Meyer Handelman Co. Buys 10,868 Shares of Omnicom Group Inc. $OMC

Key Points

• Meyer Handelman Co. increased its stake in Omnicom Group by 4.8% during the second quarter, acquiring an additional 10,868 shares, bringing their total ownership to 235,999 shares worth approximately $16.98 million.
• JPMorgan Chase & Co. reduced its target price for Omnicom Group from $104.00 to $96.00, while Bank of America upgraded the stock to a "neutral" rating with a target price of $80.00.
• Omnicom Group declared a quarterly dividend of $0.70 per share, with a payment date of October 10th, reflecting an annualized yield of 3.7% and a payout ratio of 40.17%.

Meyer Handelman Co. lifted its stake in Omnicom Group Inc. (NYSE:OMC - Free Report) by 4.8% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 235,999 shares of the business services provider's stock after acquiring an additional 10,868 shares during the period. Meyer Handelman Co. owned 0.12% of Omnicom Group worth $16,978,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in OMC. Zions Bancorporation National Association UT bought a new position in shares of Omnicom Group in the 1st quarter worth $34,000. Gen Wealth Partners Inc bought a new position in shares of Omnicom Group in the 1st quarter worth $36,000. Versant Capital Management Inc grew its stake in Omnicom Group by 45.7% during the 1st quarter. Versant Capital Management Inc now owns 456 shares of the business services provider's stock worth $38,000 after buying an additional 143 shares during the last quarter. Golden State Wealth Management LLC grew its stake in Omnicom Group by 230.2% during the 1st quarter. Golden State Wealth Management LLC now owns 492 shares of the business services provider's stock worth $41,000 after buying an additional 343 shares during the last quarter. Finally, N.E.W. Advisory Services LLC purchased a new position in Omnicom Group during the 1st quarter worth $43,000. 91.97% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on OMC. JPMorgan Chase & Co. dropped their target price on Omnicom Group from $104.00 to $96.00 and set an "overweight" rating on the stock in a research note on Thursday, July 10th. Bank of America upgraded Omnicom Group from an "underperform" rating to a "neutral" rating and set a $80.00 target price on the stock in a research note on Monday, June 23rd. Barclays downgraded 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 note on Wednesday, June 25th. Finally, Wells Fargo & Company upgraded Omnicom Group from an "equal weight" rating to an "overweight" rating and boosted their target price for the stock from $78.00 to $91.00 in a research note on Tuesday. Five equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $96.29.

Omnicom Group Stock Down 1.6%

Omnicom Group stock opened at $75.82 on Friday. 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 business's 50-day simple moving average is $75.90 and its two-hundred day simple moving average is $75.20. The company has a market cap of $14.69 billion, a PE ratio of 10.88, a PEG ratio of 1.53 and a beta of 0.97. Omnicom Group Inc. has a fifty-two week low of $68.37 and a fifty-two week high of $107.00.

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 for the quarter, beating the consensus estimate of $2.02 by $0.03. The business had revenue of $4.02 billion for the quarter, compared to the consensus estimate of $3.95 billion. Omnicom Group had a return on equity of 33.62% and a net margin of 8.67%.The company's quarterly revenue was up 4.2% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.95 EPS. Equities analysts anticipate that Omnicom Group Inc. will post 8.25 EPS for the current year.

Omnicom Group Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, October 10th. Shareholders of record on Tuesday, September 2nd will be paid a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a yield of 3.7%. The ex-dividend date is Tuesday, September 2nd. Omnicom Group's payout ratio is presently 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.

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