Wellington Management Group LLP cut its stake in shares of Omnicom Group Inc. (NYSE:OMC – Free Report) by 87.1% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 323,018 shares of the business services provider’s stock after selling 2,189,969 shares during the period. Wellington Management Group LLP’s holdings in Omnicom Group were worth $23,525,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also recently modified their holdings of the company. BlackRock Inc. purchased a new stake in Omnicom Group during the second quarter valued at $2,082,476,000. Bank of New York Mellon Corp bought a new stake in shares of Omnicom Group during the 2nd quarter valued at about $914,156,000. State Street Corp grew its stake in shares of Omnicom Group by 40.4% during the 4th quarter. State Street Corp now owns 23,676,768 shares of the business services provider’s stock valued at $1,933,891,000 after purchasing an additional 6,813,441 shares during the period. Geode Capital Management LLC increased its position in shares of Omnicom Group by 57.1% during the 4th quarter. Geode Capital Management LLC now owns 8,578,075 shares of the business services provider’s stock valued at $690,327,000 after purchasing an additional 3,117,188 shares during the last quarter. Finally, Goldman Sachs Group Inc. increased its position in shares of Omnicom Group by 89.5% during the 4th quarter. Goldman Sachs Group Inc. now owns 6,106,022 shares of the business services provider’s stock valued at $493,061,000 after purchasing an additional 2,883,520 shares during the last quarter. 91.97% of the stock is currently owned by hedge funds and other institutional investors.
Analyst Upgrades and Downgrades
OMC has been the topic of a number of research reports. Citigroup dropped their price objective on shares of Omnicom Group from $105.00 to $100.00 and set a “buy” rating on the stock in a report on Thursday, July 30th. Wells Fargo & Company lifted their price target on shares of Omnicom Group from $91.00 to $93.00 and gave the stock an “overweight” rating in a research note on Thursday, July 30th. Zacks Research lowered Omnicom Group from a “hold” rating to a “strong sell” rating in a research note on Thursday, July 30th. The Goldman Sachs Group initiated coverage on Omnicom Group in a report on Wednesday, June 3rd. They issued a “buy” rating and a $146.00 target price on the stock. Finally, Rothschild & Co Redburn began coverage on Omnicom Group in a report on Thursday, May 28th. They set a “neutral” rating and a $89.00 price target for the company. Four equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have assigned 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.
Omnicom Group Stock Performance
Shares of NYSE OMC opened at $82.49 on Friday. The firm has a fifty day moving average price of $82.83 and a 200-day moving average price of $78.70. The company has a debt-to-equity ratio of 0.97, a current ratio of 0.92 and a quick ratio of 0.78. The stock has a market cap of $22.63 billion, a PE ratio of 71.11, a price-to-earnings-growth ratio of 0.71 and a beta of 0.65. Omnicom Group Inc. has a 1 year low of $66.33 and a 1 year high of $89.57.
Omnicom Group (NYSE:OMC – Get Free Report) last announced its quarterly earnings data on Tuesday, July 28th. The business services provider reported $2.65 EPS for the quarter, missing the consensus estimate of $2.67 by ($0.02). Omnicom Group had a net margin of 1.74% and a return on equity of 24.73%. The firm had revenue of $6.56 billion for the quarter, compared to the consensus estimate of $6.44 billion. During the same quarter in the previous year, the business earned $2.05 earnings per share. The firm’s revenue for the quarter was up 63.4% on a year-over-year basis. Equities analysts anticipate that Omnicom Group Inc. will post 10.35 earnings per share for the current fiscal year.
Omnicom Group Dividend Announcement
The firm also recently declared a quarterly dividend, which will be paid on Friday, October 9th. Shareholders of record on Friday, September 18th will be issued a dividend of $0.80 per share. The ex-dividend date of this dividend is Friday, September 18th. This represents a $3.20 dividend on an annualized basis and a yield of 3.9%. Omnicom Group’s dividend payout ratio (DPR) is currently 275.86%.
Insider Activity at Omnicom Group
In other news, Director Linda Rice sold 1,385 shares of the business’s stock in a transaction dated Monday, August 24th. The stock was sold at an average price of $88.73, for a total value of $122,891.05. Following the transaction, the director directly owned 11,719 shares in the company, valued at $1,039,826.87. The trade was a 10.57% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.20% of the stock is owned by insiders.
Omnicom Group Company Profile
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.
Recommended Stories
- Five stocks we like better than Omnicom Group
- Zscaler’s Strong Quarter Still Left Investors Waiting on 1 Key Signal
- Is Duolingo the Next Netflix-Style Comeback Story?
- GitLab’s AI Tools Are Starting to Turn Developer Demand Into Real Revenue
- GTA VI’s Console Problem Isn’t Take-Two’s Problem
Want to see what other hedge funds are holding OMC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Omnicom Group Inc. (NYSE:OMC – Free Report).
Receive News & Ratings for Omnicom Group Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Omnicom Group and related companies with MarketBeat.com's FREE daily email newsletter.
