Covington Capital Management Trims Holdings in Aon plc (NYSE:AON)

Covington Capital Management reduced its stake in shares of Aon plc (NYSE:AONGet Rating) by 34.4% in the second quarter, HoldingsChannel reports. The institutional investor owned 450 shares of the financial services provider’s stock after selling 236 shares during the period. Covington Capital Management’s holdings in AON were worth $121,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in AON. Capital World Investors grew its holdings in shares of AON by 102.9% in the first quarter. Capital World Investors now owns 8,942,963 shares of the financial services provider’s stock valued at $2,912,097,000 after purchasing an additional 4,535,747 shares in the last quarter. WCM Investment Management LLC grew its holdings in shares of AON by 27.5% in the first quarter. WCM Investment Management LLC now owns 5,879,340 shares of the financial services provider’s stock valued at $1,914,489,000 after purchasing an additional 1,267,267 shares in the last quarter. Vanguard Group Inc. grew its holdings in shares of AON by 7.0% in the first quarter. Vanguard Group Inc. now owns 17,897,636 shares of the financial services provider’s stock valued at $5,828,008,000 after purchasing an additional 1,172,671 shares in the last quarter. Norges Bank purchased a new position in shares of AON in the fourth quarter valued at $269,546,000. Finally, Sumitomo Mitsui Trust Holdings Inc. purchased a new position in shares of AON in the first quarter valued at $280,471,000. 86.51% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on AON. Jefferies Financial Group cut their target price on shares of AON from $316.00 to $296.00 and set a “hold” rating for the company in a report on Tuesday, July 12th. The Goldman Sachs Group started coverage on shares of AON in a research note on Tuesday, July 12th. They set a “neutral” rating and a $301.00 price objective for the company. TheStreet lowered shares of AON from a “b” rating to a “c+” rating in a research note on Friday, July 29th. Finally, Morgan Stanley lowered shares of AON from an “equal weight” rating to an “underweight” rating and dropped their price objective for the stock from $320.00 to $250.00 in a research note on Friday, June 3rd. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $303.70.

Insider Activity

In other news, General Counsel Darren Zeidel sold 111 shares of the company’s stock in a transaction dated Thursday, July 28th. The shares were sold at an average price of $290.00, for a total transaction of $32,190.00. Following the transaction, the general counsel now owns 15,129 shares in the company, valued at $4,387,410. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, Director Byron Spruell bought 400 shares of the company’s stock in a transaction that occurred on Tuesday, August 23rd. The shares were purchased at an average price of $291.72 per share, for a total transaction of $116,688.00. Following the completion of the transaction, the director now directly owns 2,743 shares in the company, valued at $800,187.96. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, General Counsel Darren Zeidel sold 111 shares of the company’s stock in a transaction that occurred on Thursday, July 28th. The shares were sold at an average price of $290.00, for a total value of $32,190.00. Following the completion of the sale, the general counsel now owns 15,129 shares in the company, valued at approximately $4,387,410. The disclosure for this sale can be found here. Corporate insiders own 1.06% of the company’s stock.

AON Stock Performance

Shares of AON stock opened at $277.12 on Monday. The company has a market capitalization of $58.45 billion, a PE ratio of 39.76 and a beta of 0.90. The company has a debt-to-equity ratio of 12.27, a quick ratio of 1.88 and a current ratio of 1.88. The company has a 50-day simple moving average of $285.26 and a two-hundred day simple moving average of $289.43. Aon plc has a one year low of $246.21 and a one year high of $341.98.

AON (NYSE:AONGet Rating) last announced its earnings results on Friday, July 29th. The financial services provider reported $2.63 EPS for the quarter, topping analysts’ consensus estimates of $2.57 by $0.06. AON had a net margin of 11.96% and a return on equity of 204.19%. The business had revenue of $2.98 billion during the quarter, compared to the consensus estimate of $3.01 billion. During the same period in the previous year, the company posted $2.29 earnings per share. The firm’s revenue was up 3.4% on a year-over-year basis. Research analysts expect that Aon plc will post 13.2 EPS for the current fiscal year.

AON Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 12th. Stockholders of record on Monday, August 1st were issued a dividend of $0.56 per share. The ex-dividend date of this dividend was Friday, July 29th. This represents a $2.24 annualized dividend and a dividend yield of 0.81%. AON’s dividend payout ratio (DPR) is currently 32.14%.

AON Profile

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Aon Plc operates as a global professional services firm. It provides advice and solutions to clients focused on risk, retirement, and health through the following products and services: Commercial Risk Solutions, Reinsurance Solutions, Retirement Solutions, Health Solutions, and Data and Analytic Services.

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Institutional Ownership by Quarter for AON (NYSE:AON)

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