Nicholas Company Inc. has reduced its holdings in Aon plc, a major player in the financial services sector, by 8.3% during the second quarter of 2023. According to a report from HoldingsChannel.com, the firm now owns 181,427 shares after selling 16,360 shares in the period. As of its latest filing with the Securities and Exchange Commission (SEC), Nicholas Company’s stake in Aon is valued at approximately $64.73 million.
This decision comes amidst a backdrop of increased trading activity among various institutional investors. In the first quarter, Mutual Advisors LLC established a new position in Aon valued at $256,000. D.A. Davidson & Co. also raised its stake by 4.4%, bringing its total holdings to 2,327 shares worth around $929,000 after acquiring an additional 99 shares. Similarly, Conning Inc. increased its position by 2.0% and now owns 1,648 shares valued at $658,000.
Notably, Harel Insurance Investments & Financial Services Ltd. significantly boosted its stake by 45.7%, amassing 1,206 shares worth approximately $481,000, while Catalyst Capital Advisors LLC saw a dramatic increase of 425.3%, now holding 1,907 shares valued at $761,000. Overall, institutional investors and hedge funds own 86.14% of Aon’s stock.
Aon experienced a trading increase of 3.8% on Friday, with shares opening at $340.75. The company boasts a market capitalization of $73.48 billion and a price-to-earnings (P/E) ratio of 28.54. Aon’s stock has fluctuated between a 52-week low of $323.73 and a high of $412.97, with a 50-day moving average at $356.70 and a 200-day moving average at $358.58.
In addition to trading activities, Aon recently announced a quarterly dividend of $0.745, scheduled for distribution on November 14, 2023. Shareholders recorded on November 3, 2023 will receive this dividend, representing an annualized yield of 0.9% and a payout ratio of 23.88%.
Equities research analysts have also been active regarding Aon’s stock. Piper Sandler raised its price target from $393.00 to $413.00 and assigned an “overweight” rating in a note dated July 28, 2023. Jefferies Financial Group upgraded its rating from “hold” to “buy,” increasing its target price from $400.00 to $426.00 on July 30, 2023. Additionally, Cantor Fitzgerald rated Aon as a “strong-buy,” while Barclays adjusted its target to $420.00 from $401.00.
The consensus rating among analysts now stands at “Moderate Buy,” with an average price target of $420.00 according to data from MarketBeat.com. Investors are encouraged to monitor ongoing updates regarding Aon and its performance in the financial services market.
Aon plc provides comprehensive risk, health, and wealth solutions, focusing on risk capital, claim management, reinsurance, and analytics related to health and benefits. For those interested in the latest developments surrounding Aon, including hedge fund activities, HoldingsChannel.com offers current filings and insider trades.
