Bank of Nova Scotia Buys 49,417 Shares of Omnicom Group Inc. $OMC

Bank of Nova Scotia increased its stake in Omnicom Group Inc. (NYSE:OMC) by 12.9% during the 1st quarter, HoldingsChannel reports. The firm owned 431,429 shares of the business services provider’s stock after buying an additional 49,417 shares during the period. Bank of Nova Scotia’s holdings in Omnicom Group were worth $32,491,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also added to or reduced their stakes in OMC. Activest Wealth Management raised its stake in Omnicom Group by 2,960.0% during the 4th quarter. Activest Wealth Management now owns 306 shares of the business services provider’s stock valued at $25,000 after buying an additional 296 shares during the last quarter. Bayforest Capital Ltd bought a new stake in shares of Omnicom Group in the fourth quarter worth $26,000. Elyxium Wealth LLC bought a new stake in shares of Omnicom Group in the fourth quarter worth $26,000. Legacy Wealth Managment LLC ID increased its position in Omnicom Group by 111.4% during the fourth quarter. Legacy Wealth Managment LLC ID now owns 334 shares of the business services provider’s stock valued at $27,000 after acquiring an additional 176 shares during the last quarter. Finally, EFG International AG bought a new position in Omnicom Group in the fourth quarter valued at about $28,000. Institutional investors own 91.97% of the company’s stock.

Omnicom Group Stock Performance

NYSE:OMC opened at $79.70 on Friday. The company has a market cap of $22.72 billion, a price-to-earnings ratio of 204.37, a PEG ratio of 0.47 and a beta of 0.63. Omnicom Group Inc. has a 1 year low of $66.33 and a 1 year high of $87.17. The stock’s 50 day simple moving average is $76.40 and its two-hundred day simple moving average is $76.77. The company has a debt-to-equity ratio of 0.99, a current ratio of 0.91 and a quick ratio of 0.77.

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

Omnicom Group Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 9th. Shareholders of record on Friday, September 18th will be paid a $0.80 dividend. This represents a $3.20 dividend on an annualized basis and a dividend yield of 4.0%. The ex-dividend date of this dividend is Friday, September 18th. Omnicom Group’s dividend payout ratio (DPR) is presently 820.51%.

Analyst Upgrades and Downgrades

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

About Omnicom Group

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.