On Holding AG (NYSE:ONON) Shares Sold by Polen Capital Management LLC

Key Points

• Polen Capital Management LLC has reduced its holdings in On Holding AG by 14.2%, now owning 238,933 shares valued at approximately $10.5 million.
• Institutional investors currently own 36.39% of On Holding's stock, with several large investors like Jennison Associates and Migdal Insurance significantly increasing their stakes.
• Analysts have set a range of price targets for ONON, with an average target of $64.00 and a majority rating it as a "Moderate Buy."

Polen Capital Management LLC cut its holdings in On Holding AG (NYSE:ONON - Free Report) by 14.2% during the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 238,933 shares of the company's stock after selling 39,450 shares during the period. Polen Capital Management LLC's holdings in ON were worth $10,494,000 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 business. Jennison Associates LLC increased its position in shares of ON by 136.6% during the first quarter. Jennison Associates LLC now owns 4,848,438 shares of the company's stock worth $212,943,000 after acquiring an additional 2,798,794 shares during the period. BNP Paribas Financial Markets purchased a new stake in shares of ON during the fourth quarter worth $39,119,000. Migdal Insurance & Financial Holdings Ltd. increased its position in shares of ON by 355.0% during the first quarter. Migdal Insurance & Financial Holdings Ltd. now owns 910,000 shares of the company's stock worth $39,967,000 after acquiring an additional 710,000 shares during the period. Raymond James Financial Inc. purchased a new stake in shares of ON during the fourth quarter worth $28,575,000. Finally, Mediolanum International Funds Ltd purchased a new stake in shares of ON during the first quarter worth $20,129,000. 36.39% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the company. Telsey Advisory Group reaffirmed an "outperform" rating and set a $65.00 price objective on shares of ON in a research report on Thursday. Cowen reissued a "buy" rating on shares of ON in a report on Wednesday, May 14th. Raymond James Financial lowered ON from a "strong-buy" rating to an "outperform" rating and set a $66.00 target price on the stock. in a report on Tuesday, July 22nd. KeyCorp increased their target price on ON from $60.00 to $68.00 and gave the company an "overweight" rating in a report on Wednesday, May 14th. Finally, UBS Group set a $75.00 target price on ON in a report on Wednesday, May 14th. Two equities research analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, ON presently has an average rating of "Moderate Buy" and an average target price of $64.00.

ON Price Performance

ONON opened at $45.61 on Friday. The company has a 50-day moving average of $52.56 and a 200-day moving average of $51.07. The company has a market capitalization of $28.72 billion, a P/E ratio of 65.16, a PEG ratio of 2.60 and a beta of 2.24. On Holding AG has a 1-year low of $34.59 and a 1-year high of $64.05. The company has a debt-to-equity ratio of 0.19, a quick ratio of 2.18 and a current ratio of 2.80.

About ON

On Holding AG engages in the development and distribution of sports products such as footwear, apparel, and accessories for high-performance running, outdoor, all-day activities, and tennis. It sells its products worldwide through independent retailers and global distributors, its own online presence, and its own stores.

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