CIBC World Markets Inc. raised its stake in Omnicom Group Inc. (NYSE:OMC) by 10.1% in the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 50,979 shares of the business services provider’s stock after purchasing an additional 4,679 shares during the quarter. CIBC World Markets Inc.’s holdings in Omnicom Group were worth $3,888,000 at the end of the most recent quarter.
A number of other hedge funds also recently made changes to their positions in the business. Benjamin F. Edwards & Company Inc. increased its stake in shares of Omnicom Group by 201.7% during the second quarter. Benjamin F. Edwards & Company Inc. now owns 1,454 shares of the business services provider’s stock valued at $111,000 after buying an additional 972 shares during the period. Stratos Wealth Partners LTD. increased its stake in shares of Omnicom Group by 239.8% during the first quarter. Stratos Wealth Partners LTD. now owns 1,672 shares of the business services provider’s stock valued at $122,000 after buying an additional 1,180 shares during the period. Credit Agricole S A purchased a new position in shares of Omnicom Group during the first quarter valued at approximately $151,000. Vigilant Capital Management LLC increased its stake in shares of Omnicom Group by 3,495.5% during the second quarter. Vigilant Capital Management LLC now owns 2,409 shares of the business services provider’s stock valued at $184,000 after buying an additional 2,342 shares during the period. Finally, Piedmont Investment Advisors LLC purchased a new position in shares of Omnicom Group during the second quarter valued at approximately $199,000.
Several research firms have recently issued reports on OMC. ValuEngine raised Omnicom Group from a “sell” rating to a “hold” rating in a research note on Thursday, July 12th. Moffett Nathanson began coverage on Omnicom Group in a research note on Tuesday, June 19th. They set a “sell” rating and a $63.00 target price on the stock. Zacks Investment Research cut Omnicom Group from a “hold” rating to a “sell” rating in a research note on Tuesday, June 19th. Royal Bank of Canada reduced their target price on Omnicom Group to $75.00 and set a “$70.60” rating on the stock in a research note on Wednesday, July 18th. Finally, Argus cut Omnicom Group from a “buy” rating to a “hold” rating in a research note on Monday, July 23rd. Four research analysts have rated the stock with a sell rating, ten have issued a hold rating and two have given a buy rating to the stock. The stock has a consensus rating of “Hold” and an average target price of $78.08.
In related news, Director Linda Johnson Rice sold 475 shares of the company’s stock in a transaction on Thursday, July 19th. The stock was sold at an average price of $70.02, for a total value of $33,259.50. Following the sale, the director now directly owns 7,966 shares of the company’s stock, valued at $557,779.32. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Over the last ninety days, insiders sold 1,075 shares of company stock worth $74,289. 1.20% of the stock is owned by insiders.
Shares of OMC stock opened at $68.99 on Tuesday. The firm has a market capitalization of $15.22 billion, a P/E ratio of 13.53, a PEG ratio of 2.17 and a beta of 1.10. Omnicom Group Inc. has a twelve month low of $65.32 and a twelve month high of $83.34. The company has a debt-to-equity ratio of 1.70, a quick ratio of 0.78 and a current ratio of 0.89.
Omnicom Group (NYSE:OMC) last issued its quarterly earnings results on Tuesday, July 17th. The business services provider reported $1.60 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.54 by $0.06. The company had revenue of $3.86 billion for the quarter, compared to analysts’ expectations of $3.88 billion. Omnicom Group had a return on equity of 40.82% and a net margin of 7.45%. The firm’s revenue for the quarter was up 1.8% on a year-over-year basis. During the same period in the prior year, the firm earned $1.40 earnings per share. equities analysts anticipate that Omnicom Group Inc. will post 5.58 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 10th. Investors of record on Friday, September 21st will be paid a $0.60 dividend. The ex-dividend date of this dividend is Thursday, September 20th. This represents a $2.40 annualized dividend and a yield of 3.48%. Omnicom Group’s payout ratio is 47.06%.
Omnicom Group 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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