Comerica Bank Sells 615 Shares of Omnicom Group Inc. (OMC)
Comerica Bank cut its stake in Omnicom Group Inc. (NYSE:OMC) by 0.7% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 83,395 shares of the business services provider’s stock after selling 615 shares during the period. Comerica Bank’s holdings in Omnicom Group were worth $6,848,000 as of its most recent filing with the SEC.
Several other institutional investors have also made changes to their positions in OMC. Beutel Goodman & Co Ltd. acquired a new position in shares of Omnicom Group during the second quarter valued at about $153,358,000. Stifel Financial Corp boosted its position in shares of Omnicom Group by 5.8% in the first quarter. Stifel Financial Corp now owns 41,956 shares of the business services provider’s stock valued at $3,613,000 after buying an additional 2,291 shares in the last quarter. Morgan Stanley boosted its position 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 valued at $141,325,000 after buying an additional 1,194,001 shares in the last quarter. Geode Capital Management LLC boosted its position in shares of Omnicom Group by 7.7% in the first quarter. Geode Capital Management LLC now owns 2,460,551 shares of the business services provider’s stock valued at $211,836,000 after buying an additional 175,835 shares in the last quarter. Finally, Advisory Services Network LLC acquired a new position in shares of Omnicom Group during the first quarter valued at about $486,000. 98.02% of the stock is currently owned by institutional investors.
Shares of Omnicom Group Inc. (NYSE OMC) opened at 76.91 on Tuesday. Omnicom Group Inc. has a 1-year low of $76.66 and a 1-year high of $89.66. The firm has a market capitalization of $17.75 billion, a PE ratio of 15.53 and a beta of 1.25. The firm has a 50-day moving average of $79.86 and a 200-day moving average of $83.01.
Omnicom Group (NYSE:OMC) last released its quarterly 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 firm had revenue of $3.79 billion during the quarter, compared to the consensus estimate of $3.74 billion. During the same quarter in the prior year, the firm posted $1.36 EPS. The business’s revenue was down 2.4% on a year-over-year basis. On average, equities research analysts anticipate that Omnicom Group Inc. will post $5.08 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 10th. Shareholders 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 yield of 2.86%. The ex-dividend date of this dividend is Thursday, September 21st. Omnicom Group’s dividend payout ratio (DPR) is currently 44.44%.
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Several brokerages have commented on OMC. Wells Fargo & Company reiterated a “hold” rating and issued a $84.00 target price on shares of Omnicom Group in a report on Tuesday, July 18th. Credit Suisse Group reiterated a “neutral” rating and issued a $79.00 target price (down from $81.00) on shares of Omnicom Group in a report on Friday, July 14th. Zacks Investment Research upgraded shares of Omnicom Group from a “sell” rating to a “hold” rating in a report on Tuesday, June 20th. BidaskClub cut shares of Omnicom Group from a “sell” rating to a “strong sell” rating in a report on Tuesday, August 1st. Finally, Royal Bank Of Canada set a $96.00 target price on shares of Omnicom Group and gave the stock a “buy” rating in a report on Tuesday, June 20th. Two equities research analysts have rated the stock with a sell rating, eleven have given a hold rating and one has given a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average price target of $86.00.
In other Omnicom Group news, Director Linda Johnson Rice sold 483 shares of the company’s stock in a transaction that occurred on Monday, July 24th. The stock was sold at an average price of $82.19, for a total transaction of $39,697.77. Following the completion of the transaction, the director now owns 7,724 shares of the company’s stock, valued at approximately $634,835.56. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, 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 value of $71,199.00. Following the transaction, the treasurer now directly owns 44,161 shares of the company’s stock, valued at approximately $3,493,576.71. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 24,183 shares of company stock valued at $2,046,845. Insiders own 1.10% of the company’s stock.
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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