ING Groep NV acquired a new stake in shares of Omnicom Group Inc. (NYSE:OMC – Free Report) during the fourth quarter, Holdings Channel.com reports. The fund acquired 286,608 shares of the business services provider’s stock, valued at approximately $23,144,000.
A number of other hedge funds also recently made changes to their positions in OMC. Oppenheimer Asset Management Inc. boosted its holdings in Omnicom Group by 15.3% in the third quarter. Oppenheimer Asset Management Inc. now owns 108,310 shares of the business services provider’s stock worth $8,831,000 after purchasing an additional 14,368 shares during the period. AustralianSuper Pty Ltd boosted its holdings in Omnicom Group by 24.2% in the third quarter. AustralianSuper Pty Ltd now owns 129,755 shares of the business services provider’s stock worth $10,579,000 after purchasing an additional 25,317 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. boosted its holdings in Omnicom Group by 3.7% in the third quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 396,400 shares of the business services provider’s stock worth $32,318,000 after purchasing an additional 14,155 shares during the period. Wealth Enhancement Advisory Services LLC boosted its holdings in Omnicom Group by 155.3% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 91,116 shares of the business services provider’s stock worth $7,265,000 after purchasing an additional 55,421 shares during the period. Finally, AIA Group Ltd acquired a new position in shares of Omnicom Group during the third quarter valued at $1,376,000. Hedge funds and other institutional investors own 91.97% of the company’s stock.
Omnicom Group Stock Performance
Shares of OMC opened at $75.28 on Monday. Omnicom Group Inc. has a 1 year low of $66.33 and a 1 year high of $87.17. The company has a market cap of $21.46 billion, a price-to-earnings ratio of 193.03, a price-to-earnings-growth ratio of 0.45 and a beta of 0.64. The company has a debt-to-equity ratio of 0.99, a quick ratio of 0.77 and a current ratio of 0.91. The firm has a fifty day moving average of $75.45 and a 200-day moving average of $76.59.
Omnicom Group announced that its Board of Directors has authorized a share repurchase plan on Wednesday, February 18th that authorizes the company to buyback $5.00 billion in outstanding shares. This buyback authorization authorizes the business services provider to purchase up to 38.1% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s leadership believes its shares are undervalued.
Omnicom Group Dividend Announcement
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, July 9th. Investors of record on Wednesday, June 10th will be paid a dividend of $0.80 per share. This represents a $3.20 dividend on an annualized basis and a dividend yield of 4.3%. The ex-dividend date is Wednesday, June 10th. Omnicom Group’s payout ratio is currently 820.51%.
Wall Street Analyst Weigh In
Several equities analysts have recently issued reports on the stock. Weiss Ratings reissued a “hold (c-)” rating on shares of Omnicom Group in a report on Friday, May 22nd. Citigroup reduced their price target on shares of Omnicom Group from $115.00 to $105.00 and set a “buy” rating for the company in a report on Thursday, April 30th. The Goldman Sachs Group assumed coverage on shares of Omnicom Group in a report on Wednesday. They set a “buy” rating and a $146.00 price target for the company. Rothschild & Co Redburn assumed coverage on shares of Omnicom Group in a report on Thursday, May 28th. They set a “neutral” rating and a $89.00 price target for the company. Finally, Morgan Stanley boosted their price target on shares of Omnicom Group from $82.00 to $83.00 and gave the company an “equal weight” rating in a report on Friday, May 1st. Five investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $99.00.
Check Out Our Latest Research Report on OMC
About Omnicom Group
Omnicom Group Inc (NYSE: OMC) is a global marketing and corporate communications holding company headquartered in New York City. Founded in 1986 through the merger of the BBDO, DDB and Needham Harper agencies, Omnicom has built a portfolio of leading brands and networks serving clients across diverse industries.
The company’s primary business activities encompass advertising, strategic media planning and buying, digital and interactive marketing, direct and promotional marketing, public relations, and customer relationship management.
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