Wells Fargo & Company Forecasts Strong Price Appreciation for AON (NYSE:AON) Stock

AON (NYSE:AON) had its target price hoisted by investment analysts at Wells Fargo & Company from $323.00 to $364.00 in a note issued to investors on Monday, Benzinga reports. The firm currently has an “overweight” rating on the financial services provider’s stock. Wells Fargo & Company‘s price target points to a potential upside of 13.13% from the company’s current price.

Several other brokerages have also issued reports on AON. BMO Capital Markets cut their price target on AON from $360.00 to $286.00 and set a “market perform” rating on the stock in a report on Thursday, October 1st. Wall Street Zen lowered AON from a “hold” rating to a “sell” rating in a research report on Sunday, September 6th. Evercore cut their target price on AON from $423.00 to $375.00 in a report on Thursday, October 8th. JPMorgan Chase & Co. reduced their price target on shares of AON from $412.00 to $362.00 and set an “overweight” rating for the company in a research report on Thursday, October 1st. Finally, Wolfe Research downgraded shares of AON from a “hold” rating to a “strong sell” rating in a report on Friday, September 11th. Twelve equities research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $370.59.

AON Stock Up 0.0%

Shares of AON opened at $321.75 on Monday. The firm’s 50 day moving average is $302.17 and its 200-day moving average is $326.08. The stock has a market capitalization of $68.26 billion, a PE ratio of 17.62, a P/E/G ratio of 1.69 and a beta of 0.63. The company has a current ratio of 4.72, a quick ratio of 4.72 and a debt-to-equity ratio of 2.58. AON has a 12 month low of $266.33 and a 12 month high of $382.34.

AON (NYSE:AON) last posted its earnings results on Wednesday, October 28th. The financial services provider reported $3.36 EPS for the quarter, topping analysts’ consensus estimates of $3.30 by $0.06. AON had a net margin of 22.24% and a return on equity of 40.46%. The firm had revenue of $4.10 billion during the quarter, compared to analysts’ expectations of $4.08 billion. During the same quarter in the prior year, the business earned $3.05 earnings per share. The business’s revenue for the quarter was up 2.6% compared to the same quarter last year. Equities research analysts forecast that AON will post 18.55 EPS for the current year.

Insider Activity

In other news, Director Lester Knight bought 20,000 shares of the company’s stock in a transaction dated Wednesday, September 2nd. The shares were purchased at an average price of $327.48 per share, for a total transaction of $6,549,600.00. Following the completion of the purchase, the director owned 163,000 shares in the company, valued at approximately $53,379,240. This represents a 13.99% increase in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 1.00% of the company’s stock.

Hedge Funds Weigh In On AON

A number of hedge funds have recently added to or reduced their stakes in AON. Ascent Group LLC boosted its stake in AON by 1.5% during the third quarter. Ascent Group LLC now owns 6,855 shares of the financial services provider’s stock valued at $1,897,000 after buying an additional 100 shares during the last quarter. Rakuten Investment Management Inc. bought a new position in shares of AON during the 3rd quarter valued at approximately $10,339,000. Provenance Wealth Advisors LLC grew its holdings in shares of AON by 3,069.3% in the third quarter. Provenance Wealth Advisors LLC now owns 4,754 shares of the financial services provider’s stock valued at $1,316,000 after purchasing an additional 4,604 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. bought a new stake in AON in the third quarter worth $15,176,000. Finally, Aviance Capital Partners LLC bought a new stake in AON in the third quarter worth $208,000. 86.14% of the stock is currently owned by hedge funds and other institutional investors.

About AON

Aon plc is a global professional services firm that helps organizations manage risk, make informed decisions and improve workforce outcomes. Its services span commercial risk, health, retirement and investments, and data and analytics.

The company provides insurance brokerage and risk-management services, including coverage placement, claims support, risk transfer and consulting. Through its reinsurance business, Aon also serves insurers and other organizations seeking to manage catastrophe, capital and underwriting risks.

Aon’s human capital offerings include employee benefits consulting, retirement advisory services, talent and compensation consulting, and health and workforce solutions.