959,321 Omnicom Group Inc. $OMC Shares Sold by Beutel Goodman & Co Ltd.

Key Points

• Beutel Goodman cut its Omnicom stake by 31% in the third quarter, selling 959,321 shares; it held 2.13 million shares worth about $157 million at quarter-end.
• Analyst sentiment was mostly neutral: five analysts rated OMC Buy, six Hold and one Sell, with an average price target of $100.67.
• Omnicom beat quarterly estimates, reporting EPS of $2.73 versus $2.67 expected and revenue of $6.42 billion versus $6.21 billion; revenue rose 59.1% year over year.

Beutel Goodman & Co Ltd. lessened its position in shares of Omnicom Group Inc. (NYSE:OMC - Free Report) by 31.0% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 2,131,902 shares of the business services provider's stock after selling 959,321 shares during the quarter. Beutel Goodman & Co Ltd. owned approximately 0.78% of Omnicom Group worth $156,971,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Kestra Investment Management LLC boosted its stake in shares of Omnicom Group by 2.5% during the 3rd quarter. Kestra Investment Management LLC now owns 6,699 shares of the business services provider's stock worth $493,000 after acquiring an additional 163 shares in the last quarter. AlphaCore Capital LLC grew its position in shares of Omnicom Group by 336.7% during the 3rd quarter. AlphaCore Capital LLC now owns 21,539 shares of the business services provider's stock valued at $1,602,000 after acquiring an additional 16,607 shares during the period. Fulcrum Asset Management LLP grew its position in shares of Omnicom Group by 1,187.0% during the 3rd quarter. Fulcrum Asset Management LLP now owns 23,939 shares of the business services provider's stock valued at $1,775,000 after acquiring an additional 22,079 shares during the period. Allspring Global Investments Holdings LLC increased its stake in shares of Omnicom Group by 4.6% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 15,704 shares of the business services provider's stock valued at $1,173,000 after purchasing an additional 688 shares in the last quarter. Finally, M Holdings Securities Inc. purchased a new position in shares of Omnicom Group in the 3rd quarter valued at about $287,000. Hedge funds and other institutional investors own 91.97% of the company's stock.

Insiders Place Their Bets

In related news, Director Linda Rice sold 1,385 shares of the firm'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 transaction, the director directly owned 11,719 shares of the company's stock, valued at approximately $1,039,826.87. This trade represents a 10.57% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 1.20% of the company's stock.

Analyst Ratings Changes

A number of research firms recently weighed in on OMC. Argus raised Omnicom Group to a "hold" rating in a report on Monday, September 14th. JPMorgan Chase & Co. dropped their price objective on Omnicom Group from $115.00 to $111.00 and set an "overweight" rating on the stock in a report on Friday, October 23rd. Weiss Ratings restated a "hold (c)" rating on shares of Omnicom Group in a research report on Wednesday, October 28th. Citigroup cut their price objective 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, Zacks Research raised Omnicom Group from a "strong sell" rating to a "hold" rating in a research note on Monday, September 28th. Five analysts have rated the stock with a Buy rating, six have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of "Hold" and an average price target of $100.67.

Omnicom Group Stock Performance

OMC opened at $88.58 on Tuesday. The firm's fifty day simple moving average is $79.57 and its two-hundred day simple moving average is $78.45. Omnicom Group Inc. has a 52-week low of $66.33 and a 52-week high of $89.57. The company has a market cap of $24.17 billion, a price-to-earnings ratio of 8.87, a PEG ratio of 0.81 and a beta of 0.72. The company has a quick ratio of 0.76, a current ratio of 0.91 and a debt-to-equity ratio of 0.91.

Omnicom Group (NYSE:OMC - Get Free Report) last released its earnings results on Thursday, October 22nd. The business services provider reported $2.73 EPS for the quarter, topping analysts' consensus estimates of $2.67 by $0.06. Omnicom Group had a net margin of 2.85% and a return on equity of 24.67%. The business had revenue of $6.42 billion during the quarter, compared to analysts' expectations of $6.21 billion. During the same quarter in the previous year, the company earned $2.24 earnings per share. The company's quarterly revenue was up 59.1% on a year-over-year basis. Equities analysts anticipate that Omnicom Group Inc. will post 10.37 earnings per share for the current fiscal year.

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.

Omnicom is headquartered in New York.

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.