Omnicom Group Inc. $OMC Stock Holdings Lessened by Conning Inc.

Key Points

• Conning Inc. reduced its Omnicom Group stake by 8.3% in the third quarter, selling 41,377 shares and retaining 457,602 shares valued at approximately $33.7 million. Institutional investors and hedge funds collectively own 91.97% of OMC.
• Omnicom reported quarterly earnings of $2.73 per share, beating estimates of $2.67, while revenue reached $6.42 billion and rose 59.1% year over year.
• OMC shares opened at $77.67, below the analyst consensus price target of $100.67. Despite five Buy ratings, the stock carries an overall Hold consensus rating.

Conning Inc. trimmed its stake in Omnicom Group Inc. (NYSE:OMC - Free Report) by 8.3% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 457,602 shares of the business services provider's stock after selling 41,377 shares during the quarter. Conning Inc. owned approximately 0.17% of Omnicom Group worth $33,693,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Keating Financial Advisory Services Inc. purchased a new stake in shares of Omnicom Group during the second quarter valued at $25,000. Clearstead Trust LLC acquired a new position in shares of Omnicom Group in the 2nd quarter valued at $36,000. Raiffeisen Bank International AG increased its stake in Omnicom Group by 119.7% in the 2nd quarter. Raiffeisen Bank International AG now owns 503 shares of the business services provider's stock worth $37,000 after purchasing an additional 274 shares in the last quarter. Reyes Financial Architecture Inc. purchased a new position in Omnicom Group in the 3rd quarter worth about $37,000. Finally, SJS Investment Consulting Inc. increased its stake in Omnicom Group by 39.1% in the 1st quarter. SJS Investment Consulting Inc. now owns 544 shares of the business services provider's stock worth $41,000 after purchasing an additional 153 shares in the last quarter. 91.97% of the stock is owned by institutional investors and hedge funds.

Omnicom Group Price Performance

Shares of NYSE:OMC opened at $77.67 on Thursday. The company's fifty day moving average is $80.07 and its two-hundred day moving average is $78.22. The company has a market cap of $21.31 billion, a P/E ratio of 43.39, a price-to-earnings-growth ratio of 0.71 and a beta of 0.68. Omnicom Group Inc. has a 12-month low of $66.33 and a 12-month high of $89.57. The company has a quick ratio of 0.78, a current ratio of 0.92 and a debt-to-equity ratio of 0.97.

Omnicom Group (NYSE:OMC - Get Free Report) last issued its earnings results on Thursday, October 22nd. The business services provider reported $2.73 EPS for the quarter, topping the consensus estimate of $2.67 by $0.06. Omnicom Group had a return on equity of 24.29% and a net margin of 2.85%. The business had revenue of $6.42 billion during the quarter, compared to analysts' expectations of $6.21 billion. During the same quarter last year, the firm posted $2.24 earnings per share. Omnicom Group's revenue was up 59.1% compared to the same quarter last year. Equities analysts expect that Omnicom Group Inc. will post 10.37 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, Director Linda Rice sold 1,385 shares of the stock in a transaction dated Monday, August 24th. The stock was sold at an average price of $88.73, for a total value of $122,891.05. Following the completion of the sale, the director directly owned 11,719 shares of the company's stock, valued at approximately $1,039,826.87. This represents a 10.57% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 1.20% of the company's stock.

Wall Street Analyst Weigh In

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

Omnicom Group Company Profile

Omnicom Group Inc is a global marketing and communications company that provides advertising, media, branding, public relations, customer relationship management, and digital marketing services. The company works with organizations across industries to develop brand strategies, create content, manage media campaigns, and engage customers through traditional and digital channels.

Omnicom operates through a network of independently branded agencies, including BBDO Worldwide, DDB Worldwide, TBWA Worldwide, Omnicom Media Group, FleishmanHillard, Ketchum, Porter Novelli, RAPP, and several specialized healthcare, experiential, and data-driven marketing agencies.

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.