Praxis Investment Management Inc. Sells 1,740 Shares of Aon plc $AON

Key Points

• Praxis Investment Management Inc. reduced its stake in Aon plc by 31.5%, selling 1,740 shares to end the second quarter with 3,780 shares valued at approximately $1.35 million.
• Multiple institutional investors made significant changes to their holdings, with 86.14% of Aon's stock now owned by institutional investors.
• Aon recently declared a quarterly dividend of $0.745, reflecting an annualized yield of 0.9%, with the payment date set for November 14th.

Praxis Investment Management Inc. decreased its stake in shares of Aon plc (NYSE:AON - Free Report) by 31.5% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 3,780 shares of the financial services provider's stock after selling 1,740 shares during the quarter. Praxis Investment Management Inc.'s holdings in AON were worth $1,349,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Financial Gravity Asset Management Inc. bought a new position in shares of AON during the first quarter worth $28,000. Saudi Central Bank bought a new position in shares of AON during the first quarter worth $31,000. HHM Wealth Advisors LLC boosted its position in shares of AON by 54.7% during the first quarter. HHM Wealth Advisors LLC now owns 82 shares of the financial services provider's stock worth $33,000 after acquiring an additional 29 shares during the last quarter. Trust Co. of Toledo NA OH bought a new position in shares of AON during the second quarter worth $32,000. Finally, Pinnacle Bancorp Inc. lifted its position in AON by 56.9% during the second quarter. Pinnacle Bancorp Inc. now owns 91 shares of the financial services provider's stock valued at $32,000 after purchasing an additional 33 shares during the last quarter. Institutional investors own 86.14% of the company's stock.

Analysts Set New Price Targets

AON has been the subject of several research reports. Wolfe Research initiated coverage on shares of AON in a research report on Monday, September 15th. They set a "peer perform" rating for the company. Barclays reiterated an "overweight" rating and set a $420.00 price objective (up previously from $401.00) on shares of AON in a research report on Thursday, July 31st. Morgan Stanley upgraded shares of AON from an "equal weight" rating to an "overweight" rating and increased their price objective for the company from $385.00 to $430.00 in a research report on Thursday, September 11th. Citigroup initiated coverage on shares of AON in a research report on Wednesday, August 13th. They set a "neutral" rating and a $402.00 price objective for the company. Finally, Wells Fargo & Company lowered their price objective on shares of AON from $451.00 to $448.00 and set an "overweight" rating for the company in a research report on Wednesday, October 8th. One investment analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $420.00.

AON Price Performance

AON stock opened at $346.74 on Friday. The firm has a 50-day moving average price of $363.26 and a 200-day moving average price of $361.44. The firm has a market capitalization of $74.77 billion, a PE ratio of 29.04, a price-to-earnings-growth ratio of 2.02 and a beta of 0.89. The company has a current ratio of 1.52, a quick ratio of 1.52 and a debt-to-equity ratio of 1.93. Aon plc has a 12-month low of $323.73 and a 12-month high of $412.97.

AON (NYSE:AON - Get Free Report) last released its earnings results on Friday, July 25th. The financial services provider reported $3.49 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.40 by $0.09. The firm had revenue of $4.16 billion during 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 business's revenue was up 10.5% on a year-over-year basis. During the same quarter last year, the business earned $2.93 EPS. As a group, equities research analysts forecast that Aon plc will post 17.21 EPS for the current year.

AON Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, November 14th. Investors of record on Monday, November 3rd will be paid a $0.745 dividend. This represents a $2.98 annualized dividend and a yield of 0.9%. The ex-dividend date of this dividend is Monday, November 3rd. AON's dividend payout ratio (DPR) is currently 24.96%.

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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