Principal Street Partners LLC purchased a new position in Accenture plc (NYSE:ACN) during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm purchased 862 shares of the information technology services provider’s stock, valued at approximately $276,000.
A number of other hedge funds also recently bought and sold shares of the stock. State Street Corp increased its stake in Accenture by 0.6% in the 2nd quarter. State Street Corp now owns 25,327,745 shares of the information technology services provider’s stock worth $7,466,412,000 after buying an additional 157,577 shares during the period. FMR LLC raised its stake in Accenture by 9.1% in the second quarter. FMR LLC now owns 12,279,859 shares of the information technology services provider’s stock worth $3,619,980,000 after buying an additional 1,020,098 shares in the last quarter. Geode Capital Management LLC lifted its holdings in Accenture by 3.3% during the second quarter. Geode Capital Management LLC now owns 10,181,463 shares of the information technology services provider’s stock worth $2,992,899,000 after buying an additional 323,633 shares during the period. Polen Capital Management LLC lifted its holdings in Accenture by 3.8% during the second quarter. Polen Capital Management LLC now owns 8,238,617 shares of the information technology services provider’s stock worth $2,428,662,000 after buying an additional 303,763 shares during the period. Finally, Lazard Asset Management LLC lifted its holdings in Accenture by 1.3% during the second quarter. Lazard Asset Management LLC now owns 4,357,048 shares of the information technology services provider’s stock worth $1,284,413,000 after buying an additional 55,738 shares during the period. 73.08% of the stock is currently owned by institutional investors.
Shares of ACN stock traded down $2.25 during mid-day trading on Friday, hitting $359.12. 7,926 shares of the stock were exchanged, compared to its average volume of 2,501,309. The company has a market cap of $227.02 billion, a PE ratio of 37.60, a price-to-earnings-growth ratio of 3.58 and a beta of 1.16. Accenture plc has a 52-week low of $241.73 and a 52-week high of $417.37. The firm has a fifty day moving average of $379.13 and a 200 day moving average of $346.44.
Accenture (NYSE:ACN) last issued its quarterly earnings results on Thursday, December 16th. The information technology services provider reported $2.78 earnings per share for the quarter, beating the Zacks’ consensus estimate of $2.63 by $0.15. The firm had revenue of $14.97 billion for the quarter, compared to analyst estimates of $14.22 billion. Accenture had a net margin of 11.54% and a return on equity of 30.42%. Accenture’s quarterly revenue was up 27.2% compared to the same quarter last year. During the same period last year, the company posted $2.17 EPS. On average, equities research analysts anticipate that Accenture plc will post 10.54 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, February 15th. Investors of record on Thursday, January 13th will be paid a $0.97 dividend. This represents a $3.88 dividend on an annualized basis and a yield of 1.08%. The ex-dividend date of this dividend is Wednesday, January 12th. Accenture’s dividend payout ratio is presently 40.37%.
Accenture announced that its Board of Directors has initiated a stock buyback plan on Thursday, September 23rd that authorizes the company to repurchase $3.00 billion in shares. This repurchase authorization authorizes the information technology services provider to repurchase up to 1.5% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s leadership believes its shares are undervalued.
A number of research firms have weighed in on ACN. Deutsche Bank Aktiengesellschaft upped their target price on Accenture from $395.00 to $440.00 and gave the stock a “buy” rating in a report on Friday, December 17th. Robert W. Baird restated a “hold” rating and set a $410.00 target price on shares of Accenture in a report on Thursday, December 30th. Argus increased their price objective on Accenture from $330.00 to $400.00 and gave the company a “buy” rating in a report on Friday, September 24th. Wolfe Research increased their price objective on Accenture from $380.00 to $420.00 and gave the company a “peer perform” rating in a report on Friday, December 17th. Finally, UBS Group increased their price objective on Accenture from $340.00 to $397.00 and gave the company a “neutral” rating in a report on Friday, December 17th. Seven analysts have rated the stock with a hold rating and twenty have issued a buy rating to the stock. According to MarketBeat, Accenture currently has a consensus rating of “Buy” and a consensus price target of $387.76.
In other Accenture news, CFO Kathleen R. Mcclure sold 1,797 shares of the company’s stock in a transaction on Monday, October 25th. The stock was sold at an average price of $356.47, for a total value of $640,576.59. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Julie Spellman Sweet sold 5,602 shares of the company’s stock in a transaction on Monday, November 1st. The shares were sold at an average price of $354.33, for a total value of $1,984,956.66. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 16,496 shares of company stock worth $5,865,002. Insiders own 0.07% of the company’s stock.
Accenture Plc engages in the provision of management consulting, technology, and outsourcing services. It operates through the following geographical segments: North America, Europe and Growth Markets. The company was founded in 1989 and is headquartered in Dublin, Ireland.
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