First Merchants Corp Trims Stock Holdings in Omnicom Group Inc. $OMC

Key Points

• First Merchants Corp has reduced its stake in Omnicom Group Inc. by 16%, holding 21,959 shares valued at approximately $1.58 million after selling 4,177 shares in the 2nd quarter.
• Omnicom Group reported $2.05 earnings per share for its latest quarter, exceeding analyst expectations, with a year-over-year revenue increase of 4.2%.
• The company announced a quarterly dividend of $0.70, payable on October 10th, reflecting an annualized dividend yield of 3.5%.

First Merchants Corp trimmed its holdings in Omnicom Group Inc. (NYSE:OMC - Free Report) by 16.0% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 21,959 shares of the business services provider's stock after selling 4,177 shares during the quarter. First Merchants Corp's holdings in Omnicom Group were worth $1,580,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of OMC. O Keefe Stevens Advisory Inc. increased its holdings in Omnicom Group by 27.8% during the 2nd quarter. O Keefe Stevens Advisory Inc. now owns 10,695 shares of the business services provider's stock worth $769,000 after purchasing an additional 2,326 shares during the period. 111 Capital purchased a new position in Omnicom Group during the 2nd quarter worth $297,000. Ameritas Advisory Services LLC purchased a new position in Omnicom Group during the 2nd quarter worth $34,000. Hilltop National Bank purchased a new position in Omnicom Group during the 2nd quarter worth $304,000. Finally, Mirae Asset Global Investments Co. Ltd. increased its holdings in Omnicom Group by 9.4% during the 2nd quarter. Mirae Asset Global Investments Co. Ltd. now owns 25,661 shares of the business services provider's stock worth $1,846,000 after purchasing an additional 2,202 shares during the period. 91.97% of the stock is currently owned by hedge funds and other institutional investors.

Omnicom Group Stock Down 0.0%

Omnicom Group stock opened at $79.73 on Thursday. The company has a debt-to-equity ratio of 0.97, a current ratio of 0.92 and a quick ratio of 0.80. The stock has a market capitalization of $15.45 billion, a price-to-earnings ratio of 11.44, a PEG ratio of 1.56 and a beta of 0.96. Omnicom Group Inc. has a 1-year low of $68.37 and a 1-year high of $107.00. The business has a fifty day moving average price of $76.66 and a 200-day moving average price of $75.06.

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

Omnicom Group Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 10th. Stockholders of record on Tuesday, September 2nd will be given a $0.70 dividend. The ex-dividend date of this dividend is Tuesday, September 2nd. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.5%. Omnicom Group's dividend payout ratio (DPR) is presently 40.17%.

Analyst Upgrades and Downgrades

OMC has been the topic of several research reports. Barclays downgraded Omnicom Group from an "overweight" rating to an "equal weight" rating and reduced their price objective for the stock from $105.00 to $80.00 in a report on Wednesday, June 25th. Weiss Ratings restated a "hold (c)" rating on shares of Omnicom Group in a report on Wednesday. Wells Fargo & Company upgraded Omnicom Group from an "equal weight" rating to an "overweight" rating and raised their price objective for the stock from $78.00 to $91.00 in a report on Tuesday, September 23rd. Bank of America upgraded Omnicom Group from an "underperform" rating to a "neutral" rating and set a $80.00 price target on the stock in a report on Monday, June 23rd. Finally, JPMorgan Chase & Co. cut their price target on Omnicom Group from $104.00 to $96.00 and set an "overweight" rating on the stock in a report on Thursday, July 10th. Five analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $96.29.

About Omnicom Group

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.

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