Riverhead Capital Management LLC Buys 39,350 Shares of Omnicom Group Inc. (OMC)
Riverhead Capital Management LLC raised its stake in shares of Omnicom Group Inc. (NYSE:OMC) by 73.0% in the third quarter, Holdings Channel reports. The institutional investor owned 93,229 shares of the business services provider’s stock after buying an additional 39,350 shares during the quarter. Riverhead Capital Management LLC’s holdings in Omnicom Group were worth $6,342,000 as of its most recent SEC filing.
A number of other large investors also recently made changes to their positions in the business. Stratos Wealth Partners LTD. purchased a new position in shares of Omnicom Group in the third quarter worth $107,000. LFA Lugano Financial Advisors SA purchased a new position in shares of Omnicom Group in the second quarter worth $185,000. Piedmont Investment Advisors LLC purchased a new position in shares of Omnicom Group in the second quarter worth $199,000. Lourd Capital LLC purchased a new position in shares of Omnicom Group in the third quarter worth $201,000. Finally, Savant Capital LLC purchased a new position in shares of Omnicom Group in the second quarter worth $209,000.
In other Omnicom Group news, CEO Jonathan B. Nelson sold 13,000 shares of the business’s stock in a transaction dated Friday, October 19th. The stock was sold at an average price of $77.38, for a total transaction of $1,005,940.00. Following the completion of the sale, the chief executive officer now owns 58,569 shares of the company’s stock, valued at $4,532,069.22. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Linda Johnson Rice sold 533 shares of the business’s stock in a transaction dated Thursday, October 18th. The shares were sold at an average price of $76.28, for a total value of $40,657.24. Following the sale, the director now directly owns 8,027 shares of the company’s stock, valued at approximately $612,299.56. The disclosure for this sale can be found here. In the last quarter, insiders have sold 14,233 shares of company stock valued at $1,098,528. 1.20% of the stock is owned by company insiders.
Omnicom Group (NYSE:OMC) last posted its quarterly earnings data on Tuesday, October 16th. The business services provider reported $1.24 EPS for the quarter, beating analysts’ consensus estimates of $1.21 by $0.03. The company had revenue of $3.71 billion during the quarter, compared to analysts’ expectations of $3.68 billion. Omnicom Group had a return on equity of 41.70% and a net margin of 7.68%. Omnicom Group’s revenue for the quarter was down .1% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.13 earnings per share. As a group, research analysts anticipate that Omnicom Group Inc. will post 5.63 earnings per share for the current year.
Several research analysts have recently weighed in on OMC shares. ValuEngine upgraded Omnicom Group from a “strong sell” rating to a “sell” rating in a research note on Thursday, August 30th. Zacks Investment Research upgraded Omnicom Group from a “sell” rating to a “hold” rating in a research note on Thursday, September 6th. Barclays cut Omnicom Group from an “equal weight” rating to a “sell” rating and set a $75.00 price target for the company. in a research note on Friday, September 28th. Pivotal Research boosted their price target on Omnicom Group from $65.00 to $66.00 and gave the stock a “hold” rating in a research note on Tuesday, October 16th. Finally, Citigroup boosted their price target on Omnicom Group from $80.00 to $82.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 24th. Four investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and one has issued a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus target price of $75.40.
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Omnicom Group Company Profile
Omnicom Group Inc, together with its subsidiaries, provides advertising, marketing, and corporate communications services. The company offers a range of services in the areas of advertising, customer relationship management, public relations, and healthcare. Its services comprises advertising, branding, content marketing, corporate social responsibility consulting, crisis communication, custom publishing, data analytics, database management, digital/direct marketing, digital transformation, financial/corporate business-to-business advertising, graphic arts/digital imaging, healthcare marketing and communications, and instore design services.
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