Dodge & Cox Adds $88M in Aon plc ($AON)
Dodge & Cox increased its holdings in Aon, adding 263,639 shares.
Key Points
- Dodge & Cox boosted its Aon stake by 263,639 shares to 8,116,095 shares, valued at about $2.72 billion.
- Aon shares traded around $334.62, with a market cap of $71.98 billion and a P/E ratio of 18.49.
- Aon offers insurance brokerage and consulting services globally, with a dividend yield of 0.98%.
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Dodge & Cox has increased its holdings in Aon (NYSE:AON), adding 263,639 shares to its portfolio. This move brings its total stake to 8,116,095 shares, valued at approximately $2.72 billion. The change, as reported in the latest Form 13F filing with the SEC, reflects a 3.36% increase in its position.
What Changed in Dodge & Cox's Aon Position
Dodge & Cox's recent filing shows a boost in its Aon holdings. The investment firm added 263,639 shares, increasing its stake from 7,852,456 to 8,116,095 shares. This adjustment indicates a 3.36% rise in its investment in Aon, with the shares now valued at about $2.72 billion.
Aon plc Stock Up 4.1%
Shares of Aon, trading under the ticker AON on the NYSE, were recently priced at $334.62. The company has a market capitalization of approximately $71.98 billion. Aon's price-to-earnings (P/E) ratio stands at 18.49, with a forward P/E of 15.73 and a beta of 0.714, suggesting less volatility compared to the market. The stock's 52-week range spans from $304.59 to $381.00, with moving averages of $321.93 over 50 days and $338.90 over 200 days.
$AON stock price
Daily closing prices, year to date. Not investment advice.
Recent Earnings
In its most recent earnings report, Aon posted revenue of $17.49 billion, showing a growth of 6.5%. The company achieved a net margin of 22.54% and a return on equity of 46.45%. Earnings per share (EPS) were reported at $18.23. The next earnings release is scheduled for May 1, 2026.
Earnings drift grade
Outlook vs expectations on the last report — not price action.
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Forward outlook
3 target cuts vs 1 raises.
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EPS & revenue
EPS met estimates. Revenue met estimates.
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Profit surprise
EBITDA missed by 5 percent. Operating income missed by 9 percent.
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Pre-earnings setup
Expectations were about average.
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Analyst signal
1 target raise, 3 target cuts.
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Earnings quality
Gross margin up 35.2 points. Operating margin up 5.0 points. Positive free cash flow.
Earnings Call Summary
Aon delivered strong first quarter results with 5 percent organic revenue growth and 14 percent adjusted earnings per share growth on slightly lower reported revenue of 5.03 billion dollars. Management highlighted broad-based strength in Commercial Risk, which grew 7 percent for the fourth consecutive quarter above 6 percent, driven by new hires in construction and data centers, plus strong retention in mid-90s. The company emphasized that artificial intelligence and advanced analytics are now driving both revenue gains and margin expansion through tools like Broker Copilot and Claims Copilot, with plans to invest 1.3 billion dollars in talent and technology through 2026.
Guidance Aon reaffirmed its full year target for mid-single-digit or better organic revenue growth and 70 to 80 basis points of operating margin expansion. The company expects continued momentum from new business wins, revenue-generating hires, and growing demand in data center and workforce solutions throughout 2026.
Very weak report. The release materially worsened the forward outlook.
Dividend
Aon offers a dividend rate of $3.28 per share, yielding 0.98%. The dividend payout ratio is a modest 16.36%, indicating a conservative distribution strategy.
About Aon
Aon plc, headquartered in Dublin, Ireland, is a leading global professional services firm. It operates in the financial services sector, primarily within the insurance brokers industry. Aon provides a wide range of services, including risk management, insurance brokerage, and consulting across the Americas, Europe, the Middle East, Africa, and the Asia Pacific. The company employs approximately 60,000 people worldwide and is led by CEO Gregory Clarence Case.
Bottom Line
Dodge & Cox's increased stake in Aon highlights the firm's confidence in the insurance giant. Investors often track such moves to gauge institutional sentiment. This 13F filing, covering holdings as of the reporting period, offers a snapshot of past investment strategies. As always, these filings provide historical insights and may not reflect current positions.
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