Sawgrass Asset Management LLC Sells 4,025 Shares of Omnicom Group Inc. (OMC)
Sawgrass Asset Management LLC cut its stake in shares of Omnicom Group Inc. (NYSE:OMC) by 1.7% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 230,146 shares of the business services provider’s stock after selling 4,025 shares during the quarter. Sawgrass Asset Management LLC owned 0.10% of Omnicom Group worth $19,079,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently modified their holdings of the company. MML Investors Services LLC lifted its holdings in Omnicom Group by 16.2% in the second quarter. MML Investors Services LLC now owns 3,013 shares of the business services provider’s stock valued at $250,000 after acquiring an additional 421 shares during the period. TIAA FSB acquired a new stake in Omnicom Group in the second quarter valued at $6,716,000. ETRADE Capital Management LLC lifted its holdings in Omnicom Group by 19.2% in the second quarter. ETRADE Capital Management LLC now owns 4,692 shares of the business services provider’s stock valued at $389,000 after acquiring an additional 757 shares during the period. FMR LLC lifted its holdings in Omnicom Group by 18.3% in the second quarter. FMR LLC now owns 2,736,202 shares of the business services provider’s stock valued at $226,831,000 after acquiring an additional 423,200 shares during the period. Finally, Vanguard Group Inc. lifted its holdings in Omnicom Group by 0.5% in the second quarter. Vanguard Group Inc. now owns 15,946,330 shares of the business services provider’s stock valued at $1,321,951,000 after acquiring an additional 79,678 shares during the period. 98.60% of the stock is owned by hedge funds and other institutional investors.
A number of research firms have commented on OMC. Zacks Investment Research downgraded Omnicom Group from a “buy” rating to a “hold” rating in a report on Monday, July 31st. Citigroup Inc. raised Omnicom Group from a “sell” rating to a “neutral” rating in a report on Wednesday, September 6th. Macquarie downgraded Omnicom Group from an “outperform” rating to a “neutral” rating and reduced their target price for the company from $90.00 to $83.00 in a report on Tuesday, June 6th. Jefferies Group LLC reissued a “hold” rating and issued a $82.00 target price on shares of Omnicom Group in a report on Thursday. Finally, Royal Bank Of Canada set a $96.00 target price on Omnicom Group and gave the company a “buy” rating in a report on Tuesday, June 20th. Two analysts have rated the stock with a sell rating, thirteen have issued a hold rating and one has assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus target price of $85.92.
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In other news, Treasurer Dennis E. Hewitt sold 900 shares of the company’s stock in a transaction 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 completion of the sale, 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 document filed with the SEC, which is available at the SEC website. Also, Director Linda Johnson Rice sold 483 shares of the company’s stock in a transaction on Monday, July 24th. The shares were sold at an average price of $82.19, for a total value of $39,697.77. Following the sale, the director now directly owns 7,724 shares of the company’s stock, valued at $634,835.56. The disclosure for this sale can be found here. Corporate insiders own 1.10% of the company’s stock.
Shares of Omnicom Group Inc. (OMC) traded up 0.51% on Friday, hitting $74.61. The stock had a trading volume of 287,732 shares. The company’s 50-day moving average price is $75.34 and its 200 day moving average price is $81.20. The firm has a market cap of $17.22 billion, a P/E ratio of 15.07 and a beta of 1.27. Omnicom Group Inc. has a 12-month low of $71.63 and a 12-month high of $89.66.
Omnicom Group (NYSE:OMC) last announced its earnings results on Thursday, July 20th. The business services provider reported $1.40 EPS for the quarter, beating the consensus estimate of $1.38 by $0.02. Omnicom Group had a return on equity of 42.54% and a net margin of 7.61%. The business had revenue of $3.79 billion during the quarter, compared to the consensus estimate of $3.74 billion. During the same period in the prior year, the business posted $1.36 earnings per share. Omnicom Group’s revenue was down 2.4% compared to the same quarter last year. On average, equities research analysts forecast that Omnicom Group Inc. will post $5.08 earnings per share for the current fiscal year.
The business also recently announced 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. This represents a $2.20 annualized dividend and a dividend yield of 2.96%. The ex-dividend date of this dividend is Thursday, September 21st. Omnicom Group’s dividend payout ratio is 44.44%.
Omnicom Group 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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