Omnicom Group Inc. (NYSE:OMC) Shares Bought by Palisade Asset Management LLC
Palisade Asset Management LLC raised its stake in Omnicom Group Inc. (NYSE:OMC) by 5.4% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 107,132 shares of the business services provider’s stock after buying an additional 5,500 shares during the period. Omnicom Group makes up about 1.7% of Palisade Asset Management LLC’s investment portfolio, making the stock its 28th largest position. Palisade Asset Management LLC’s holdings in Omnicom Group were worth $8,881,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Stifel Financial Corp boosted its position in shares of Omnicom Group by 5.8% in the first quarter. Stifel Financial Corp now owns 41,956 shares of the business services provider’s stock worth $3,613,000 after buying an additional 2,291 shares in the last quarter. Morgan Stanley boosted its position in shares of Omnicom Group by 268.1% in the first quarter. Morgan Stanley now owns 1,639,312 shares of the business services provider’s stock worth $141,325,000 after buying an additional 1,194,001 shares in the last quarter. Geode Capital Management LLC boosted its position in shares of Omnicom Group by 7.7% in the first quarter. Geode Capital Management LLC now owns 2,460,551 shares of the business services provider’s stock worth $211,836,000 after buying an additional 175,835 shares in the last quarter. Beutel Goodman & Co Ltd. purchased a new position in shares of Omnicom Group during the second quarter worth $153,358,000. Finally, Cribstone Capital Management LLC purchased a new position in shares of Omnicom Group during the first quarter worth $164,000. Hedge funds and other institutional investors own 98.68% of the company’s stock.
Shares of Omnicom Group Inc. (NYSE OMC) opened at 78.82 on Thursday. The stock has a market cap of $18.19 billion, a PE ratio of 15.92 and a beta of 1.25. The company’s 50-day moving average price is $81.02 and its 200-day moving average price is $83.50. Omnicom Group Inc. has a 52-week low of $77.50 and a 52-week high of $89.66.
Omnicom Group (NYSE:OMC) last announced its earnings results on Thursday, July 20th. The business services provider reported $1.40 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.38 by $0.02. The company had revenue of $3.79 billion for the quarter, compared to analyst estimates of $3.74 billion. Omnicom Group had a return on equity of 42.54% and a net margin of 7.61%. Omnicom Group’s revenue for the quarter was down 2.4% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.36 earnings per share. Analysts expect that Omnicom Group Inc. will post $5.08 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 10th. Stockholders of record on Friday, September 22nd will be given a dividend of $0.55 per share. This represents a $2.20 dividend on an annualized basis and a dividend yield of 2.79%. The ex-dividend date of this dividend is Thursday, September 21st. Omnicom Group’s dividend payout ratio (DPR) is presently 44.44%.
A number of brokerages have recently weighed in on OMC. BidaskClub cut Omnicom Group from a “sell” rating to a “strong sell” rating in a research report on Tuesday, August 1st. Zacks Investment Research cut Omnicom Group from a “buy” rating to a “hold” rating in a research report on Monday, July 31st. Royal Bank Of Canada set a $96.00 price target on Omnicom Group and gave the company a “buy” rating in a research report on Saturday, July 22nd. Wells Fargo & Company restated a “hold” rating and issued a $84.00 price target on shares of Omnicom Group in a research report on Tuesday, July 18th. Finally, Jefferies Group LLC restated a “hold” rating and issued a $82.00 price target on shares of Omnicom Group in a research report on Friday, July 14th. Two research analysts have rated the stock with a sell rating, eleven have issued a hold rating and one has issued a buy rating to the stock. The company has a consensus rating of “Hold” and an average price target of $86.00.
In other news, Director Linda Johnson Rice sold 483 shares of the business’s stock in a transaction on Monday, July 24th. The stock was sold at an average price of $82.19, for a total transaction of $39,697.77. Following the sale, the director now directly owns 7,724 shares of the company’s stock, valued at $634,835.56. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Chairman Bruce Crawford sold 22,800 shares of the business’s stock in a transaction on Thursday, June 1st. The stock was sold at an average price of $84.91, for a total value of $1,935,948.00. Following the sale, the chairman now directly owns 105,250 shares in the company, valued at $8,936,777.50. The disclosure for this sale can be found here. Insiders have sold 24,183 shares of company stock worth $2,046,845 over the last ninety days. 1.10% of the stock is owned by insiders.
About Omnicom Group
Omnicom Group Inc is a holding company. The Company provides advertising, marketing and corporate communications services. The Company’s branded networks and agencies operate in all markets around the world and provide a range of services, which it groups into four disciplines: advertising, customer relationship management (CRM), public relations and specialty communications.
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