Wetherby Asset Management Inc. Cuts Stake in Omnicom Group Inc. (OMC)
Wetherby Asset Management Inc. decreased its position in Omnicom Group Inc. (NYSE:OMC) by 1.6% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 9,324 shares of the business services provider’s stock after selling 154 shares during the period. Wetherby Asset Management Inc.’s holdings in Omnicom Group were worth $773,000 as of its most recent SEC filing.
Several other institutional investors also recently made changes to their positions in the company. Cribstone Capital Management LLC acquired a new position in shares of Omnicom Group during the first quarter valued at $164,000. Invictus RG raised its position in shares of Omnicom Group by 1,098.2% in the first quarter. Invictus RG now owns 1,977 shares of the business services provider’s stock valued at $170,000 after buying an additional 1,812 shares in the last quarter. FNY Partners Fund LP raised its position in shares of Omnicom Group by 46.7% in the first quarter. FNY Partners Fund LP now owns 2,200 shares of the business services provider’s stock valued at $189,000 after buying an additional 700 shares in the last quarter. Global X Management Co. LLC raised its position in shares of Omnicom Group by 29.4% in the first quarter. Global X Management Co. LLC now owns 2,245 shares of the business services provider’s stock valued at $194,000 after buying an additional 510 shares in the last quarter. Finally, Huntington Steele LLC acquired a new position in shares of Omnicom Group during the first quarter valued at $202,000. Institutional investors own 98.68% of the company’s stock.
Shares of Omnicom Group Inc. (NYSE:OMC) opened at 77.93 on Friday. The stock’s 50 day moving average is $80.89 and its 200 day moving average is $83.46. The company has a market cap of $17.98 billion, a P/E ratio of 15.74 and a beta of 1.25. Omnicom Group Inc. has a 12 month low of $77.50 and a 12 month high of $89.66.
Omnicom Group (NYSE:OMC) last released its earnings results on Thursday, July 20th. The business services provider reported $1.40 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.38 by $0.02. Omnicom Group had a net margin of 7.61% and a return on equity of 42.54%. The company had revenue of $3.79 billion for the quarter, compared to the consensus estimate of $3.74 billion. During the same quarter in the previous year, the company earned $1.36 EPS. Omnicom Group’s quarterly revenue was down 2.4% compared to the same quarter last year. On average, analysts anticipate that Omnicom Group Inc. will post $5.08 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 10th. Investors of record on Friday, September 22nd will be given a dividend of $0.55 per share. The ex-dividend date of this dividend is Thursday, September 21st. This represents a $2.20 dividend on an annualized basis and a dividend yield of 2.82%. Omnicom Group’s payout ratio is presently 44.44%.
TRADEMARK VIOLATION NOTICE: “Wetherby Asset Management Inc. Cuts Stake in Omnicom Group Inc. (OMC)” was reported by Daily Political and is owned by of Daily Political. If you are reading this piece on another domain, it was illegally stolen and reposted in violation of United States and international copyright legislation. The original version of this piece can be accessed at https://www.dailypolitical.com/2017/08/11/wetherby-asset-management-inc-cuts-stake-in-omnicom-group-inc-omc.html.
OMC has been the topic of several analyst reports. Evercore ISI initiated coverage on shares of Omnicom Group in a report on Monday, April 17th. They issued an “in-line” rating and a $91.00 price objective on the stock. They noted that the move was a valuation call. Wedbush lowered their target price on shares of Omnicom Group from $90.00 to $89.00 and set a “neutral” rating for the company in a research note on Wednesday, April 19th. Barclays PLC reaffirmed a “hold” rating and issued a $86.00 target price on shares of Omnicom Group in a research note on Thursday, April 20th. Zacks Investment Research downgraded shares of Omnicom Group from a “hold” rating to a “sell” rating in a research note on Friday, April 21st. Finally, Royal Bank Of Canada set a $96.00 target price on shares of Omnicom Group and gave the company a “buy” rating in a research note on Saturday, May 20th. Two investment analysts have rated the stock with a sell rating, eleven have issued a hold rating and one has given a buy rating to the company’s stock. Omnicom Group currently has a consensus rating of “Hold” and a consensus price target of $86.00.
In other Omnicom Group news, Chairman Bruce Crawford sold 22,800 shares of the business’s stock in a transaction on Thursday, June 1st. The shares were sold at an average price of $84.91, for a total transaction of $1,935,948.00. Following the completion of the sale, the chairman now owns 105,250 shares in the company, valued at approximately $8,936,777.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Linda Johnson Rice sold 483 shares of the business’s stock in a transaction on Monday, July 24th. The shares were sold at an average price of $82.19, for a total transaction of $39,697.77. Following the sale, the director now owns 7,724 shares of the company’s stock, valued at approximately $634,835.56. The disclosure for this sale can be found here. Insiders have sold a total of 24,183 shares of company stock worth $2,046,845 in the last quarter. 1.10% of the stock is owned by corporate 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.
Want to see what other hedge funds are holding OMC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Omnicom Group Inc. (NYSE:OMC).
Receive News & Ratings for Omnicom Group Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Omnicom Group Inc. and related companies with MarketBeat.com's FREE daily email newsletter.