Omnicom Group Inc. (OMC) Shares Sold by Covington Capital Management

Covington Capital Management lowered its holdings in Omnicom Group Inc. (NYSE:OMC) by 0.7% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 24,685 shares of the business services provider’s stock after selling 175 shares during the quarter. Covington Capital Management’s holdings in Omnicom Group were worth $2,046,000 as of its most recent SEC filing.

A number of other large investors have also bought and sold shares of OMC. BlackRock Inc. raised its position in Omnicom Group by 3,091.8% in the first quarter. BlackRock Inc. now owns 17,041,057 shares of the business services provider’s stock valued at $1,469,108,000 after purchasing an additional 16,507,161 shares during the period. Janus Henderson Group PLC raised its position in Omnicom Group by 15,279.3% in the second quarter. Janus Henderson Group PLC now owns 4,996,274 shares of the business services provider’s stock valued at $414,191,000 after purchasing an additional 4,963,787 shares during the period. Beutel Goodman & Co Ltd. purchased a new stake in Omnicom Group in the second quarter valued at $153,358,000. Nordea Investment Management AB raised its position in Omnicom Group by 501.5% in the second quarter. Nordea Investment Management AB now owns 2,201,826 shares of the business services provider’s stock valued at $182,531,000 after purchasing an additional 1,835,749 shares during the period. Finally, Alliancebernstein L.P. raised its position in Omnicom Group by 90.0% in the second quarter. Alliancebernstein L.P. now owns 2,652,302 shares of the business services provider’s stock valued at $219,876,000 after purchasing an additional 1,256,005 shares during the period. Institutional investors own 98.60% of the company’s stock.

Omnicom Group (NYSE:OMC) last released its earnings results on Thursday, July 20th. The business services provider reported $1.40 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.38 by $0.02. The firm had revenue of $3.79 billion during the quarter, compared to analyst estimates of $3.74 billion. Omnicom Group had a net margin of 7.61% and a return on equity of 42.54%. The business’s revenue was down 2.4% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.36 EPS.

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In other news, Director Linda Johnson Rice sold 483 shares of the company’s stock in a transaction dated Monday, July 24th. The shares were sold at an average price of $82.19, for a total transaction of $39,697.77. Following the completion of the transaction, the director now owns 7,724 shares of the company’s stock, valued at $634,835.56. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Treasurer Dennis E. Hewitt sold 900 shares of the company’s stock in a transaction dated Wednesday, July 26th. The shares were sold at an average price of $79.11, for a total transaction of $71,199.00. Following the transaction, the treasurer now directly owns 44,161 shares of the company’s stock, valued at approximately $3,493,576.71. The disclosure for this sale can be found here. 1.10% of the stock is currently owned by corporate insiders.

A number of equities research analysts have commented on the company. Zacks Investment Research upgraded Omnicom Group from a “hold” rating to a “buy” rating and set a $83.00 target price on the stock in a research report on Friday. BidaskClub downgraded Omnicom Group from a “sell” rating to a “strong sell” rating in a research report on Tuesday, August 1st. Credit Suisse Group reduced their target price on Omnicom Group from $79.00 to $78.00 and set a “neutral” rating on the stock in a research report on Wednesday. Jefferies Group LLC restated a “hold” rating and issued a $82.00 target price on shares of Omnicom Group in a research report on Thursday, September 21st. Finally, Royal Bank Of Canada set a $96.00 target price on Omnicom Group and gave the company a “buy” rating in a research report on Tuesday, June 20th. Two research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and two have given a buy rating to the company. Omnicom Group presently has a consensus rating of “Hold” and a consensus target price of $85.08.

Omnicom Group Company Profile

Omnicom Group Inc is a holding company. The Company provides advertising, marketing and corporate communications services. The Company’s branded networks and agencies operate in all markets around the world and provide a range of services, which it groups into four disciplines: advertising, customer relationship management (CRM), public relations and specialty communications.

Institutional Ownership by Quarter for Omnicom Group (NYSE:OMC)

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