State of New Jersey Common Pension Fund D Continues to Hold Position in Omnicom Group Inc. (OMC)
State of New Jersey Common Pension Fund D held its stake in shares of Omnicom Group Inc. (NYSE:OMC) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 140,000 shares of the business services provider’s stock at the end of the second quarter. State of New Jersey Common Pension Fund D’s holdings in Omnicom Group were worth $11,606,000 at the end of the most recent reporting period.
Several other hedge funds have also recently made changes to their positions in the stock. BlackRock Inc. increased its stake in shares of Omnicom Group by 3,091.8% in the first quarter. BlackRock Inc. now owns 17,041,057 shares of the business services provider’s stock worth $1,469,108,000 after buying an additional 16,507,161 shares in the last quarter. Beutel Goodman & Co Ltd. purchased a new stake in shares of Omnicom Group during the second quarter worth $153,358,000. Morgan Stanley increased its stake in shares of Omnicom Group by 268.1% in the first quarter. Morgan Stanley now owns 1,639,312 shares of the business services provider’s stock worth $141,325,000 after buying an additional 1,194,001 shares in the last quarter. WINTON GROUP Ltd increased its stake in shares of Omnicom Group by 769.0% in the first quarter. WINTON GROUP Ltd now owns 710,764 shares of the business services provider’s stock worth $60,415,000 after buying an additional 628,969 shares in the last quarter. Finally, Epoch Investment Partners Inc. purchased a new stake in shares of Omnicom Group during the first quarter worth $47,259,000. Institutional investors and hedge funds own 98.68% of the company’s stock.
Shares of Omnicom Group Inc. (NYSE:OMC) opened at 78.82 on Thursday. Omnicom Group Inc. has a one year low of $77.50 and a one year high of $89.66. The firm’s 50-day moving average is $81.02 and its 200 day moving average is $83.50. The firm has a market capitalization of $18.19 billion, a P/E ratio of 15.92 and a beta of 1.25.
Omnicom Group (NYSE:OMC) last issued its earnings results on Thursday, July 20th. The business services provider reported $1.40 earnings per share for the quarter, topping analysts’ consensus estimates of $1.38 by $0.02. Omnicom Group had a return on equity of 42.54% and a net margin of 7.61%. The company had revenue of $3.79 billion for the quarter, compared to analyst estimates of $3.74 billion. During the same period in the prior year, the firm earned $1.36 earnings per share. Omnicom Group’s revenue for the quarter was down 2.4% on a year-over-year basis. Equities research analysts predict that Omnicom Group Inc. will post $5.08 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 10th. Stockholders of record on Friday, September 22nd will be given a dividend of $0.55 per share. This represents a $2.20 dividend on an annualized basis and a dividend yield of 2.79%. The ex-dividend date is Thursday, September 21st. Omnicom Group’s payout ratio is 44.44%.
A number of analysts recently weighed in on OMC shares. Evercore ISI started coverage on shares of Omnicom Group in a research report on Monday, April 17th. They issued an “in-line” rating and a $91.00 price target on the stock. They noted that the move was a valuation call. Wedbush cut their price target on shares of Omnicom Group from $90.00 to $89.00 and set a “neutral” rating on the stock in a research report on Wednesday, April 19th. Credit Suisse Group reiterated a “neutral” rating and issued a $79.00 price target (down from $81.00) on shares of Omnicom Group in a research report on Friday, July 14th. Jefferies Group LLC reiterated a “hold” rating and issued a $82.00 price target on shares of Omnicom Group in a research report on Friday, July 14th. Finally, Zacks Investment Research downgraded shares of Omnicom Group from a “hold” rating to a “sell” rating in a research report on Friday, April 21st. Two equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and one has given a buy rating to the company. The company currently has an average rating of “Hold” and an average target price of $86.00.
In other news, Treasurer Dennis E. Hewitt sold 900 shares of the company’s stock in a transaction that occurred on Wednesday, July 26th. The stock was sold at an average price of $79.11, for a total transaction of $71,199.00. Following the transaction, the treasurer now directly owns 44,161 shares of the company’s stock, valued at $3,493,576.71. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Chairman Bruce Crawford sold 22,800 shares of the company’s stock in a transaction that occurred on Thursday, June 1st. The stock was sold at an average price of $84.91, for a total value of $1,935,948.00. Following the transaction, the chairman now directly owns 105,250 shares in the company, valued at $8,936,777.50. The disclosure for this sale can be found here. Insiders have sold 24,183 shares of company stock worth $2,046,845 over the last ninety days. 1.10% of the stock is owned by insiders.
About Omnicom Group
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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