What is the meaning of ő?

he, she (third-person singular, nominative form; usually omitted as redundant due to the verb suffix, except for emphasis or contrast)

Optional (redundant) element used for emphasis in third-person possessive constructions, whether singular or plural, if the possessor is otherwise not explicit; normally preceded by the article az (the):

  1. construed with -a/-e/-ja/-je/-i/-ai/-ei/-jai/-jei (his/her): his or her

    construed with -a/-e/-ja/-je/-i/-ai/-ei/-jai/-jei (his/her): his or her

    construed with -uk/-ük/-juk/-jük/-ik/-aik/-eik/-jaik/-jeik (their): their

    The twenty-seventh letter of the Hungarian alphabet, called ő and written in the Latin script.

    Source: wiktionary.org