Modern Wealth Management LLC Invests $820,000 in Aon plc $AON

Modern Wealth Management LLC acquired a new stake in Aon plc (NYSE:AON) during the 1st quarter, HoldingsChannel.com reports. The fund acquired 2,550 shares of the financial services provider’s stock, valued at approximately $820,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. NewEdge Advisors LLC grew its position in AON by 28.4% in the 2nd quarter. NewEdge Advisors LLC now owns 14,704 shares of the financial services provider’s stock worth $5,246,000 after purchasing an additional 3,253 shares during the last quarter. Treasurer of the State of North Carolina raised its holdings in shares of AON by 9.1% during the second quarter. Treasurer of the State of North Carolina now owns 98,084 shares of the financial services provider’s stock valued at $34,992,000 after buying an additional 8,216 shares during the last quarter. Alliancebernstein L.P. boosted its position in shares of AON by 35.2% during the second quarter. Alliancebernstein L.P. now owns 292,210 shares of the financial services provider’s stock worth $104,249,000 after buying an additional 76,061 shares during the period. Diversify Advisory Services LLC grew its holdings in AON by 27.1% in the 2nd quarter. Diversify Advisory Services LLC now owns 2,734 shares of the financial services provider’s stock worth $995,000 after buying an additional 583 shares in the last quarter. Finally, Quantinno Capital Management LP increased its position in AON by 46.1% in the 2nd quarter. Quantinno Capital Management LP now owns 40,044 shares of the financial services provider’s stock valued at $14,286,000 after acquiring an additional 12,631 shares during the period. 86.14% of the stock is owned by institutional investors and hedge funds.

AON Stock Down 0.1%

AON stock opened at $361.26 on Monday. The firm has a market cap of $77.16 billion, a PE ratio of 19.83, a P/E/G ratio of 1.89 and a beta of 0.71. Aon plc has a 12 month low of $304.59 and a 12 month high of $381.00. The company has a debt-to-equity ratio of 1.36, a current ratio of 1.95 and a quick ratio of 1.95. The firm has a 50 day simple moving average of $336.57 and a 200 day simple moving average of $331.24.

AON (NYSE:AON) last posted its quarterly earnings results on Saturday, May 2nd. The financial services provider reported $6.48 earnings per share (EPS) for the quarter, topping the consensus estimate of $6.37 by $0.11. The firm had revenue of $5.03 billion for the quarter, compared to analyst estimates of $4.97 billion. AON had a net margin of 22.54% and a return on equity of 43.50%. During the same quarter in the previous year, the business posted $5.67 earnings per share. The firm’s quarterly revenue was up 6.4% compared to the same quarter last year. Equities research analysts forecast that Aon plc will post 19.09 earnings per share for the current fiscal year.

AON Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, August 14th. Investors of record on Monday, August 3rd will be issued a $0.82 dividend. This represents a $3.28 dividend on an annualized basis and a dividend yield of 0.9%. The ex-dividend date is Monday, August 3rd. AON’s payout ratio is presently 18.00%.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on AON shares. JPMorgan Chase & Co. lifted their target price on AON from $396.00 to $412.00 and gave the company an “overweight” rating in a research note on Monday, July 13th. Weiss Ratings reissued a “hold (c)” rating on shares of AON in a report on Friday, July 17th. Mizuho lifted their price objective on shares of AON from $389.00 to $426.00 and gave the company an “outperform” rating in a research note on Thursday, July 9th. Barclays upped their price objective on shares of AON from $372.00 to $382.00 and gave the stock an “equal weight” rating in a report on Tuesday, July 7th. Finally, Cantor Fitzgerald raised their target price on shares of AON from $416.00 to $445.00 and gave the company an “overweight” rating in a research note on Thursday, July 9th. Twelve investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to MarketBeat, AON has a consensus rating of “Moderate Buy” and a consensus price target of $404.56.

Insider Activity

In other news, General Counsel Darren Zeidel sold 600 shares of the company’s stock in a transaction on Tuesday, July 7th. The stock was sold at an average price of $360.00, for a total transaction of $216,000.00. Following the completion of the sale, the general counsel directly owned 15,354 shares of the company’s stock, valued at $5,527,440. This represents a 3.76% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 1.00% of the stock is owned by company insiders.

AON Profile

Aon plc is a global professional services firm that provides a broad suite of risk, retirement and health solutions to corporations, institutions and individuals. The company operates primarily as an insurance broker and risk adviser, helping clients identify, quantify and transfer risk across property, casualty, cyber and other areas. Aon also offers reinsurance brokerage and capital market solutions that connect insurers, reinsurers and corporate buyers.

In addition to traditional brokerage activities, Aon delivers consulting and outsourcing services in areas such as human capital, benefits, and retirement plan design and administration.