Conning Inc. Cuts Stake in Omnicom Group Inc. (OMC)
Conning Inc. lowered its stake in Omnicom Group Inc. (NYSE:OMC) by 3.9% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 268,586 shares of the company’s stock after selling 10,788 shares during the period. Conning Inc.’s holdings in Omnicom Group were worth $21,887,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also modified their holdings of OMC. Aperio Group LLC raised its position in shares of Omnicom Group by 8.4% in the first quarter. Aperio Group LLC now owns 146,341 shares of the company’s stock valued at $12,180,000 after buying an additional 11,308 shares during the last quarter. Commonwealth Equity Services Inc raised its position in shares of Omnicom Group by 24.6% in the first quarter. Commonwealth Equity Services Inc now owns 10,039 shares of the company’s stock valued at $836,000 after buying an additional 1,985 shares during the last quarter. Telemus Capital LLC acquired a new position in shares of Omnicom Group during the first quarter valued at approximately $374,000. Glenmede Trust Co. NA raised its position in shares of Omnicom Group by 2.7% in the first quarter. Glenmede Trust Co. NA now owns 1,757,630 shares of the company’s stock valued at $146,286,000 after buying an additional 46,643 shares during the last quarter. Finally, Wilbanks Smith & Thomas Asset Management LLC raised its position in shares of Omnicom Group by 1.0% in the first quarter. Wilbanks Smith & Thomas Asset Management LLC now owns 4,353 shares of the company’s stock valued at $362,000 after buying an additional 44 shares during the last quarter. 97.04% of the stock is owned by institutional investors.
Shares of Omnicom Group Inc. (NYSE:OMC) traded up 1.01% during trading on Wednesday, hitting $84.90. The company had a trading volume of 945,657 shares. The stock’s 50-day moving average price is $84.24 and its 200 day moving average price is $82.99. The company has a market capitalization of $20.08 billion, a P/E ratio of 18.57 and a beta of 1.33. Omnicom Group Inc. has a 52 week low of $64.12 and a 52 week high of $87.50.
Omnicom Group (NYSE:OMC) last issued its quarterly earnings results on Thursday, July 14th. The company reported $1.36 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.33 by $0.03. Omnicom Group had a return on equity of 38.56% and a net margin of 7.26%. The firm earned $3.88 billion during the quarter, compared to analyst estimates of $3.91 billion. During the same period last year, the company earned $1.26 EPS. Omnicom Group’s quarterly revenue was up 2.1% compared to the same quarter last year. On average, equities research analysts forecast that Omnicom Group Inc. will post $4.76 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, October 10th. Investors of record on Thursday, September 22nd will be paid a dividend of $0.55 per share. This represents a $2.20 dividend on an annualized basis and a dividend yield of 2.59%. The ex-dividend date of this dividend is Tuesday, September 20th. Omnicom Group’s dividend payout ratio is currently 48.04%.
Several brokerages have recently commented on OMC. Zacks Investment Research raised Omnicom Group from a “sell” rating to a “hold” rating in a report on Tuesday, August 30th. Albert Fried & Company restated a “hold” rating and issued a $85.00 target price on shares of Omnicom Group in a research report on Thursday, July 14th. Credit Suisse Group AG started coverage on Omnicom Group in a research report on Thursday, September 15th. They issued a “neutral” rating and a $83.00 target price for the company. Telsey Advisory Group boosted their target price on Omnicom Group from $79.00 to $86.00 and gave the stock a “market perform” rating in a research report on Wednesday, July 20th. Finally, BMO Capital Markets restated a “hold” rating and issued a $80.00 target price on shares of Omnicom Group in a research report on Sunday, July 17th. Eleven investment analysts have rated the stock with a hold rating and one has issued a buy rating to the company. Omnicom Group presently has an average rating of “Hold” and a consensus target price of $81.00.
In related news, Director Linda Johnson Rice sold 824 shares of the firm’s stock in a transaction that occurred on Tuesday, August 16th. The stock was sold at an average price of $84.55, for a total transaction of $69,669.20. Following the completion of the sale, the director now directly owns 30,440 shares of the company’s stock, valued at approximately $2,573,702. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 1.10% of the company’s stock.
Omnicom Group Company Profile
Omnicom Group Inc is a holding company. The Company provides advertising, marketing and corporate communications services. The Company’s branded networks and agencies operate in all markets around the world and provide a range of services, which it groups into four disciplines: advertising, customer relationship management (CRM), public relations and specialty communications.
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