0.09. The company had revenue of $4.16 billion for the quarter, compared to analyst estimates of $4.16 billion. AON had a net margin of 15.54% and a return on equity of 50.91%. The firm's revenue was up 10.5% on a year-over-year basis. During the same period in the previous year, the firm posted $2.93 EPS. Equities research analysts forecast that Aon plc will post 17.21 earnings per share for the current fiscal year.

AON Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 15th. Shareholders of record on Friday, August 1st will be issued a dividend of $0.745 per share. This represents a $2.98 dividend on an annualized basis and a yield of 0.8%. The ex-dividend date of this dividend is Friday, August 1st. AON's payout ratio is presently 24.96%.

Analysts Set New Price Targets

Several analysts have weighed in on the stock. Piper Sandler lifted their price objective on shares of AON from $393.00 to $413.00 and gave the stock an "overweight" rating in a research note on Monday, July 28th. Jefferies Financial Group upgraded shares of AON from a "hold" rating to a "buy" rating and lifted their price objective for the stock from $400.00 to $426.00 in a research note on Wednesday, July 30th. The Goldman Sachs Group upgraded shares of AON from a "neutral" rating to a "buy" rating and set a $408.00 price objective for the company in a research note on Tuesday, May 13th. Wells Fargo & Company reiterated an "overweight" rating and issued a $438.00 price objective (up previously from $436.00) on shares of AON in a research note on Thursday, July 10th. Finally, Evercore ISI lifted their price objective on shares of AON from $411.00 to $421.00 and gave the stock an "outperform" rating in a research note on Monday, July 28th. One analyst has rated the stock with a sell rating, four have issued a hold rating and eight have issued a buy rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $409.21.

About AON

Aon Plc engages in the provision of risk, health, and wealth solutions. It focuses on risk capital including claim management, reinsurance, risk analysis, management, retention, and transfer; and human capital involving analytics, health and benefits, investments, pensions and retirement, talent and rewards, and workplace wellbeing.

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