Glenview Trust Co Acquires Shares of 44,970 Omnicom Group Inc. $OMC

Key Points

• Glenview Trust Co. bought 44,970 Omnicom shares during the second quarter, valued at approximately $3.4 million. Institutional investors collectively own 91.97% of OMC.
• Analyst sentiment remains mixed: MarketBeat reports an overall “Hold” rating and an average price target of $99, with four Buy, five Hold, and two Sell ratings.
• Omnicom reported $6.56 billion in quarterly revenue, up 63.4% year over year, though adjusted earnings of $2.65 per share narrowly missed estimates. The company also declared a quarterly dividend of $0.80, representing a 3.6% annualized yield.

Glenview Trust Co bought a new position in shares of Omnicom Group Inc. (NYSE:OMC - Free Report) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 44,970 shares of the business services provider's stock, valued at approximately $3,387,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of OMC. Activest Wealth Management lifted its holdings in Omnicom Group by 2,960.0% during the fourth quarter. Activest Wealth Management now owns 306 shares of the business services provider's stock worth $25,000 after acquiring an additional 296 shares during the period. Keating Financial Advisory Services Inc. purchased a new position in Omnicom Group in the second quarter worth $25,000. Elyxium Wealth LLC bought a new position in Omnicom Group in the 4th quarter valued at $26,000. Legacy Wealth Managment LLC ID grew its stake in Omnicom Group by 111.4% in the 4th quarter. Legacy Wealth Managment LLC ID now owns 334 shares of the business services provider's stock valued at $27,000 after purchasing an additional 176 shares during the period. Finally, EFG International AG purchased a new stake in shares of Omnicom Group during the 4th quarter valued at $28,000. Hedge funds and other institutional investors own 91.97% of the company's stock.

Insider Activity

In related news, Director Linda Johnson Rice sold 1,385 shares of the company's stock in a transaction that occurred on Monday, August 24th. The shares were 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 in the company, valued at approximately $1,039,826.87. This represents a 10.57% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 1.20% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on the company. Zacks Research cut Omnicom Group from a "hold" rating to a "strong sell" rating in a research note on Thursday, July 30th. Morgan Stanley increased their price target on shares of Omnicom Group from $82.00 to $83.00 and gave the company an "equal weight" rating in a research report on Friday, May 1st. Weiss Ratings upgraded shares of Omnicom Group from a "hold (c-)" rating to a "hold (c)" rating in a report on Thursday, July 30th. Wells Fargo & Company lifted their price objective on shares of Omnicom Group from $91.00 to $93.00 and gave the stock an "overweight" rating in a research report on Thursday, July 30th. Finally, The Goldman Sachs Group began coverage on shares of Omnicom Group in a research note on Wednesday, June 3rd. They issued a "buy" rating and a $146.00 target price on the stock. 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's stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and an average target price of $99.00.

Omnicom Group Stock Down 0.1%

Shares of NYSE OMC opened at $87.78 on Friday. Omnicom Group Inc. has a one year low of $66.33 and a one year high of $89.57. 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 business's fifty day moving average price is $81.37 and its 200-day moving average price is $78.12. The stock has a market capitalization of $24.08 billion, a PE ratio of 75.68, a P/E/G ratio of 0.58 and a beta of 0.64.

Omnicom Group (NYSE:OMC - Get Free Report) last announced its quarterly earnings data on Tuesday, July 28th. The business services provider reported $2.65 earnings per share for the quarter, missing the consensus estimate of $2.67 by ($0.02). Omnicom Group had a return on equity of 24.73% and a net margin of 1.74%.The firm had revenue of $6.56 billion during the quarter, compared to analysts' expectations of $6.44 billion. During the same period last year, the business posted $2.05 EPS. The company's revenue was up 63.4% compared to the same quarter last year. On average, equities research analysts anticipate that Omnicom Group Inc. will post 10.35 EPS for the current year.

Omnicom Group Announces Dividend

The firm 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 annualized dividend and a dividend yield of 3.6%. Omnicom Group's dividend payout ratio (DPR) is presently 275.86%.

About Omnicom Group

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

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