Convergence Financial LLC Sells 805 Shares of Omnicom Group Inc. (NYSE:OMC)

Convergence Financial LLC decreased its holdings in Omnicom Group Inc. (NYSE:OMC) by 24.1% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 2,529 shares of the business services provider’s stock after selling 805 shares during the quarter. Convergence Financial LLC’s holdings in Omnicom Group were worth $261,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in the business. Boston Partners increased its position in shares of Omnicom Group by 11.0% during the first quarter. Boston Partners now owns 3,874,857 shares of the business services provider’s stock worth $374,795,000 after purchasing an additional 383,560 shares in the last quarter. Bank of New York Mellon Corp increased its position in shares of Omnicom Group by 37.0% during the second quarter. Bank of New York Mellon Corp now owns 3,307,882 shares of the business services provider’s stock worth $296,717,000 after purchasing an additional 892,494 shares in the last quarter. Lazard Asset Management LLC increased its position in shares of Omnicom Group by 6.3% during the first quarter. Lazard Asset Management LLC now owns 2,787,675 shares of the business services provider’s stock worth $269,734,000 after purchasing an additional 165,136 shares in the last quarter. Cooke & Bieler LP grew its holdings in shares of Omnicom Group by 4.8% during the second quarter. Cooke & Bieler LP now owns 2,399,651 shares of the business services provider’s stock valued at $215,249,000 after buying an additional 109,406 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its holdings in shares of Omnicom Group by 18.9% during the second quarter. Dimensional Fund Advisors LP now owns 2,293,095 shares of the business services provider’s stock valued at $205,682,000 after buying an additional 364,665 shares during the last quarter. 91.97% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Omnicom Group news, CAO Andrew Castellaneta sold 4,000 shares of the company’s stock in a transaction dated Friday, October 18th. The shares were sold at an average price of $105.29, for a total value of $421,160.00. Following the completion of the transaction, the chief accounting officer now owns 23,545 shares in the company, valued at approximately $2,479,053.05. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, VP Rochelle M. Tarlowe sold 3,000 shares of the company’s stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $99.17, for a total transaction of $297,510.00. Following the completion of the transaction, the vice president now owns 15,375 shares in the company, valued at $1,524,738.75. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Andrew Castellaneta sold 4,000 shares of the company’s stock in a transaction dated Friday, October 18th. The stock was sold at an average price of $105.29, for a total transaction of $421,160.00. Following the transaction, the chief accounting officer now owns 23,545 shares of the company’s stock, valued at approximately $2,479,053.05. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders own 1.30% of the company’s stock.

Omnicom Group Trading Up 0.1 %

Shares of Omnicom Group stock opened at $100.52 on Friday. The firm has a 50-day simple moving average of $100.83 and a two-hundred day simple moving average of $95.48. The company has a market cap of $19.69 billion, a P/E ratio of 13.58, a price-to-earnings-growth ratio of 2.39 and a beta of 0.94. Omnicom Group Inc. has a fifty-two week low of $73.58 and a fifty-two week high of $106.51. The company has a debt-to-equity ratio of 1.31, a quick ratio of 0.81 and a current ratio of 0.93.

Omnicom Group (NYSE:OMC) last issued its quarterly earnings data on Tuesday, October 15th. The business services provider reported $2.03 earnings per share for the quarter, topping analysts’ consensus estimates of $2.02 by $0.01. The business had revenue of $3.88 billion during the quarter, compared to the consensus estimate of $3.79 billion. Omnicom Group had a net margin of 9.55% and a return on equity of 37.51%. During the same quarter in the prior year, the firm posted $1.86 earnings per share. As a group, equities analysts predict that Omnicom Group Inc. will post 7.88 earnings per share for the current fiscal year.

Analysts Set New Price Targets

OMC has been the topic of a number of research analyst reports. Macquarie boosted their price objective on shares of Omnicom Group from $110.00 to $120.00 and gave the company an “outperform” rating in a report on Wednesday, October 16th. Bank of America boosted their price objective on shares of Omnicom Group from $87.00 to $89.00 and gave the company an “underperform” rating in a report on Thursday, September 5th. Wells Fargo & Company lowered shares of Omnicom Group from an “overweight” rating to an “equal weight” rating and boosted their price objective for the company from $106.00 to $110.00 in a report on Wednesday, October 16th. UBS Group upped their price target on shares of Omnicom Group from $120.00 to $124.00 and gave the company a “buy” rating in a report on Wednesday, October 16th. Finally, JPMorgan Chase & Co. upped their price target on shares of Omnicom Group from $118.00 to $119.00 and gave the company an “overweight” rating in a report on Wednesday, October 16th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $110.11.

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.