PNC Financial Services Group Inc. Raises Stake in Omnicom Group Inc. $OMC

PNC Financial Services Group Inc. boosted its position in Omnicom Group Inc. (NYSE:OMC) by 26.4% in the 4th quarter, Holdings Channel reports. The institutional investor owned 264,384 shares of the business services provider’s stock after purchasing an additional 55,161 shares during the period. PNC Financial Services Group Inc.’s holdings in Omnicom Group were worth $21,349,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also bought and sold shares of OMC. Vanguard Group Inc. boosted its stake in Omnicom Group by 64.2% in the fourth quarter. Vanguard Group Inc. now owns 38,934,118 shares of the business services provider’s stock worth $3,143,930,000 after buying an additional 15,220,444 shares in the last quarter. First Eagle Investment Management LLC purchased a new stake in Omnicom Group in the third quarter worth approximately $515,145,000. Bank of New York Mellon Corp boosted its stake in Omnicom Group by 73.6% in the third quarter. Bank of New York Mellon Corp now owns 6,652,469 shares of the business services provider’s stock worth $542,376,000 after buying an additional 2,820,553 shares in the last quarter. State Street Corp boosted its stake in Omnicom Group by 15.8% in the third quarter. State Street Corp now owns 16,863,327 shares of the business services provider’s stock worth $1,384,980,000 after buying an additional 2,298,652 shares in the last quarter. Finally, JPMorgan Chase & Co. boosted its stake in Omnicom Group by 30.5% in the third quarter. JPMorgan Chase & Co. now owns 8,107,021 shares of the business services provider’s stock worth $660,969,000 after buying an additional 1,893,316 shares in the last quarter. Hedge funds and other institutional investors own 91.97% of the company’s stock.

Analyst Ratings Changes

OMC has been the subject of several research reports. Argus raised Omnicom Group to a “hold” rating in a research note on Thursday, March 26th. Morgan Stanley increased their price objective on Omnicom Group from $82.00 to $83.00 and gave the company an “equal weight” rating in a research note on Friday, May 1st. Barclays increased their price objective on Omnicom Group from $82.00 to $90.00 and gave the company an “equal weight” rating in a research note on Monday, February 23rd. UBS Group increased their price objective on Omnicom Group from $108.00 to $114.00 and gave the company a “buy” rating in a research note on Friday, March 20th. Finally, Citigroup dropped their price objective on Omnicom Group from $115.00 to $105.00 and set a “buy” rating for the company in a research note on Thursday, April 30th. Four investment analysts have rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $93.71.

Omnicom Group Stock Performance

Shares of OMC stock opened at $74.95 on Friday. The stock has a fifty day moving average of $75.83 and a 200 day moving average of $76.47. Omnicom Group Inc. has a 52 week low of $66.33 and a 52 week high of $87.17. The firm has a market capitalization of $21.36 billion, a price-to-earnings ratio of 192.19, a PEG ratio of 0.44 and a beta of 0.66. The company has a quick ratio of 0.77, a current ratio of 0.91 and a debt-to-equity ratio of 0.99.

Omnicom Group (NYSE:OMC) last announced its quarterly earnings results on Wednesday, April 29th. The business services provider reported $1.90 EPS for the quarter, topping analysts’ consensus estimates of $1.84 by $0.06. Omnicom Group had a return on equity of 24.48% and a net margin of 0.32%.The company had revenue of $6.24 billion during the quarter, compared to analyst estimates of $5.85 billion. During the same quarter last year, the firm posted $1.70 earnings per share. The firm’s revenue was up 69.2% on a year-over-year basis. As a group, research analysts expect that Omnicom Group Inc. will post 10.97 earnings per share for the current year.

Omnicom Group announced that its Board of Directors has approved a share repurchase program on Wednesday, February 18th that allows the company to repurchase $5.00 billion in shares. This repurchase authorization allows the business services provider to buy up to 38.1% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s leadership believes its stock is undervalued.

Omnicom Group Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, July 9th. Investors of record on Wednesday, June 10th will be paid a $0.80 dividend. The ex-dividend date of this dividend is Wednesday, June 10th. This represents a $3.20 dividend on an annualized basis and a yield of 4.3%. Omnicom Group’s dividend payout ratio (DPR) is presently 820.51%.

Omnicom Group Company Profile

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.