Wells Fargo Adjusts Aon’s Outlook to Equal-Weight

Aon sees slight decline in projected price targets despite institutional interest.

Fintel reports that on October 28, 2024, Wells Fargo upgraded their outlook for Aon (LSE:0XHL) from Underweight to Equal-Weight.

Projected Price Target and Revenue Drop

As of October 22, 2024, the average one-year price target for Aon stands at 367.43 GBX/share. Forecasts vary, with a low of 318.40 GBX and a high of 453.95 GBX. This average target suggests a decrease of 2.71% from its last closing price of 377.66 GBX/share.

Institutions Show Increased Interest

The projected annual revenue for Aon is expected to reach 14,053MM, reflecting a decrease of 5.85%. The estimated annual non-GAAP earnings per share (EPS) is 16.39.

Fund Ownership Trends

There are 1,925 funds or institutions reporting positions in Aon, a rise of 66 holders or 3.55% compared to the previous quarter. The average portfolio weight of all funds in Aon is now 0.49%, marking a 25.07% increase. Total shares owned by institutions have risen by 14.14% to 222,504K shares.

Institutional Investors’ Shareholdings

Massachusetts Financial Services has 12,553K shares, equating to 5.80% ownership. This marks an increase from the 12,243K shares they owned previously, although their portfolio allocation in Aon has decreased by 85.75% over the last quarter.

Capital World Investors owns 12,037K shares, or 5.57% of Aon, a notable increase from 9,747K shares previously, reflecting a 19.03% rise in holdings and a 7.04% increase in their portfolio allocation.

Vanguard Total Stock Market Index Fund Investor Shares holds 6,533K shares, making up 3.02% of the company. This represents a 9.23% increase from 5,930K shares reported earlier, though they have reduced their allocation by 5.76% recently.

Meanwhile, Vanguard 500 Index Fund Investor Shares has 5,581K shares, or 2.58% ownership, showing a 9.59% growth from the prior 5,046K shares, despite a 7.89% drop in portfolio allocation.

Mawer Investment Management reports 4,406K shares, accounting for 2.04% ownership, with a slight increase from 4,354K shares, even as their allocation fell by 9.20% in the last quarter.

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This story originally appeared on Fintel.

The views and opinions expressed herein are those of the author and do not necessarily reflect the opinions of Nasdaq, Inc.