Bank of Nova Scotia Buys 49,417 Shares of Omnicom Group Inc. $OMC

Key Points

• Bank of Nova Scotia increased its Omnicom Group stake by 12.9% in the first quarter, buying 49,417 additional shares and bringing its total holding to 431,429 shares worth about $32.5 million.
• Omnicom Group reported strong quarterly results, with EPS of $1.90 beating estimates and revenue of $6.24 billion topping expectations; revenue also rose sharply year over year.
• The company declared a quarterly dividend of $0.80 per share and has drawn mixed analyst views, with a consensus rating of Hold and an average price target of $99.38.

Bank of Nova Scotia grew its position in shares of Omnicom Group Inc. (NYSE:OMC - Free Report) by 12.9% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 431,429 shares of the business services provider's stock after purchasing an additional 49,417 shares during the period. Bank of Nova Scotia owned about 0.15% of Omnicom Group worth $32,491,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in the business. Activest Wealth Management boosted its stake in shares of Omnicom Group by 2,960.0% in the 4th quarter. Activest Wealth Management now owns 306 shares of the business services provider's stock valued at $25,000 after purchasing an additional 296 shares in the last quarter. Bayforest Capital Ltd purchased a new position in Omnicom Group in the 4th quarter worth $26,000. Elyxium Wealth LLC bought a new stake in Omnicom Group in the fourth quarter worth $26,000. Legacy Wealth Managment LLC ID boosted its position in Omnicom Group by 111.4% during the fourth quarter. Legacy Wealth Managment LLC ID now owns 334 shares of the business services provider's stock valued at $27,000 after buying an additional 176 shares during the period. Finally, EFG International AG bought a new position in shares of Omnicom Group during the fourth quarter valued at about $28,000. 91.97% of the stock is owned by hedge funds and other institutional investors.

Omnicom Group Trading Up 2.3%

NYSE OMC opened at $79.70 on Friday. Omnicom Group Inc. has a 12 month low of $66.33 and a 12 month high of $87.17. The stock's fifty day moving average price is $76.40 and its 200-day moving average price is $76.77. The stock has a market cap of $22.72 billion, a P/E ratio of 204.37, a P/E/G ratio of 0.47 and a beta of 0.63. The company has a current ratio of 0.91, a quick ratio of 0.77 and a debt-to-equity ratio of 0.99.

Omnicom Group (NYSE:OMC - Get Free Report) last issued its earnings results 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 firm had revenue of $6.24 billion for the quarter, compared to the consensus estimate of $5.85 billion. During the same quarter in the prior year, the firm posted $1.70 earnings per share. The business's revenue was up 69.2% on a year-over-year basis. As a group, equities analysts forecast that Omnicom Group Inc. will post 10.97 EPS for the current fiscal year.

Omnicom Group Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 9th. Shareholders of record on Friday, September 18th will be issued a $0.80 dividend. The ex-dividend date of this dividend is Friday, September 18th. This represents a $3.20 dividend on an annualized basis and a dividend yield of 4.0%. Omnicom Group's dividend payout ratio (DPR) is presently 820.51%.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the stock. The Goldman Sachs Group assumed coverage on shares of Omnicom Group in a research report on Wednesday, June 3rd. They set a "buy" rating and a $146.00 price target for the company. Weiss Ratings reaffirmed a "hold (c-)" rating on shares of Omnicom Group in a research note on Friday, May 22nd. Citigroup dropped their target price on shares of Omnicom Group from $115.00 to $105.00 and set a "buy" rating for the company in a report on Thursday, April 30th. Rothschild & Co Redburn began coverage on Omnicom Group in a research note on Thursday, May 28th. They issued a "neutral" rating and a $89.00 target price on the stock. Finally, Morgan Stanley boosted their target price on Omnicom Group from $82.00 to $83.00 and gave the company an "equal weight" rating in a research note on Friday, May 1st. Four analysts have rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $99.38.

Omnicom Group Company 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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