Omnicom Group Reaches New 52-Week High on Better-Than-Expected Earnings (OMC)
Omnicom Group (NYSE:OMC)’s share price reached a new 52-week high on Tuesday after the company announced better than expected quarterly earnings, American Banking & Market News reports. The stock traded as high as $75.85 and last traded at $73.37, with a volume of 4,153,059 shares trading hands. The stock had previously closed at $74.17.
The company reported $1.18 EPS for the quarter, beating the Thomson Reuters consensus estimate of $1.17 by $0.01. The company had revenue of $4.06 billion for the quarter, compared to the consensus estimate of $4.03 billion. During the same quarter in the prior year, the company posted $1.13 earnings per share. The company’s quarterly revenue was up 2.9% on a year-over-year basis.
The company also recently declared a quarterly dividend, which is scheduled for Tuesday, April 1st. Stockholders of record on Tuesday, March 4th will be given a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 2.16%. The ex-dividend date of this dividend is Friday, February 28th.
A number of analysts have recently weighed in on OMC shares. Analysts at FBR Capital Markets raised their price target on shares of Omnicom Group from $79.00 to $81.00 in a research note on Tuesday. They now have a “market perform” rating on the stock. Separately, analysts at Barclays initiated coverage on shares of Omnicom Group in a research note on Tuesday, January 28th. They set an “overweight” rating and a $85.00 price target on the stock. Finally, analysts at Pivotal Research raised their price target on shares of Omnicom Group to $79.00 in a research note on Friday, January 17th. Nine investment analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus target price of $70.18.
The stock’s 50-day moving average is $72.99 and its 200-day moving average is $67.70. The company has a market cap of $18.875 billion and a P/E ratio of 20.00.
Omnicom Group Inc (NYSE:OMC) is a holding company, providing professional services to clients through multiple agencies.
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