PNC Financial Services Group Inc. Sells 18,297 Shares of Omnicom Group Inc. $OMC

PNC Financial Services Group Inc. trimmed its holdings in shares of Omnicom Group Inc. (NYSE:OMC) by 6.9% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 246,087 shares of the business services provider’s stock after selling 18,297 shares during the period. PNC Financial Services Group Inc.’s holdings in Omnicom Group were worth $18,533,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of OMC. Oslo Pensjonsforsikring AS bought a new stake in Omnicom Group during the first quarter worth about $317,000. Glenview Trust Co grew its stake in Omnicom Group by 4.1% in the first quarter. Glenview Trust Co now owns 44,970 shares of the business services provider’s stock valued at $3,387,000 after purchasing an additional 1,752 shares in the last quarter. Long Road Investment Counsel LLC grew its stake in Omnicom Group by 2.4% in the first quarter. Long Road Investment Counsel LLC now owns 51,503 shares of the business services provider’s stock valued at $3,879,000 after purchasing an additional 1,200 shares in the last quarter. AlTi Global Inc. acquired a new position in shares of Omnicom Group during the 1st quarter worth approximately $3,056,000. Finally, Earned Wealth Advisors LLC acquired a new position in shares of Omnicom Group during the 1st quarter worth approximately $316,000. Institutional investors own 91.97% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on OMC. Weiss Ratings reiterated a “hold (c-)” rating on shares of Omnicom Group in a research note on Friday, May 22nd. The Goldman Sachs Group started coverage on shares of Omnicom Group in a report on Wednesday, June 3rd. They set a “buy” rating and a $146.00 target price on the stock. Citigroup dropped their price target on shares of Omnicom Group from $115.00 to $105.00 and set a “buy” rating on the stock in a research report on Thursday, April 30th. Morgan Stanley increased their price target on shares of Omnicom Group from $82.00 to $83.00 and gave the company an “equal weight” rating in a research note on Friday, May 1st. Finally, Rothschild & Co Redburn began coverage on shares of Omnicom Group in a research report on Thursday, May 28th. They issued a “neutral” rating and a $89.00 price objective for the company. Four investment analysts have rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Omnicom Group has a consensus rating of “Hold” and an average price target of $99.38.

Omnicom Group Stock Performance

Shares of OMC stock opened at $79.70 on Friday. Omnicom Group Inc. has a 52 week low of $66.33 and a 52 week high of $87.17. The company has a market capitalization of $22.72 billion, a price-to-earnings ratio of 204.37, a PEG ratio of 0.47 and a beta of 0.63. The company has a 50-day simple moving average of $76.40 and a 200 day simple moving average of $76.77. The company has a debt-to-equity ratio of 0.99, a quick ratio of 0.77 and a current ratio of 0.91.

Omnicom Group (NYSE:OMC) last released its quarterly earnings results on Wednesday, April 29th. The business services provider reported $1.90 earnings per share for the quarter, beating the consensus estimate of $1.84 by $0.06. The firm had revenue of $6.24 billion for the quarter, compared to analysts’ expectations of $5.85 billion. Omnicom Group had a net margin of 0.32% and a return on equity of 24.48%. The business’s revenue was up 69.2% on a year-over-year basis. During the same period in the prior year, the firm earned $1.70 EPS. On average, sell-side analysts predict that Omnicom Group Inc. will post 10.97 earnings per share for the current year.

Omnicom Group Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, October 9th. Stockholders of record on Friday, September 18th will be given a $0.80 dividend. The ex-dividend date of this dividend is Friday, September 18th. This represents a $3.20 annualized dividend and a dividend yield of 4.0%. Omnicom Group’s dividend payout ratio is presently 820.51%.

Omnicom Group 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.