Omnicom Group (NYSE:OMC) Given New $89.00 Price Target at Bank of America

Omnicom Group (NYSE:OMC) had its price objective raised by investment analysts at Bank of America from $87.00 to $89.00 in a research note issued on Thursday, Benzinga reports. The firm presently has an “underperform” rating on the business services provider’s stock. Bank of America‘s price objective would indicate a potential downside of 10.64% from the company’s current price.

Several other equities analysts have also recently issued reports on OMC. UBS Group raised their price target on Omnicom Group from $117.00 to $120.00 and gave the company a “buy” rating in a report on Thursday, July 18th. Macquarie reaffirmed an “outperform” rating and issued a $110.00 target price on shares of Omnicom Group in a research note on Wednesday, July 17th. One analyst has rated the stock with a sell rating, one has given a hold rating and nine have given a buy rating to the company. According to data from MarketBeat.com, Omnicom Group currently has an average rating of “Moderate Buy” and an average target price of $106.30.

Omnicom Group Price Performance

NYSE OMC traded up $0.85 on Thursday, hitting $99.60. 420,831 shares of the company were exchanged, compared to its average volume of 1,565,744. Omnicom Group has a 1-year low of $72.20 and a 1-year high of $102.13. The firm has a 50 day moving average of $94.00 and a two-hundred day moving average of $93.06. The company has a current ratio of 0.93, a quick ratio of 0.81 and a debt-to-equity ratio of 1.31. The company has a market cap of $19.51 billion, a P/E ratio of 13.42, a P/E/G ratio of 2.36 and a beta of 0.94.

Omnicom Group (NYSE:OMC) last released its quarterly earnings results on Tuesday, July 16th. The business services provider reported $1.95 EPS for the quarter, beating the consensus estimate of $1.88 by $0.07. Omnicom Group had a net margin of 9.55% and a return on equity of 37.51%. The business had revenue of $3.85 billion for the quarter, compared to analysts’ expectations of $3.83 billion. During the same period in the prior year, the firm earned $1.81 earnings per share. Omnicom Group’s revenue was up 6.8% compared to the same quarter last year. On average, equities analysts predict that Omnicom Group will post 7.95 EPS for the current year.

Insider Activity

In other news, Director Linda Johnson Rice sold 488 shares of the firm’s stock in a transaction dated Friday, July 19th. The stock was sold at an average price of $90.88, for a total transaction of $44,349.44. Following the sale, the director now owns 10,356 shares of the company’s stock, valued at $941,153.28. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, VP Rochelle M. Tarlowe sold 3,000 shares of the company’s stock in a transaction on Monday, August 26th. The shares were sold at an average price of $99.17, for a total value of $297,510.00. Following the completion of the transaction, the vice president now directly owns 15,375 shares of the company’s stock, valued at approximately $1,524,738.75. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Linda Johnson Rice sold 488 shares of Omnicom Group stock in a transaction dated Friday, July 19th. The shares were sold at an average price of $90.88, for a total value of $44,349.44. Following the completion of the sale, the director now directly owns 10,356 shares in the company, valued at approximately $941,153.28. The disclosure for this sale can be found here. 1.30% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the company. Frazier Financial Advisors LLC bought a new stake in shares of Omnicom Group during the 4th quarter worth approximately $26,000. Richardson Financial Services Inc. acquired a new stake in Omnicom Group in the fourth quarter valued at $29,000. Thurston Springer Miller Herd & Titak Inc. bought a new position in shares of Omnicom Group in the 2nd quarter valued at about $33,000. Innealta Capital LLC acquired a new position in shares of Omnicom Group during the 2nd quarter worth about $33,000. Finally, First United Bank & Trust bought a new stake in shares of Omnicom Group in the 4th quarter valued at about $35,000. 91.97% of the stock is currently owned by institutional investors.

About Omnicom Group

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 branding, experiential, execution and support, public relations, and healthcare.