Assetmark Inc. Purchases 69,154 Shares of Omnicom Group Inc. $OMC

Key Points

• Assetmark Inc. increased its Omnicom Group stake by 8.0% in the first quarter, buying 69,154 additional shares and bringing its total holding to 931,933 shares valued at about $70.2 million.
• Institutional ownership of Omnicom remains very high, with major firms like Vanguard, State Street, and Bank of New York Mellon also adding shares; overall, 91.97% of the stock is held by institutions and hedge funds.
• Omnicom reported stronger-than-expected quarterly results, posting $1.90 EPS on $6.24 billion in revenue, and it also declared a quarterly dividend of $0.80 per share for a 3.9% annual yield.

Assetmark Inc. increased its position in shares of Omnicom Group Inc. (NYSE:OMC - Free Report) by 8.0% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 931,933 shares of the business services provider's stock after purchasing an additional 69,154 shares during the period. Assetmark Inc. owned about 0.33% of Omnicom Group worth $70,184,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Vanguard Group Inc. raised its position in Omnicom Group by 64.2% in the fourth quarter. Vanguard Group Inc. now owns 38,934,118 shares of the business services provider's stock worth $3,143,930,000 after purchasing an additional 15,220,444 shares in the last quarter. State Street Corp lifted its position in shares of Omnicom Group by 40.4% during the 4th quarter. State Street Corp now owns 23,676,768 shares of the business services provider's stock worth $1,933,891,000 after buying an additional 6,813,441 shares during the period. Bank of New York Mellon Corp boosted its stake in Omnicom Group by 69.6% in the 4th quarter. Bank of New York Mellon Corp now owns 11,283,863 shares of the business services provider's stock valued at $911,172,000 after buying an additional 4,631,394 shares in the last quarter. Wellington Management Group LLP grew its position in Omnicom Group by 522.9% in the fourth quarter. Wellington Management Group LLP now owns 5,199,477 shares of the business services provider's stock valued at $419,858,000 after acquiring an additional 4,364,797 shares during the period. Finally, Geode Capital Management LLC grew its position in Omnicom Group by 57.1% in the fourth quarter. Geode Capital Management LLC now owns 8,578,075 shares of the business services provider's stock valued at $690,327,000 after acquiring an additional 3,117,188 shares during the period. 91.97% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research analysts have issued reports on the company. The Goldman Sachs Group assumed coverage on Omnicom Group in a research note on Wednesday, June 3rd. They set a "buy" rating and a $146.00 price objective for the company. Argus upgraded Omnicom Group to a "hold" rating in a research report on Thursday, March 26th. Citigroup dropped their price target on Omnicom Group from $115.00 to $105.00 and set a "buy" rating for the company in a report on Thursday, April 30th. Morgan Stanley lifted their price objective on Omnicom Group from $82.00 to $83.00 and gave the company an "equal weight" rating in a research report on Friday, May 1st. Finally, Weiss Ratings reissued a "hold (c-)" rating on shares of Omnicom Group in a research note on Friday, May 22nd. Four research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $99.38.

Omnicom Group Stock Performance

OMC stock opened at $81.72 on Friday. Omnicom Group Inc. has a 1-year low of $66.33 and a 1-year high of $87.17. The company has a current ratio of 0.91, a quick ratio of 0.77 and a debt-to-equity ratio of 0.99. The firm has a market cap of $23.29 billion, a PE ratio of 209.53, a P/E/G ratio of 0.50 and a beta of 0.63. The business's 50-day moving average price is $75.79 and its two-hundred day moving average price is $76.81.

Omnicom Group (NYSE:OMC - Get Free Report) last issued its quarterly earnings data on Wednesday, April 29th. The business services provider reported $1.90 earnings per share (EPS) 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 company had revenue of $6.24 billion during the quarter, compared to the consensus estimate of $5.85 billion. During the same quarter in the prior year, the firm earned $1.70 earnings per share. The firm's revenue was up 69.2% compared to the same quarter last year. As a group, research analysts forecast that Omnicom Group Inc. will post 10.97 earnings per share for the current year.

Omnicom Group Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 9th. Stockholders of record on Friday, September 18th will be given a $0.80 dividend. This represents a $3.20 dividend on an annualized basis and a dividend yield of 3.9%. The ex-dividend date of this dividend is Friday, September 18th. Omnicom Group's payout ratio is currently 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.

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