400,110 Shares in Omnicom Group Inc. $OMC Acquired by Letko Brosseau & Associates Inc.

Key Points

• Letko Brosseau & Associates acquired 400,110 Omnicom shares in the third quarter, worth approximately $29.46 million and representing about 0.15% of the company.
• Omnicom reported quarterly EPS of $2.73, beating estimates of $2.67, while revenue of $6.42 billion exceeded forecasts and rose 59.1% year over year.
• Analysts’ consensus rating is Hold, with an average price target of $100.67.

Letko Brosseau & Associates Inc. acquired a new position in shares of Omnicom Group Inc. (NYSE:OMC - Free Report) during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 400,110 shares of the business services provider's stock, valued at approximately $29,460,000. Letko Brosseau & Associates Inc. owned approximately 0.15% of Omnicom Group at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of the company. BlackRock Inc. bought a new stake in Omnicom Group in the second quarter valued at about $2,082,476,000. Bank of New York Mellon Corp acquired a new position in Omnicom Group in the second quarter worth about $914,156,000. First Eagle Investment Management LLC lifted its stake in Omnicom Group by 0.5% during the second quarter. First Eagle Investment Management LLC now owns 7,343,209 shares of the business services provider's stock worth $534,806,000 after purchasing an additional 40,096 shares during the period. Baird Financial Group Inc. lifted its stake in Omnicom Group by 3.0% during the second quarter. Baird Financial Group Inc. now owns 4,852,121 shares of the business services provider's stock worth $353,380,000 after purchasing an additional 142,082 shares during the period. Finally, Pacer Advisors Inc. lifted its stake in Omnicom Group by 116.2% during the first quarter. Pacer Advisors Inc. now owns 2,847,575 shares of the business services provider's stock worth $214,451,000 after purchasing an additional 1,530,743 shares during the period. Institutional investors and hedge funds own 91.97% of the company's stock.

Insiders Place Their Bets

In other Omnicom Group news, Director Linda Rice sold 1,385 shares of the business's stock in a transaction dated Monday, August 24th. The shares were sold at an average price of $88.73, for a total value of $122,891.05. Following the completion of the transaction, the director directly owned 11,719 shares of the company's stock, valued at approximately $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 SEC, which is accessible through this hyperlink. Insiders own 1.20% of the company's stock.

Omnicom Group Price Performance

Shares of OMC stock opened at $86.74 on Friday. Omnicom Group Inc. has a 52 week low of $66.33 and a 52 week high of $89.57. The stock has a market capitalization of $23.67 billion, a PE ratio of 9.01, a PEG ratio of 0.83 and a beta of 0.72. The company has a debt-to-equity ratio of 0.91, a quick ratio of 0.76 and a current ratio of 0.91. The stock's fifty day moving average is $79.75 and its 200-day moving average is $78.58.

Omnicom Group (NYSE:OMC - Get Free Report) last released its quarterly earnings results on Thursday, October 22nd. The business services provider reported $2.73 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.67 by $0.06. Omnicom Group had a return on equity of 24.67% and a net margin of 2.85%. The business had revenue of $6.42 billion during the quarter, compared to analysts' expectations of $6.21 billion. During the same period in the previous year, the business posted $2.24 earnings per share. The firm's revenue for the quarter was up 59.1% compared to the same quarter last year. Equities research analysts expect that Omnicom Group Inc. will post 10.23 EPS for the current fiscal year.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on OMC shares. Wells Fargo & Company upped their price objective on Omnicom Group from $93.00 to $97.00 and gave the company an "overweight" rating in a research note on Friday, October 23rd. JPMorgan Chase & Co. dropped their target price on Omnicom Group from $115.00 to $111.00 and set an "overweight" rating for the company in a report on Friday, October 23rd. Argus upgraded Omnicom Group to a "hold" rating in a research report on Monday, September 14th. Morgan Stanley boosted their price target on Omnicom Group from $83.00 to $85.00 and gave the company an "equal weight" rating in a research note on Friday, October 23rd. Finally, Citigroup decreased their price target on Omnicom Group from $105.00 to $100.00 and set a "buy" rating on the stock in a research note on Thursday, July 30th. Five analysts have rated the stock with a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $100.67.

About Omnicom Group

Omnicom Group is a global marketing and communications company that provides advertising, media planning and buying, public relations, branding, and customer relationship management services. Its agencies also work in areas such as healthcare communications, digital marketing, and data-driven marketing. The company was formed in 1986 through the combination of advertising agencies BBDO, Doyle Dane Bernbach, and Needham Harper Worldwide. Omnicom operates through a network of agencies and serves clients across major markets around the world.

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).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.