Bank of Nova Scotia acquired a new stake in shares of Omnicom Group Inc. (NYSE:OMC - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 231,018 shares of the business services provider's stock, valued at approximately $16,825,000. Bank of Nova Scotia owned approximately 0.08% of Omnicom Group as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Resona Asset Management Co. Ltd. grew its position in shares of Omnicom Group by 55.4% in the fourth quarter. Resona Asset Management Co. Ltd. now owns 98,842 shares of the business services provider's stock valued at $7,976,000 after purchasing an additional 35,247 shares during the last quarter. Generali Asset Management SPA SGR lifted its position in shares of Omnicom Group by 346.0% during the 4th quarter. Generali Asset Management SPA SGR now owns 20,580 shares of the business services provider's stock worth $1,662,000 after purchasing an additional 15,966 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. lifted its position in shares of Omnicom Group by 70.0% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 674,065 shares of the business services provider's stock worth $54,815,000 after purchasing an additional 277,665 shares during the last quarter. New York State Teachers Retirement System boosted its stake in Omnicom Group by 70.2% during the 4th quarter. New York State Teachers Retirement System now owns 251,174 shares of the business services provider's stock valued at $20,282,000 after purchasing an additional 103,615 shares during the period. Finally, Swiss Life Asset Management Ltd boosted its stake in Omnicom Group by 901.4% during the 4th quarter. Swiss Life Asset Management Ltd now owns 481,765 shares of the business services provider's stock valued at $38,903,000 after purchasing an additional 433,654 shares during the period. Institutional investors own 91.97% of the company's stock.
Analysts Set New Price Targets
OMC has been the topic of several research analyst reports. Zacks Research downgraded shares of Omnicom Group from a "hold" rating to a "strong sell" rating in a research note on Thursday, July 30th. Wells Fargo & Company increased their price target on shares of Omnicom Group from $91.00 to $93.00 and gave the company an "overweight" rating in a report on Thursday, July 30th. Citigroup reduced their price target on shares of Omnicom Group from $105.00 to $100.00 and set a "buy" rating for the company in a report on Thursday, July 30th. Rothschild & Co Redburn assumed coverage on shares of Omnicom Group in a research report on Thursday, May 28th. They issued a "neutral" rating and a $89.00 price target on the stock. Finally, Morgan Stanley boosted their price objective on shares of Omnicom Group from $82.00 to $83.00 and gave the stock an "equal weight" rating in a report on Friday, May 1st. Four research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have given a Sell rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $99.00.
View Our Latest Analysis on OMC
Omnicom Group Stock Up 0.4%
OMC opened at $87.87 on Monday. The firm has a market cap of $24.11 billion, a price-to-earnings ratio of 75.75, a PEG ratio of 0.58 and a beta of 0.64. The company has a debt-to-equity ratio of 0.97, a quick ratio of 0.78 and a current ratio of 0.92. The firm's 50-day simple moving average is $80.34 and its 200-day simple moving average is $77.58. Omnicom Group Inc. has a twelve month low of $66.33 and a twelve month high of $88.55.
Omnicom Group (NYSE:OMC - Get Free Report) last announced its quarterly earnings results on Tuesday, July 28th. The business services provider reported $2.65 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.67 by ($0.02). The firm had revenue of $6.56 billion for the quarter, compared to the consensus estimate of $6.44 billion. Omnicom Group had a net margin of 1.74% and a return on equity of 24.73%. The company's revenue for the quarter was up 63.4% on a year-over-year basis. During the same period in the prior year, the business earned $2.05 earnings per share. Equities research analysts anticipate that Omnicom Group Inc. will post 10.35 EPS for the current fiscal year.
Omnicom Group Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on Friday, October 9th. Stockholders of record on Friday, September 18th will be paid a $0.80 dividend. The ex-dividend date is Friday, September 18th. This represents a $3.20 dividend on an annualized basis and a dividend yield of 3.6%. Omnicom Group's payout ratio is 275.86%.
About Omnicom Group
(
Free Report)
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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