Legal & General Group Plc Buys New Position in Omnicom Group Inc. $OMC

Key Points

• Legal & General Group Plc bought 1.29 million Omnicom Group shares worth approximately $94.1 million, giving it a 0.47% stake. Institutional investors collectively own 91.97% of OMC.
• Analyst sentiment remains mixed, with a consensus “Hold” rating and an average price target of $99. Wells Fargo and Citigroup maintained bullish ratings, while other firms issued hold or neutral views.
• Omnicom reported quarterly revenue of $6.56 billion, up 63.4% year over year, but narrowly missed earnings estimates. The company declared a quarterly dividend of $0.80, equivalent to a 3.6% annualized yield.

Legal & General Group Plc purchased a new position in shares of Omnicom Group Inc. (NYSE:OMC - Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 1,292,246 shares of the business services provider's stock, valued at approximately $94,114,000. Legal & General Group Plc owned about 0.47% of Omnicom Group as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. EverSource Wealth Advisors LLC lifted its stake in Omnicom Group by 82.9% in the second quarter. EverSource Wealth Advisors LLC now owns 1,917 shares of the business services provider's stock valued at $138,000 after buying an additional 869 shares during the last quarter. Gamco Investors INC. ET AL purchased a new position in shares of Omnicom Group during the second quarter worth approximately $241,000. Gabelli Funds LLC acquired a new position in shares of Omnicom Group in the 2nd quarter valued at $1,061,000. Daiwa Securities Group Inc. increased its holdings in shares of Omnicom Group by 5.3% in the 2nd quarter. Daiwa Securities Group Inc. now owns 29,373 shares of the business services provider's stock valued at $2,113,000 after acquiring an additional 1,482 shares during the period. Finally, Sei Investments Co. raised its position in Omnicom Group by 14.1% in the 2nd quarter. Sei Investments Co. now owns 361,266 shares of the business services provider's stock valued at $25,990,000 after purchasing an additional 44,746 shares during the last quarter. Institutional investors and hedge funds own 91.97% of the company's stock.

Analyst Ratings Changes

A number of analysts recently weighed in on the stock. Wells Fargo & Company increased their price target on shares of Omnicom Group from $91.00 to $93.00 and gave the stock an "overweight" rating in a research note on Thursday, July 30th. Weiss Ratings raised shares of Omnicom Group from a "hold (c-)" rating to a "hold (c)" rating in a report on Thursday, July 30th. Citigroup decreased their target price on shares of Omnicom Group from $105.00 to $100.00 and set a "buy" rating for the company in a research note on Thursday, July 30th. The Goldman Sachs Group assumed coverage on Omnicom Group in a report on Wednesday, June 3rd. They set a "buy" rating and a $146.00 price target on the stock. Finally, Rothschild & Co Redburn initiated coverage on Omnicom Group in a research report on Thursday, May 28th. They issued a "neutral" rating and a $89.00 price target on the stock. Four analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $99.00.

Insider Buying and Selling

In other Omnicom Group news, Director Linda Johnson Rice sold 1,385 shares of Omnicom Group stock in a transaction that occurred on Monday, August 24th. The stock was sold at an average price of $88.73, for a total value of $122,891.05. Following the sale, the director owned 11,719 shares of the company's stock, valued at approximately $1,039,826.87. The trade was a 10.57% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.20% of the stock is currently owned by insiders.

Omnicom Group Stock Performance

Shares of OMC opened at $87.78 on Friday. The stock has a market capitalization of $24.08 billion, a P/E ratio of 75.68, a P/E/G 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. Omnicom Group Inc. has a 1 year low of $66.33 and a 1 year high of $89.57. The company's fifty day moving average is $81.37 and its two-hundred day moving average is $78.12.

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

Omnicom Group Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 9th. Investors of record on Friday, September 18th will be given a $0.80 dividend. The ex-dividend date is Friday, September 18th. This represents a $3.20 dividend on an annualized basis and a yield of 3.6%. Omnicom Group's dividend payout ratio (DPR) is presently 275.86%.

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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