Cornerstone Advisors LLC Decreases Position in Aon plc (NYSE:AON)

Cornerstone Advisors LLC lessened its holdings in shares of Aon plc (NYSE:AON) by 9.6% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 12,200 shares of the financial services provider’s stock after selling 1,300 shares during the period. Cornerstone Advisors LLC’s holdings in AON were worth $3,582,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Frazier Financial Advisors LLC purchased a new position in AON in the 4th quarter worth $31,000. Y.D. More Investments Ltd acquired a new stake in AON during the 2nd quarter worth about $31,000. Rise Advisors LLC acquired a new stake in AON during the 1st quarter worth about $37,000. Bruce G. Allen Investments LLC grew its position in AON by 52.7% during the 2nd quarter. Bruce G. Allen Investments LLC now owns 168 shares of the financial services provider’s stock worth $49,000 after purchasing an additional 58 shares during the period. Finally, LRI Investments LLC acquired a new stake in AON during the 1st quarter worth about $55,000. Hedge funds and other institutional investors own 86.14% of the company’s stock.

AON Stock Up 0.8 %

AON stock opened at $350.69 on Tuesday. The firm has a market cap of $76.25 billion, a PE ratio of 27.48, a PEG ratio of 2.24 and a beta of 0.92. The company has a debt-to-equity ratio of 2.92, a quick ratio of 2.42 and a current ratio of 2.42. The firm’s 50 day moving average price is $326.56 and its 200-day moving average price is $310.44. Aon plc has a one year low of $268.06 and a one year high of $353.54.

AON (NYSE:AON) last released its quarterly earnings results on Friday, July 26th. The financial services provider reported $2.93 EPS for the quarter, missing the consensus estimate of $3.08 by ($0.15). The firm had revenue of $3.76 billion for the quarter, compared to analysts’ expectations of $3.74 billion. AON had a net margin of 18.00% and a return on equity of 252.81%. The firm’s quarterly revenue was up 18.4% compared to the same quarter last year. During the same period in the previous year, the firm posted $2.76 EPS. On average, equities research analysts anticipate that Aon plc will post 15.23 EPS for the current year.

AON Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, August 15th. Investors of record on Thursday, August 1st were issued a $0.675 dividend. The ex-dividend date of this dividend was Thursday, August 1st. This represents a $2.70 annualized dividend and a yield of 0.77%. AON’s dividend payout ratio (DPR) is presently 21.16%.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on AON. Bank of America cut AON from a “neutral” rating to an “underperform” rating and dropped their target price for the company from $345.00 to $306.00 in a research report on Wednesday, May 22nd. Wells Fargo & Company raised their target price on AON from $287.00 to $300.00 and gave the company an “underweight” rating in a research report on Monday, July 29th. Piper Sandler raised their target price on AON from $312.00 to $335.00 and gave the company a “neutral” rating in a research report on Monday, July 29th. Citigroup assumed coverage on shares of AON in a research note on Wednesday, May 22nd. They issued a “neutral” rating and a $309.00 price target on the stock. Finally, Morgan Stanley decreased their price target on shares of AON from $300.00 to $296.00 and set an “equal weight” rating on the stock in a research note on Wednesday, July 10th. Two research analysts have rated the stock with a sell rating, nine have given a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, AON has an average rating of “Hold” and a consensus price target of $337.27.

About AON

Aon plc, a professional services firm, provides a range of risk and human capital solutions worldwide. It offers commercial risk solutions, including retail brokerage, specialty solutions, global risk consulting and captives management, and affinity programs; and health solutions, such as health and benefits brokerages, and health care exchanges.