Omnicom Group Inc. (OMC) Position Cut by Chemical Bank
Chemical Bank reduced its position in shares of Omnicom Group Inc. (NYSE:OMC) by 0.7% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 3,425 shares of the business services provider’s stock after selling 25 shares during the period. Chemical Bank’s holdings in Omnicom Group were worth $284,000 at the end of the most recent quarter.
A number of other institutional investors have also recently added to or reduced their stakes in OMC. BlackRock Inc. increased its position in Omnicom Group by 3,091.8% during the first quarter. BlackRock Inc. now owns 17,041,057 shares of the business services provider’s stock worth $1,469,108,000 after purchasing an additional 16,507,161 shares during the last quarter. Beutel Goodman & Co Ltd. acquired a new stake in Omnicom Group during the second quarter worth about $153,358,000. Alliancebernstein L.P. increased its position in Omnicom Group by 90.0% during the second quarter. Alliancebernstein L.P. now owns 2,652,302 shares of the business services provider’s stock worth $219,876,000 after purchasing an additional 1,256,005 shares during the last quarter. Morgan Stanley increased its position in Omnicom Group by 268.1% during the first quarter. Morgan Stanley now owns 1,639,312 shares of the business services provider’s stock worth $141,325,000 after purchasing an additional 1,194,001 shares during the last quarter. Finally, Pzena Investment Management LLC increased its position in Omnicom Group by 21.3% during the second quarter. Pzena Investment Management LLC now owns 5,978,986 shares of the business services provider’s stock worth $495,658,000 after purchasing an additional 1,049,746 shares during the last quarter. Hedge funds and other institutional investors own 98.71% of the company’s stock.
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Several equities research analysts recently issued reports on OMC shares. Royal Bank Of Canada set a $96.00 price objective on shares of Omnicom Group and gave the stock a “buy” rating in a research report on Saturday, May 20th. Macquarie cut shares of Omnicom Group from an “outperform” rating to a “neutral” rating and cut their price objective for the stock from $90.00 to $83.00 in a research report on Tuesday, June 6th. Zacks Investment Research upgraded shares of Omnicom Group from a “sell” rating to a “hold” rating in a research report on Tuesday, June 20th. BidaskClub cut shares of Omnicom Group from a “hold” rating to a “sell” rating in a research report on Wednesday, July 12th. Finally, Credit Suisse Group restated a “neutral” rating and set a $79.00 price objective (down from $81.00) on shares of Omnicom Group in a research report on Friday, July 14th. Two analysts have rated the stock with a sell rating, thirteen have given a hold rating and one has assigned a buy rating to the company. Omnicom Group presently has an average rating of “Hold” and a consensus target price of $85.92.
In other news, Director Linda Johnson Rice sold 483 shares of the stock in a transaction dated Monday, July 24th. The shares were sold at an average price of $82.19, for a total transaction of $39,697.77. Following the transaction, the director now directly owns 7,724 shares in the company, valued at approximately $634,835.56. The sale 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 stock in a transaction dated 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 owns 44,161 shares in the company, valued at $3,493,576.71. The disclosure for this sale can be found here. Corporate insiders own 1.10% of the company’s stock.
Shares of Omnicom Group Inc. (NYSE:OMC) opened at 73.04 on Friday. The firm’s 50 day moving average is $75.69 and its 200-day moving average is $81.45. Omnicom Group Inc. has a 12 month low of $71.63 and a 12 month high of $89.66. The firm has a market capitalization of $16.85 billion, a PE ratio of 14.75 and a beta of 1.27.
Omnicom Group (NYSE:OMC) last announced its quarterly earnings data on Thursday, July 20th. The business services provider reported $1.40 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.38 by $0.02. The business had revenue of $3.79 billion for the quarter, compared to analyst estimates of $3.74 billion. Omnicom Group had a net margin of 7.61% and a return on equity of 42.54%. The company’s revenue was down 2.4% on a year-over-year basis. During the same period in the prior year, the firm posted $1.36 EPS. On average, analysts expect that Omnicom Group Inc. will post $5.08 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 10th. Stockholders of record on Friday, September 22nd will be issued a dividend of $0.55 per share. The ex-dividend date is Thursday, September 21st. This represents a $2.20 annualized dividend and a dividend yield of 3.01%. Omnicom Group’s payout ratio is currently 44.44%.
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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