Korea Investment CORP Sells 14,600 Shares of Omnicom Group Inc. $OMC

Korea Investment CORP trimmed its holdings in Omnicom Group Inc. (NYSE:OMC) by 16.1% during the third quarter, Holdings Channel reports. The firm owned 76,305 shares of the business services provider’s stock after selling 14,600 shares during the quarter. Korea Investment CORP’s holdings in Omnicom Group were worth $6,221,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Capital A Wealth Management LLC grew its stake in Omnicom Group by 548.3% during the second quarter. Capital A Wealth Management LLC now owns 376 shares of the business services provider’s stock worth $27,000 after purchasing an additional 318 shares during the period. Cornerstone Planning Group LLC lifted its stake in Omnicom Group by 2,126.7% in the third quarter. Cornerstone Planning Group LLC now owns 334 shares of the business services provider’s stock valued at $27,000 after buying an additional 319 shares during the period. Meeder Asset Management Inc. lifted its stake in Omnicom Group by 289.4% in the third quarter. Meeder Asset Management Inc. now owns 366 shares of the business services provider’s stock valued at $30,000 after buying an additional 272 shares during the period. Westside Investment Management Inc. boosted its holdings in shares of Omnicom Group by 100.0% during the 3rd quarter. Westside Investment Management Inc. now owns 404 shares of the business services provider’s stock worth $31,000 after buying an additional 202 shares in the last quarter. Finally, CYBER HORNET ETFs LLC acquired a new stake in shares of Omnicom Group during the 2nd quarter worth approximately $37,000. Institutional investors own 91.97% of the company’s stock.

Analysts Set New Price Targets

Several analysts have recently weighed in on the stock. Bank of America reiterated an “underperform” rating and issued a $77.00 price objective (down from $87.00) on shares of Omnicom Group in a research note on Monday, January 5th. Citigroup raised their price target on shares of Omnicom Group from $103.00 to $115.00 and gave the stock a “buy” rating in a report on Friday, February 20th. Morgan Stanley started coverage on shares of Omnicom Group in a research note on Tuesday, December 16th. They issued an “equal weight” rating and a $88.00 price target for the company. Barclays upped their price objective on shares of Omnicom Group from $82.00 to $90.00 and gave the company an “equal weight” rating in a report on Monday, February 23rd. Finally, UBS Group increased their price objective on shares of Omnicom Group from $99.00 to $108.00 and gave the stock a “buy” rating in a research report on Friday, December 5th. Four analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, Omnicom Group presently has an average rating of “Hold” and an average target price of $95.00.

Omnicom Group Price Performance

Shares of OMC opened at $77.77 on Friday. Omnicom Group Inc. has a 12-month low of $66.33 and a 12-month high of $87.17. The business’s fifty day moving average is $77.83 and its 200 day moving average is $77.13. The company has a quick ratio of 0.81, a current ratio of 0.93 and a debt-to-equity ratio of 0.60. The stock has a market cap of $24.14 billion, a P/E ratio of 158.72, a P/E/G ratio of 0.78 and a beta of 0.71.

Omnicom Group (NYSE:OMC) last announced its quarterly earnings results on Wednesday, February 18th. The business services provider reported $2.59 EPS for the quarter, missing analysts’ consensus estimates of $2.94 by ($0.35). Omnicom Group had a negative net margin of 0.32% and a positive return on equity of 25.65%. The business had revenue of $5.53 billion for the quarter, compared to the consensus estimate of $7.58 billion. During the same quarter last year, the firm posted $2.41 EPS. The business’s revenue for the quarter was up 27.9% compared to the same quarter last year. Sell-side analysts anticipate that Omnicom Group Inc. will post 8.25 earnings per share for the current fiscal year.

Omnicom Group declared that its Board of Directors has authorized a stock buyback plan on Wednesday, February 18th that allows the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization allows the business services provider to buy up to 38.1% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s board believes its shares are undervalued.

Omnicom Group Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, April 9th. Stockholders of record on Wednesday, March 11th will be issued a dividend of $0.80 per share. This represents a $3.20 dividend on an annualized basis and a dividend yield of 4.1%. The ex-dividend date is Wednesday, March 11th. Omnicom Group’s dividend payout ratio (DPR) is currently 653.06%.

About Omnicom Group

Omnicom Group Inc (NYSE: OMC) is a global marketing and corporate communications holding company headquartered in New York City. Founded in 1986 through the merger of the BBDO, DDB and Needham Harper agencies, Omnicom has built a portfolio of leading brands and networks serving clients across diverse industries.

The company’s primary business activities encompass advertising, strategic media planning and buying, digital and interactive marketing, direct and promotional marketing, public relations, and customer relationship management.