New York State Teachers Retirement System lowered its position in Omnicom Group Inc. (NYSE:OMC) by 6.0% during the 2nd quarter, HoldingsChannel reports. The fund owned 281,639 shares of the business services provider’s stock after selling 18,037 shares during the period. New York State Teachers Retirement System’s holdings in Omnicom Group were worth $23,080,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also recently made changes to their positions in the company. Sontag Advisory LLC purchased a new position in Omnicom Group in the 4th quarter worth about $28,000. Capital Financial Planning LLC purchased a new position in Omnicom Group in the 4th quarter worth about $30,000. Marino Stram & Associates LLC purchased a new position in Omnicom Group in the 1st quarter worth about $30,000. Cornerstone Advisors Inc. increased its stake in Omnicom Group by 117.0% in the 2nd quarter. Cornerstone Advisors Inc. now owns 408 shares of the business services provider’s stock worth $33,000 after buying an additional 220 shares during the period. Finally, Penserra Capital Management LLC purchased a new position in Omnicom Group in the 1st quarter worth about $40,000.
In other Omnicom Group news, SVP Andrew Castellaneta sold 4,400 shares of the stock in a transaction dated Wednesday, April 24th. The shares were sold at an average price of $80.24, for a total transaction of $353,056.00. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Chairman John Wren sold 60,541 shares of the firm’s stock in a transaction dated Wednesday, May 22nd. The shares were sold at an average price of $79.84, for a total transaction of $4,833,593.44. The disclosure for this sale can be found here. 1.10% of the stock is owned by corporate insiders.
Several research firms recently commented on OMC. Barclays reaffirmed a “buy” rating on shares of Ally Financial in a research note on Sunday. BMO Capital Markets downgraded shares of Omnicom Group from an “outperform” rating to a “market perform” rating and reduced their price target for the stock from $88.00 to $86.00 in a research note on Sunday, July 14th. Seven analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $80.33.
Omnicom Group stock traded down $0.25 during midday trading on Tuesday, hitting $80.05. 120,184 shares of the company’s stock were exchanged, compared to its average volume of 2,150,334. The company has a current ratio of 0.85, a quick ratio of 0.76 and a debt-to-equity ratio of 1.81. Omnicom Group Inc. has a 12 month low of $65.85 and a 12 month high of $85.05. The business’s 50-day moving average price is $81.43. The firm has a market cap of $17.47 billion, a P/E ratio of 13.93, a PEG ratio of 2.63 and a beta of 0.71.
Omnicom Group (NYSE:OMC) last issued its earnings results on Wednesday, July 17th. The business services provider reported $1.68 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.61 by $0.07. Omnicom Group had a net margin of 8.89% and a return on equity of 43.86%. The company had revenue of $3.72 billion for the quarter, compared to analysts’ expectations of $3.72 billion. During the same period in the prior year, the business earned $1.60 EPS. The firm’s quarterly revenue was down 3.6% on a year-over-year basis. As a group, sell-side analysts expect that Omnicom Group Inc. will post 6.05 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 10th. Shareholders of record on Friday, September 20th will be issued a dividend of $0.65 per share. This represents a $2.60 annualized dividend and a yield of 3.25%. The ex-dividend date of this dividend is Thursday, September 19th. Omnicom Group’s payout ratio is 45.22%.
About Omnicom Group
Omnicom Group Inc, together with its subsidiaries, provides advertising, marketing, and corporate communications services. It provides a range of services in the areas of advertising, customer relationship management, public relations, and healthcare. The company's services include advertising, branding, content marketing, corporate social responsibility consulting, crisis communications, custom publishing, data analytics, database management, digital/direct marketing, digital transformation, entertainment marketing, experiential marketing, field marketing, financial/corporate business-to-business advertising, graphic arts/digital imaging, healthcare marketing and communications, and in-store design services.
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