Omnicom Group Inc. $OMC Shares Sold by Welch & Forbes LLC

Key Points

• Welch & Forbes reduced its Omnicom stake by 5.4% in the third quarter, selling 11,792 shares and retaining 208,480 shares valued at about $15.35 million.
• Omnicom reported quarterly earnings of $2.73 per share, beating estimates of $2.67; revenue of $6.42 billion also exceeded expectations and rose 59.1% year over year.
• Analysts’ consensus rating is Hold, with an average price target of $100.67. Five analysts rate the stock Buy, six Hold, and one Sell.

Welch & Forbes LLC cut its position in shares of Omnicom Group Inc. (NYSE:OMC - Free Report) by 5.4% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 208,480 shares of the business services provider's stock after selling 11,792 shares during the quarter. Welch & Forbes LLC owned about 0.08% of Omnicom Group worth $15,350,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of OMC. Kestra Investment Management LLC lifted its stake in shares of Omnicom Group by 2.5% in the 3rd quarter. Kestra Investment Management LLC now owns 6,699 shares of the business services provider's stock valued at $493,000 after purchasing an additional 163 shares during the period. AlphaCore Capital LLC boosted its position in shares of Omnicom Group by 336.7% during the 3rd quarter. AlphaCore Capital LLC now owns 21,539 shares of the business services provider's stock valued at $1,602,000 after purchasing an additional 16,607 shares in the last quarter. Fulcrum Asset Management LLP grew its stake in Omnicom Group by 1,187.0% during the third quarter. Fulcrum Asset Management LLP now owns 23,939 shares of the business services provider's stock worth $1,775,000 after purchasing an additional 22,079 shares during the period. Allspring Global Investments Holdings LLC grew its stake in Omnicom Group by 4.6% during the third quarter. Allspring Global Investments Holdings LLC now owns 15,704 shares of the business services provider's stock worth $1,173,000 after purchasing an additional 688 shares during the period. Finally, M Holdings Securities Inc. acquired a new stake in Omnicom Group during the third quarter worth approximately $287,000. Institutional investors own 91.97% of the company's stock.

Insider Buying and Selling at Omnicom Group

In related news, Director Linda Rice sold 1,385 shares of the stock in a transaction 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 transaction, the director directly owned 11,719 shares in the company, valued at $1,039,826.87. This trade represents a 10.57% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 1.20% of the stock is owned by insiders.

Analysts Set New Price Targets

Several equities analysts have issued reports on OMC shares. Morgan Stanley boosted their price target on Omnicom Group from $83.00 to $85.00 and gave the company an "equal weight" rating in a research note on Friday, October 23rd. Citigroup reduced their price objective on shares of Omnicom Group from $105.00 to $100.00 and set a "buy" rating for the company in a research report on Thursday, July 30th. JPMorgan Chase & Co. lowered their price objective on shares of Omnicom Group from $115.00 to $111.00 and set an "overweight" rating for the company in a research note on Friday, October 23rd. Zacks Research upgraded shares of Omnicom Group from a "strong sell" rating to a "hold" rating in a research note on Monday, September 28th. Finally, Argus upgraded shares of Omnicom Group to a "hold" rating in a research report on Monday, September 14th. Five research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $100.67.

Omnicom Group Stock Performance

Shares of Omnicom Group stock opened at $88.58 on Tuesday. The business has a 50-day simple moving average of $79.57 and a 200 day simple moving average of $78.45. 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 0.91, a current ratio of 0.91 and a quick ratio of 0.76. The firm has a market capitalization of $24.17 billion, a price-to-earnings ratio of 49.49, a PEG ratio of 0.81 and a beta of 0.72.

Omnicom Group (NYSE:OMC - Get Free Report) last announced its quarterly earnings data on Thursday, October 22nd. The business services provider reported $2.73 EPS for the quarter, beating analysts' consensus estimates of $2.67 by $0.06. The firm had revenue of $6.42 billion during the quarter, compared to analysts' expectations of $6.21 billion. Omnicom Group had a return on equity of 24.67% and a net margin of 2.85%. The company's revenue for the quarter was up 59.1% compared to the same quarter last year. During the same quarter last year, the firm posted $2.24 earnings per share. On average, research analysts anticipate that Omnicom Group Inc. will post 10.37 earnings per share for the current fiscal year.

Omnicom Group Profile

Omnicom Group is a global marketing and communications company that provides advertising, media planning and buying, public relations, branding, and customer relationship management services. Its agencies also work in areas such as healthcare communications, digital marketing, and data-driven marketing.

The company was formed in 1986 through the combination of advertising agencies BBDO, Doyle Dane Bernbach, and Needham Harper Worldwide. Omnicom operates through a network of agencies and serves clients across major markets around the world.

Omnicom is headquartered in New York.

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