DoubleLine ETF Adviser LP Sells 5,229 Shares of Omnicom Group Inc. $OMC

Key Points

• DoubleLine ETF Adviser LP reduced its stake in Omnicom Group Inc. by 17.5%, ending the first quarter with 24,675 shares worth approximately $2,046,000.
• Omnicom Group announced a quarterly dividend of $0.70 per share, representing a 3.6% dividend yield, with the ex-dividend date set for September 2nd.
• Despite some analysts downgrading their price targets, the stock has a consensus rating of "Moderate Buy" with a target price of $94.43.

DoubleLine ETF Adviser LP trimmed its position in Omnicom Group Inc. (NYSE:OMC - Free Report) by 17.5% in the first quarter, according to its most recent filing with the SEC. The fund owned 24,675 shares of the business services provider's stock after selling 5,229 shares during the period. DoubleLine ETF Adviser LP's holdings in Omnicom Group were worth $2,046,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Vanguard Group Inc. grew its holdings in Omnicom Group by 1.8% during the 1st quarter. Vanguard Group Inc. now owns 23,466,754 shares of the business services provider's stock worth $1,945,629,000 after acquiring an additional 424,936 shares during the period. Massachusetts Financial Services Co. MA grew its holdings in Omnicom Group by 20.2% during the 1st quarter. Massachusetts Financial Services Co. MA now owns 7,178,226 shares of the business services provider's stock worth $595,147,000 after acquiring an additional 1,205,165 shares during the period. Boston Partners grew its holdings in Omnicom Group by 18.5% during the 1st quarter. Boston Partners now owns 4,882,041 shares of the business services provider's stock worth $402,598,000 after acquiring an additional 762,871 shares during the period. Baird Financial Group Inc. grew its holdings in Omnicom Group by 44.5% during the 1st quarter. Baird Financial Group Inc. now owns 3,896,270 shares of the business services provider's stock worth $323,040,000 after acquiring an additional 1,199,725 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its holdings in Omnicom Group by 1.6% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 3,259,431 shares of the business services provider's stock worth $270,235,000 after acquiring an additional 49,801 shares during the period. 91.97% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the company. Bank of America upgraded Omnicom Group from an "underperform" rating to a "neutral" rating and set a $80.00 target price for the company in a research note on Monday, June 23rd. JPMorgan Chase & Co. reduced their target price on Omnicom Group from $104.00 to $96.00 and set an "overweight" rating for the company in a research note on Thursday, July 10th. Wells Fargo & Company reduced their target price on Omnicom Group from $84.00 to $78.00 and set an "equal weight" rating for the company in a research note on Wednesday, July 16th. Finally, Barclays cut shares of Omnicom Group from an "overweight" rating to an "equal weight" rating and dropped their target price for the stock from $105.00 to $80.00 in a research report on Wednesday, June 25th. Four research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $94.43.

Omnicom Group Trading Down 1.3%

Shares of NYSE OMC traded down $1.00 during midday trading on Tuesday, hitting $77.94. 1,001,289 shares of the company traded hands, compared to its average volume of 3,611,124. Omnicom Group Inc. has a 12-month low of $68.37 and a 12-month high of $107.00. The company has a debt-to-equity ratio of 0.97, a quick ratio of 0.80 and a current ratio of 0.92. The stock has a 50-day moving average price of $75.10 and a 200 day moving average price of $75.68. The firm has a market cap of $15.10 billion, a P/E ratio of 11.19, a P/E/G ratio of 1.58 and a beta of 0.97.

Omnicom Group (NYSE:OMC - Get Free Report) last posted its quarterly earnings results on Tuesday, July 15th. The business services provider reported $2.05 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.02 by $0.03. Omnicom Group had a return on equity of 33.62% and a net margin of 8.67%.The firm had revenue of $4.02 billion during the quarter, compared to analyst estimates of $3.95 billion. During the same quarter in the previous year, the firm earned $1.95 EPS. Omnicom Group's quarterly revenue was up 4.2% compared to the same quarter last year. As a group, analysts expect that Omnicom Group Inc. will post 8.25 earnings per share for the current year.

Omnicom Group Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, October 10th. Investors of record on Tuesday, September 2nd will be issued a $0.70 dividend. The ex-dividend date is Tuesday, September 2nd. This represents a $2.80 annualized dividend and a yield of 3.6%. Omnicom Group's dividend payout ratio (DPR) is currently 40.17%.

Omnicom Group Company Profile

Omnicom Group Inc, together with its subsidiaries, offers advertising, marketing, and corporate communications services. It provides a range of services in the areas of advertising and media, precision marketing, commerce and branding, experiential, execution and support, public relations, and healthcare.