Wealthfront Advisers LLC purchased a new position in shares of Omnicom Group Inc. (NYSE:OMC – Free Report) in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 33,382 shares of the business services provider’s stock, valued at approximately $2,431,000.
Other hedge funds also recently made changes to their positions in the company. EverSource Wealth Advisors LLC lifted its position in shares of Omnicom Group by 82.9% in the second quarter. EverSource Wealth Advisors LLC now owns 1,917 shares of the business services provider’s stock worth $138,000 after purchasing an additional 869 shares in the last quarter. Gamco Investors INC. ET AL bought a new position in Omnicom Group in the second quarter valued at $241,000. Gabelli Funds LLC bought a new position in Omnicom Group in the second quarter valued at $1,061,000. Daiwa Securities Group Inc. grew its position in Omnicom Group by 5.3% in the second quarter. Daiwa Securities Group Inc. now owns 29,373 shares of the business services provider’s stock valued at $2,113,000 after purchasing an additional 1,482 shares in the last quarter. Finally, Sei Investments Co. increased its stake in Omnicom Group by 14.1% in the 2nd quarter. Sei Investments Co. now owns 361,266 shares of the business services provider’s stock valued at $25,990,000 after buying an additional 44,746 shares during the last quarter. 91.97% of the stock is owned by institutional investors.
Analysts Set New Price Targets
A number of equities analysts have recently commented on OMC shares. Zacks Research downgraded shares of Omnicom Group from a “hold” rating to a “strong sell” rating in a research note on Thursday, July 30th. Rothschild & Co Redburn assumed coverage on Omnicom Group in a research report on Thursday, May 28th. They issued a “neutral” rating and a $89.00 target price on the stock. Wells Fargo & Company upped their target price on Omnicom Group from $91.00 to $93.00 and gave the stock an “overweight” rating in a report on Thursday, July 30th. Citigroup reduced their price target on Omnicom Group from $105.00 to $100.00 and set a “buy” rating for the company in a research report on Thursday, July 30th. Finally, Weiss Ratings upgraded Omnicom Group from a “hold (c-)” rating to a “hold (c)” rating in a research note on Thursday, July 30th. Four research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have given a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $99.00.
Omnicom Group Price Performance
NYSE:OMC opened at $87.02 on Friday. The company has a quick ratio of 0.78, a current ratio of 0.92 and a debt-to-equity ratio of 0.97. The stock’s 50 day moving average price is $80.11 and its two-hundred day moving average price is $77.50. The firm has a market capitalization of $23.87 billion, a price-to-earnings ratio of 75.02, a P/E/G ratio of 0.58 and a beta of 0.64. Omnicom Group Inc. has a 12-month low of $66.33 and a 12-month high of $88.55.
Omnicom Group (NYSE:OMC – Get Free Report) last released its quarterly earnings data on Tuesday, July 28th. The business services provider reported $2.65 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.67 by ($0.02). Omnicom Group had a net margin of 1.74% and a return on equity of 24.73%. The business had revenue of $6.56 billion during the quarter, compared to analyst estimates of $6.44 billion. During the same period in the previous year, the business earned $2.05 earnings per share. The business’s quarterly revenue was up 63.4% on a year-over-year basis. On average, analysts anticipate that Omnicom Group Inc. will post 10.35 earnings per share for the current year.
Omnicom Group Dividend Announcement
The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 9th. Shareholders of record on Friday, September 18th will be given a dividend of $0.80 per share. This represents a $3.20 dividend on an annualized basis and a yield of 3.7%. The ex-dividend date of this dividend is Friday, September 18th. Omnicom Group’s payout ratio is 275.86%.
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.
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