Asahi Life Asset Management CO. LTD. has increased its stake in Omnicom Group Inc. (NYSE: OMC) by 17.2% during the first quarter of 2023. The institutional investor’s updated holdings, disclosed in a recent 13F filing with the Securities & Exchange Commission, show that Asahi now owns a total of 4,080 shares of the advertising and marketing giant, valued at approximately $338,000.
The increase in shares comes amid a broader trend of institutional investors modifying their positions in Omnicom Group. Notably, Proficio Capital Partners LLC initiated a new position during the fourth quarter, investing about $5.125 million in the company. Other significant changes included EverSource Wealth Advisors LLC, which raised its stake by 31.0% to own 854 shares valued at $73,000, and Avantax Advisory Services Inc., which increased its holdings by 7.5%, now owning 17,037 shares worth $1.466 million.
Another notable investment came from Skandinaviska Enskilda Banken AB, which expanded its stake by 132.8%, bringing its total to 98,188 shares valued at around $8.426 million. Currently, institutional investors and hedge funds collectively own 91.97% of Omnicom Group’s stock.
Stock Performance and Dividend Announcement
On the stock market, Omnicom Group shares saw a slight decline of 0.9% on Monday, opening at $72.79. The company has experienced a year of volatility, recording a low of $68.37 and a high of $107.00. With a market capitalization of $14.20 billion, Omnicom currently has a price-to-earnings (PE) ratio of 9.96 and a price-to-earnings-growth (PEG) ratio of 1.60.
In financial news, Omnicom Group recently declared a quarterly dividend of $0.70 per share, which was distributed on July 9, 2023. Shareholders on record as of June 10 received this dividend, reflecting an annualized total of $2.80 and a yield of 3.85%. The company’s dividend payout ratio stands at 38.30%.
Analyst Ratings and Market Outlook
A number of research analysts have provided insights on Omnicom Group’s stock. Citigroup reaffirmed a “buy” rating with a target price of $103.00. Conversely, JPMorgan Chase & Co. adjusted its price target downward from $104.00 to $96.00, maintaining an “overweight” rating. Similarly, UBS Group decreased its target from $117.00 to $104.00 while retaining a “buy” rating.
In a shift, Bank of America upgraded its rating from “underperform” to “neutral” with a target price of $80.00. Meanwhile, Wells Fargo & Company lowered its price objective from $99.00 to $84.00, assigning an “equal weight” rating. Currently, four analysts recommend holding the stock, while four others advocate for buying it, resulting in a consensus rating of “Moderate Buy” with an average target price of $95.29.
This comprehensive outlook reflects the ongoing interest in Omnicom Group as it navigates a dynamic market landscape, supported by institutional investments and consistent dividend payments.
