CIBC Asset Management Inc Purchases 47,887 Shares of Omnicom Group Inc. $OMC

CIBC Asset Management Inc boosted its position in shares of Omnicom Group Inc. (NYSE:OMC) by 146.6% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 80,559 shares of the business services provider’s stock after purchasing an additional 47,887 shares during the period. CIBC Asset Management Inc’s holdings in Omnicom Group were worth $6,505,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in OMC. Activest Wealth Management grew its holdings in Omnicom Group by 2,960.0% during the 4th quarter. Activest Wealth Management now owns 306 shares of the business services provider’s stock valued at $25,000 after purchasing an additional 296 shares during the last quarter. Bayforest Capital Ltd bought a new position in Omnicom Group during the 4th quarter valued at about $26,000. Elyxium Wealth LLC bought a new position in Omnicom Group during the 4th quarter valued at about $26,000. Legacy Wealth Managment LLC ID grew its holdings in Omnicom Group by 111.4% during the 4th quarter. Legacy Wealth Managment LLC ID now owns 334 shares of the business services provider’s stock valued at $27,000 after purchasing an additional 176 shares during the last quarter. Finally, Westside Investment Management Inc. grew its holdings in Omnicom Group by 100.0% during the 3rd quarter. Westside Investment Management Inc. now owns 404 shares of the business services provider’s stock valued at $31,000 after purchasing an additional 202 shares during the last quarter. 91.97% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

OMC has been the subject of several research reports. The Goldman Sachs Group initiated coverage on shares of Omnicom Group in a research report on Wednesday. They issued a “buy” rating and a $146.00 price objective for the company. Weiss Ratings reissued a “hold (c-)” rating on shares of Omnicom Group in a research report on Friday, May 22nd. UBS Group boosted their price objective on shares of Omnicom Group from $108.00 to $114.00 and gave the company a “buy” rating in a research report on Friday, March 20th. Argus raised shares of Omnicom Group to a “hold” rating in a research report on Thursday, March 26th. Finally, Citigroup lowered their price objective on shares of Omnicom Group from $115.00 to $105.00 and set a “buy” rating for the company in a research report on Thursday, April 30th. Five equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $99.00.

Omnicom Group Price Performance

Shares of OMC opened at $75.28 on Friday. The company has a 50 day moving average price of $75.45 and a 200-day moving average price of $76.57. Omnicom Group Inc. has a fifty-two week low of $66.33 and a fifty-two week high of $87.17. The stock has a market capitalization of $21.46 billion, a PE ratio of 193.03, a PEG ratio of 0.45 and a beta of 0.63. The company has a debt-to-equity ratio of 0.99, a quick ratio of 0.77 and a current ratio of 0.91.

Omnicom Group (NYSE:OMC) last announced its quarterly earnings results on Wednesday, April 29th. The business services provider reported $1.90 earnings per share for the quarter, topping the consensus estimate of $1.84 by $0.06. Omnicom Group had a net margin of 0.32% and a return on equity of 24.48%. The firm had revenue of $6.24 billion during the quarter, compared to analysts’ expectations of $5.85 billion. During the same quarter in the prior year, the company earned $1.70 EPS. The company’s revenue was up 69.2% compared to the same quarter last year. Equities analysts predict that Omnicom Group Inc. will post 10.97 earnings per share for the current fiscal year.

Omnicom Group announced that its Board of Directors has authorized a stock repurchase program on Wednesday, February 18th that allows the company to repurchase $5.00 billion in shares. This repurchase authorization allows the business services provider to buy up to 38.1% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board believes its shares are undervalued.

Omnicom Group Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, July 9th. Stockholders of record on Wednesday, June 10th will be given a $0.80 dividend. This represents a $3.20 annualized dividend and a dividend yield of 4.3%. The ex-dividend date of this dividend is Wednesday, June 10th. Omnicom Group’s dividend payout ratio is presently 820.51%.

Omnicom Group 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.