Principal Financial Group Inc. Boosts Position in Omnicom Group Inc. (OMC)
Principal Financial Group Inc. raised its position in shares of Omnicom Group Inc. (NYSE:OMC) by 8.9% during the first quarter, Holdings Channel reports. The fund owned 630,499 shares of the business services provider’s stock after buying an additional 51,595 shares during the period. Principal Financial Group Inc. owned approximately 0.27% of Omnicom Group worth $54,355,000 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 OMC. Loews Corp increased its position in Omnicom Group by 11.6% in the fourth quarter. Loews Corp now owns 3,125 shares of the business services provider’s stock worth $266,000 after buying an additional 325 shares during the last quarter. Asset Management One Co. Ltd. increased its position in Omnicom Group by 1,969.3% in the fourth quarter. Asset Management One Co. Ltd. now owns 455,614 shares of the business services provider’s stock worth $38,795,000 after buying an additional 433,596 shares during the last quarter. First Republic Investment Management Inc. increased its position in Omnicom Group by 17.5% in the fourth quarter. First Republic Investment Management Inc. now owns 23,838 shares of the business services provider’s stock worth $2,029,000 after buying an additional 3,549 shares during the last quarter. Cigna Investments Inc. New acquired a new position in Omnicom Group during the fourth quarter worth about $745,000. Finally, Credit Agricole S A increased its position in Omnicom Group by 6.0% in the fourth quarter. Credit Agricole S A now owns 282,647 shares of the business services provider’s stock worth $24,056,000 after buying an additional 16,038 shares during the last quarter. Institutional investors own 98.48% of the company’s stock.
Omnicom Group Inc. (NYSE OMC) traded up 0.54% during mid-day trading on Friday, reaching $83.31. The company had a trading volume of 2,317,570 shares. Omnicom Group Inc. has a one year low of $75.61 and a one year high of $89.66. The firm’s 50-day moving average is $82.95 and its 200-day moving average is $84.80. The firm has a market capitalization of $19.39 billion, a P/E ratio of 16.98 and a beta of 1.25.
Omnicom Group (NYSE:OMC) last issued its earnings results on Tuesday, April 18th. The business services provider reported $0.97 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.96 by $0.01. The business had revenue of $3.59 billion during the quarter, compared to the consensus estimate of $3.55 billion. Omnicom Group had a return on equity of 42.34% and a net margin of 7.54%. The firm’s revenue for the quarter was up 2.5% on a year-over-year basis. During the same period in the previous year, the company posted $0.90 earnings per share. On average, equities research analysts anticipate that Omnicom Group Inc. will post $5.03 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, July 12th. Shareholders of record on Wednesday, June 14th will be issued a $0.55 dividend. The ex-dividend date is Monday, June 12th. This represents a $2.20 dividend on an annualized basis and a yield of 2.64%. Omnicom Group’s payout ratio is currently 44.81%.
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A number of brokerages have recently commented on OMC. Macquarie cut Omnicom Group from an “outperform” rating to a “neutral” rating and lowered their price target for the company from $90.00 to $83.00 in a research note on Tuesday, June 6th. Royal Bank Of Canada set a $96.00 price target on Omnicom Group and gave the company a “buy” rating in a research note on Saturday, May 20th. Wedbush lowered their price target on Omnicom Group from $90.00 to $89.00 and set a “neutral” rating for the company in a research note on Wednesday, April 19th. Zacks Investment Research cut Omnicom Group from a “hold” rating to a “sell” rating in a research note on Friday, April 21st. Finally, Barclays PLC reaffirmed a “hold” rating and issued a $86.00 price target on shares of Omnicom Group in a research note on Thursday, April 20th. Two equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and one has assigned a buy rating to the company. The company currently has an average rating of “Hold” and a consensus price target of $86.23.
In other Omnicom Group news, Director Leonard S. Coleman, Jr. sold 2,038 shares of Omnicom Group stock in a transaction that occurred on Thursday, April 20th. The stock was sold at an average price of $83.93, for a total value of $171,049.34. Following the completion of the sale, the director now directly owns 24,853 shares in the company, valued at $2,085,912.29. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Chairman Bruce Crawford sold 22,800 shares of Omnicom Group stock in a transaction that occurred 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 completion of the sale, the chairman now owns 105,250 shares of the company’s stock, valued at $8,936,777.50. The disclosure for this sale can be found here. Insiders own 1.10% of the company’s stock.
Omnicom Group Company Profile
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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