Bank of New York Mellon Corp Buys 892,494 Shares of Omnicom Group Inc. (NYSE:OMC)

Bank of New York Mellon Corp raised its holdings in shares of Omnicom Group Inc. (NYSE:OMC) by 37.0% during the second quarter, according to its most recent filing with the SEC. The firm owned 3,307,882 shares of the business services provider’s stock after purchasing an additional 892,494 shares during the period. Bank of New York Mellon Corp’s holdings in Omnicom Group were worth $296,717,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Boston Trust Walden Corp increased its position in Omnicom Group by 8.2% during the 2nd quarter. Boston Trust Walden Corp now owns 186,431 shares of the business services provider’s stock valued at $16,723,000 after purchasing an additional 14,153 shares during the period. Norden Group LLC purchased a new position in Omnicom Group during the 1st quarter valued at about $1,860,000. Kodai Capital Management LP purchased a new position in Omnicom Group during the 4th quarter valued at about $27,419,000. Truist Financial Corp increased its position in Omnicom Group by 4.8% during the 4th quarter. Truist Financial Corp now owns 463,497 shares of the business services provider’s stock valued at $40,097,000 after purchasing an additional 21,018 shares during the period. Finally, Morningstar Investment Services LLC increased its position in Omnicom Group by 98.7% during the 4th quarter. Morningstar Investment Services LLC now owns 1,199,557 shares of the business services provider’s stock valued at $104,037,000 after purchasing an additional 595,746 shares during the period. Hedge funds and other institutional investors own 91.97% of the company’s stock.

Omnicom Group Stock Up 0.4 %

OMC stock opened at $98.86 on Tuesday. The firm has a 50 day moving average of $92.73 and a 200 day moving average of $92.46. The stock has a market capitalization of $19.36 billion, a PE ratio of 13.36, a price-to-earnings-growth ratio of 2.24 and a beta of 0.95. The company has a quick ratio of 0.81, a current ratio of 0.93 and a debt-to-equity ratio of 1.31. Omnicom Group Inc. has a 52 week low of $72.20 and a 52 week high of $99.89.

Omnicom Group (NYSE:OMC) last released its earnings results on Tuesday, July 16th. The business services provider reported $1.95 EPS for the quarter, topping analysts’ consensus estimates of $1.88 by $0.07. Omnicom Group had a net margin of 9.55% and a return on equity of 37.51%. The company had revenue of $3.85 billion during the quarter, compared to analysts’ expectations of $3.83 billion. During the same period last year, the business earned $1.81 EPS. Omnicom Group’s revenue for the quarter was up 6.8% on a year-over-year basis. Sell-side analysts forecast that Omnicom Group Inc. will post 7.92 earnings per share for the current year.

Omnicom Group Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Friday, September 20th will be given a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a yield of 2.83%. The ex-dividend date is Friday, September 20th. Omnicom Group’s dividend payout ratio is presently 37.84%.

Analysts Set New Price Targets

OMC has been the topic of a number of recent analyst reports. UBS Group raised their price target on shares of Omnicom Group from $117.00 to $120.00 and gave the company a “buy” rating in a report on Thursday, July 18th. Barclays upgraded shares of Omnicom Group from an “equal weight” rating to an “overweight” rating and raised their price target for the company from $100.00 to $110.00 in a report on Tuesday, May 7th. Finally, Macquarie restated an “outperform” rating and issued a $110.00 price target on shares of Omnicom Group in a report on Wednesday, July 17th. One equities research analyst has rated the stock with a hold rating and nine have given a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $104.70.

Insiders Place Their Bets

In other Omnicom Group news, Director Linda Johnson Rice sold 488 shares of the firm’s stock in a transaction that occurred on Friday, July 19th. The shares were sold at an average price of $90.88, for a total transaction of $44,349.44. Following the completion of the transaction, the director now directly owns 10,356 shares of the company’s stock, valued at approximately $941,153.28. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. 1.30% of the stock is currently owned by insiders.

Omnicom Group 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.