Bank of America Corp DE Sells 242,857 Shares of Omnicom Group Inc. $OMC

Bank of America Corp DE trimmed its position in Omnicom Group Inc. (NYSE:OMC - Free Report) by 11.1% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 1,951,130 shares of the business services provider's stock after selling 242,857 shares during the period. Bank of America Corp DE owned about 0.71% of Omnicom Group worth $142,101,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. Freestone Grove Partners LP bought a new stake in Omnicom Group during the second quarter valued at approximately $849,000. Gallagher Fiduciary Advisors LLC purchased a new stake in Omnicom Group during the second quarter valued at approximately $381,000. Councilmark Asset Management LLC bought a new position in Omnicom Group in the second quarter worth approximately $736,000. Jupiter Topco LLC bought a new position in Omnicom Group in the second quarter worth approximately $2,432,000. Finally, Hsbc Holdings PLC purchased a new position in shares of Omnicom Group during the 2nd quarter worth $66,995,000. 91.97% of the stock is currently owned by institutional investors.

Omnicom Group Stock Performance

OMC opened at $78.63 on Friday. The company has a 50 day simple moving average of $83.21 and a two-hundred day simple moving average of $78.77. The company has a debt-to-equity ratio of 0.97, a current ratio of 0.92 and a quick ratio of 0.78. The firm has a market cap of $21.57 billion, a P/E ratio of 67.79, a PEG ratio of 0.67 and a beta of 0.65. Omnicom Group Inc. has a 1-year low of $66.33 and a 1-year high of $89.57.

Omnicom Group (NYSE:OMC - Get Free Report) last announced its quarterly earnings data on Tuesday, July 28th. The business services provider reported $2.65 EPS for the quarter, missing the consensus estimate of $2.67 by ($0.02). Omnicom Group had a net margin of 1.74% and a return on equity of 24.73%. The firm had revenue of $6.56 billion for the quarter, compared to the consensus estimate of $6.44 billion. During the same quarter in the previous year, the business earned $2.05 earnings per share. The firm's revenue for the quarter was up 63.4% on a year-over-year basis. Equities analysts forecast that Omnicom Group Inc. will post 10.5 earnings per share for the current fiscal year.

Omnicom Group Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 9th. Shareholders of record on Friday, September 18th will be issued a dividend of $0.80 per share. The ex-dividend date of this dividend is Friday, September 18th. This represents a $3.20 dividend on an annualized basis and a yield of 4.1%. Omnicom Group's dividend payout ratio (DPR) is currently 275.86%.

Insider Buying and Selling

In other Omnicom Group news, Director Linda Rice sold 1,385 shares of the firm's stock in a transaction dated Monday, August 24th. The stock was sold at an average price of $88.73, for a total transaction of $122,891.05. Following the sale, the director directly owned 11,719 shares of the company's stock, valued at $1,039,826.87. This trade represents a 10.57% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 1.20% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on OMC. Weiss Ratings raised shares of Omnicom Group from a "hold (c-)" rating to a "hold (c)" rating in a research report on Thursday, July 30th. Rothschild & Co Redburn began coverage on Omnicom Group in a report on Thursday, May 28th. They issued a "neutral" rating and a $89.00 target price on the stock. Argus upgraded Omnicom Group to a "hold" rating in a research report on Monday. Zacks Research lowered Omnicom Group from a "hold" rating to a "strong sell" rating in a report on Thursday, July 30th. Finally, Citigroup reduced their price target 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. Four equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price of $99.00.

Omnicom Group Profile

Omnicom Group Inc NYSE: OMC is a global marketing and communications holding company. Through a network of agencies and specialized businesses, it provides advertising, branding, media planning and buying, public relations, customer relationship management, digital marketing, experiential marketing and healthcare communications services.

Omnicom's agency brands have included BBDO Worldwide, DDB Worldwide, TBWA\Worldwide, Omnicom Media Group, FleishmanHillard and Ketchum. These businesses serve clients across industries, including consumer products, healthcare, technology, financial services, automotive and telecommunications, helping organizations develop brand strategies, create campaigns and engage audiences through traditional and digital channels.

Omnicom was formed in 1986 through the merger of advertising companies BBDO, Doyle Dane Bernbach and Needham Harper Worldwide.

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