Avantax Advisory Services Inc. Trims Stake in Omnicom Group Inc. (NYSE:OMC)

Posted by on Jul 25th, 2023

Avantax Advisory Services Inc. trimmed its holdings in shares of Omnicom Group Inc. (NYSE:OMC – Free Report) by 8.9% in the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 9,031 shares of the business services provider’s stock after selling 881 shares during the quarter. Avantax Advisory Services Inc.’s holdings in Omnicom Group were worth $852,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. First Trust Advisors LP lifted its stake in shares of Omnicom Group by 683.2% during the first quarter. First Trust Advisors LP now owns 2,957,307 shares of the business services provider’s stock worth $251,016,000 after buying an additional 2,579,717 shares during the period. American Century Companies Inc. lifted its stake in Omnicom Group by 3,737.8% in the fourth quarter. American Century Companies Inc. now owns 1,975,361 shares of the business services provider’s stock valued at $161,130,000 after buying an additional 1,923,890 shares during the last quarter. Baird Financial Group Inc. raised its holdings in shares of Omnicom Group by 40.4% in the fourth quarter. Baird Financial Group Inc. now owns 2,851,104 shares of the business services provider’s stock valued at $232,565,000 after buying an additional 820,275 shares during the last quarter. Edmp Inc. lifted its position in Omnicom Group by 8,773.2% during the 4th quarter. Edmp Inc. now owns 498,230 shares of the business services provider’s stock worth $6,108,000 after acquiring an additional 492,615 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its holdings in Omnicom Group by 5.2% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 8,456,274 shares of the business services provider’s stock valued at $668,850,000 after purchasing an additional 418,770 shares in the last quarter. 92.92% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on OMC. Bank of America raised their target price on shares of Omnicom Group from $79.00 to $84.00 and gave the stock an “underperform” rating in a research report on Wednesday, July 19th. Wells Fargo & Company downgraded Omnicom Group from an “overweight” rating to an “equal weight” rating and reduced their price objective for the stock from $109.00 to $88.00 in a research report on Monday. Macquarie raised their target price on shares of Omnicom Group from $95.00 to $100.00 and gave the stock a “neutral” rating in a report on Wednesday, April 19th. BNP Paribas upgraded Omnicom Group from an “underperform” rating to a “neutral” rating and set a $96.00 price objective for the company in a research report on Wednesday, March 29th. Finally, JPMorgan Chase & Co. boosted their price target on Omnicom Group from $100.00 to $103.00 and gave the stock an “overweight” rating in a research report on Wednesday, April 19th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $96.57.

Insider Buying and Selling at Omnicom Group

In related news, Director Linda Johnson Rice sold 1,700 shares of Omnicom Group stock in a transaction on Thursday, April 27th. The shares were sold at an average price of $89.75, for a total transaction of $152,575.00. Following the sale, the director now directly owns 9,527 shares in the company, valued at approximately $855,048.25. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other Omnicom Group news, VP Rochelle M. Tarlowe sold 1,800 shares of Omnicom Group stock in a transaction dated Thursday, June 8th. The stock was sold at an average price of $94.12, for a total value of $169,416.00. Following the completion of the sale, the vice president now owns 13,496 shares in the company, valued at approximately $1,270,243.52. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Linda Johnson Rice sold 1,700 shares of the stock in a transaction on Thursday, April 27th. The stock was sold at an average price of $89.75, for a total value of $152,575.00. Following the completion of the transaction, the director now directly owns 9,527 shares in the company, valued at $855,048.25. The disclosure for this sale can be found here. Insiders sold a total of 28,500 shares of company stock worth $2,689,741 in the last three months. 1.30% of the stock is owned by corporate insiders.

Omnicom Group Trading Down 0.9 %

OMC opened at $83.09 on Tuesday. Omnicom Group Inc. has a one year low of $61.85 and a one year high of $99.23. The business has a 50 day simple moving average of $93.10 and a two-hundred day simple moving average of $91.12. The company has a debt-to-equity ratio of 1.53, a current ratio of 0.96 and a quick ratio of 0.84. The firm has a market capitalization of $16.42 billion, a price-to-earnings ratio of 12.24, a PEG ratio of 2.34 and a beta of 0.84.

Omnicom Group (NYSE:OMC – Get Free Report) last released its earnings results on Tuesday, July 18th. The business services provider reported $1.81 EPS for the quarter, topping analysts’ consensus estimates of $1.80 by $0.01. The company had revenue of $3.61 billion for the quarter, compared to analysts’ expectations of $3.67 billion. Omnicom Group had a net margin of 9.66% and a return on equity of 41.29%. The firm’s revenue was up 1.2% compared to the same quarter last year. During the same quarter last year, the business earned $1.68 EPS. Analysts predict that Omnicom Group Inc. will post 7.35 EPS for the current year.

Omnicom Group Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, July 7th. Investors of record on Friday, June 9th were paid a $0.70 dividend. This represents a $2.80 annualized dividend and a yield of 3.37%. The ex-dividend date of this dividend was Thursday, June 8th. Omnicom Group’s dividend payout ratio is currently 41.24%.

Omnicom Group Profile

(Free Report)

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 brand consulting, experiential, execution and support, public relations, and healthcare.

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

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