Cresset Asset Management LLC Sells 38,244 Shares of Omnicom Group Inc. (NYSE:OMC)

Cresset Asset Management LLC reduced its holdings in shares of Omnicom Group Inc. (NYSE:OMC) by 82.7% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 8,021 shares of the business services provider’s stock after selling 38,244 shares during the quarter. Cresset Asset Management LLC’s holdings in Omnicom Group were worth $695,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Vanguard Group Inc. lifted its holdings in Omnicom Group by 0.4% in the fourth quarter. Vanguard Group Inc. now owns 23,041,818 shares of the business services provider’s stock valued at $1,982,518,000 after acquiring an additional 99,424 shares during the period. Bank of New York Mellon Corp lifted its holdings in Omnicom Group by 2.4% in the fourth quarter. Bank of New York Mellon Corp now owns 6,714,693 shares of the business services provider’s stock valued at $577,732,000 after acquiring an additional 156,438 shares during the period. Massachusetts Financial Services Co. MA lifted its holdings in Omnicom Group by 50.1% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 5,973,061 shares of the business services provider’s stock valued at $513,922,000 after acquiring an additional 1,992,695 shares during the period. Geode Capital Management LLC lifted its holdings in Omnicom Group by 1.0% in the fourth quarter. Geode Capital Management LLC now owns 5,151,708 shares of the business services provider’s stock valued at $442,453,000 after acquiring an additional 51,148 shares during the period. Finally, First Trust Advisors LP lifted its holdings in Omnicom Group by 23.8% in the fourth quarter. First Trust Advisors LP now owns 3,882,800 shares of the business services provider’s stock valued at $334,076,000 after acquiring an additional 747,575 shares during the period. 91.97% of the stock is owned by institutional investors.

Omnicom Group Stock Performance

NYSE:OMC opened at $77.49 on Wednesday. The company has a current ratio of 1.00, a quick ratio of 0.90 and a debt-to-equity ratio of 1.27. Omnicom Group Inc. has a 12-month low of $69.13 and a 12-month high of $107.00. The stock has a 50-day moving average price of $77.25 and a 200 day moving average price of $86.23. The stock has a market capitalization of $15.12 billion, a P/E ratio of 10.40, a P/E/G ratio of 1.94 and a beta of 0.95.

Omnicom Group (NYSE:OMC) last released its earnings results on Tuesday, April 15th. The business services provider reported $1.70 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.63 by $0.07. Omnicom Group had a return on equity of 36.39% and a net margin of 9.44%. The firm had revenue of $3.69 billion during the quarter, compared to analysts’ expectations of $3.73 billion. Equities research analysts forecast that Omnicom Group Inc. will post 8.25 EPS for the current fiscal year.

Omnicom Group Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, July 9th. Investors of record on Tuesday, June 10th will be given a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a dividend yield of 3.61%. The ex-dividend date is Tuesday, June 10th. Omnicom Group’s dividend payout ratio is currently 38.30%.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the company. Wells Fargo & Company lowered their target price on Omnicom Group from $99.00 to $84.00 and set an “equal weight” rating on the stock in a report on Wednesday, April 16th. Citigroup reissued a “buy” rating and issued a $103.00 target price on shares of Omnicom Group in a report on Tuesday, April 15th. JPMorgan Chase & Co. lowered their target price on Omnicom Group from $116.00 to $104.00 and set an “overweight” rating on the stock in a report on Wednesday, April 16th. Argus downgraded Omnicom Group from a “buy” rating to a “hold” rating in a research note on Friday, February 14th. Finally, UBS Group decreased their price objective on Omnicom Group from $117.00 to $104.00 and set a “buy” rating on the stock in a research note on Thursday, March 20th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and five have given a buy rating to the company. According to data from MarketBeat, Omnicom Group presently has an average rating of “Moderate Buy” and an average price target of $101.29.

About Omnicom Group

Omnicom Group Inc, together with its subsidiaries, offers advertising, marketing, and corporate communications services. It provides a range of services in the areas of advertising and media, precision marketing, commerce and branding, experiential, execution and support, public relations, and healthcare.