Lazard Asset Management LLC lowered its position in Omnicom Group Inc. (NYSE:OMC) by 39.0% during the first quarter, Holdings Channel reports. The institutional investor owned 498,130 shares of the business services provider’s stock after selling 318,688 shares during the period. Lazard Asset Management LLC’s holdings in Omnicom Group were worth $36,358,000 as of its most recent filing with the Securities & Exchange Commission.
Other large investors also recently made changes to their positions in the company. Sontag Advisory LLC acquired a new position in Omnicom Group in the fourth quarter valued at approximately $28,000. Capital Financial Planning LLC acquired a new position in Omnicom Group in the fourth quarter valued at approximately $30,000. JOYN Advisors Inc. lifted its holdings in Omnicom Group by 47.2% in the fourth quarter. JOYN Advisors Inc. now owns 443 shares of the business services provider’s stock valued at $32,000 after acquiring an additional 142 shares during the period. Capital Investment Advisory Services LLC acquired a new position in Omnicom Group in the fourth quarter valued at approximately $33,000. Finally, Penserra Capital Management LLC acquired a new position in Omnicom Group in the first quarter valued at approximately $40,000.
In other news, Chairman John Wren sold 60,541 shares of the company’s stock in a transaction that occurred on Wednesday, May 22nd. The stock was sold at an average price of $79.84, for a total transaction of $4,833,593.44. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Linda Johnson Rice sold 497 shares of the company’s stock in a transaction that occurred on Thursday, April 18th. The stock was sold at an average price of $83.59, for a total value of $41,544.23. Following the transaction, the director now directly owns 8,161 shares of the company’s stock, valued at $682,177.99. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 70,354 shares of company stock valued at $5,642,219. Corporate insiders own 1.10% of the company’s stock.
Omnicom Group (NYSE:OMC) last announced its earnings results on Tuesday, April 16th. The business services provider reported $1.17 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.08 by $0.09. The business had revenue of $3.47 billion during the quarter, compared to the consensus estimate of $3.51 billion. Omnicom Group had a return on equity of 44.01% and a net margin of 8.76%. The business’s quarterly revenue was down 4.4% on a year-over-year basis. During the same period in the prior year, the company posted $1.14 EPS. Analysts anticipate that Omnicom Group Inc. will post 5.93 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, July 12th. Stockholders of record on Friday, June 14th will be paid a dividend of $0.65 per share. This represents a $2.60 annualized dividend and a dividend yield of 3.26%. The ex-dividend date is Thursday, June 13th. Omnicom Group’s payout ratio is 45.22%.
A number of research analysts have issued reports on the company. BMO Capital Markets boosted their price target on Omnicom Group from $85.00 to $88.00 and gave the company an “outperform” rating in a report on Wednesday, April 17th. Barclays raised Omnicom Group from an “underweight” rating to an “equal weight” rating and boosted their price target for the company from $76.00 to $84.00 in a report on Wednesday, April 17th. Citigroup boosted their price target on Omnicom Group from $82.00 to $83.00 and gave the company a “neutral” rating in a report on Thursday, February 14th. Finally, Macquarie set a $76.00 price target on Omnicom Group and gave the company a “hold” rating in a report on Thursday, February 14th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and two have given a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average price target of $77.33.
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About Omnicom Group
Omnicom Group Inc, together with its subsidiaries, provides advertising, marketing, and corporate communications services. It provides a range of services in the areas of advertising, customer relationship management, public relations, and healthcare. The company's services include advertising, branding, content marketing, corporate social responsibility consulting, crisis communications, custom publishing, data analytics, database management, digital/direct marketing, digital transformation, entertainment marketing, experiential marketing, field marketing, financial/corporate business-to-business advertising, graphic arts/digital imaging, healthcare marketing and communications, and in-store design services.
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