Accenture PLC $ACN Shares Sold by Novare Capital Management LLC

Key Points

• Novare Capital Management trimmed its Accenture stake by 12.8% in the fourth quarter, selling 8,317 shares and leaving it with 56,768 shares worth about $15.2 million.
• Accenture reported better-than-expected quarterly results, with EPS of $2.93 versus the $2.84 estimate and revenue of $18.04 billion, up 7.8% year over year.
• Analysts remain broadly positive, with a Moderate Buy consensus and an average price target of $274.50, while Accenture also paid a quarterly dividend of $1.63 per share, implying a 3.9% yield.

Novare Capital Management LLC lessened its holdings in Accenture PLC (NYSE:ACN - Free Report) by 12.8% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 56,768 shares of the information technology services provider's stock after selling 8,317 shares during the quarter. Accenture makes up about 1.1% of Novare Capital Management LLC's holdings, making the stock its 25th largest position. Novare Capital Management LLC's holdings in Accenture were worth $15,231,000 at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. Running Oak Capital LLC lifted its position in Accenture by 14.3% in the third quarter. Running Oak Capital LLC now owns 57,541 shares of the information technology services provider's stock valued at $14,190,000 after purchasing an additional 7,190 shares during the period. Weitz Investment Management Inc. lifted its position in Accenture by 28.8% in the third quarter. Weitz Investment Management Inc. now owns 160,550 shares of the information technology services provider's stock valued at $39,592,000 after purchasing an additional 35,900 shares during the period. Teacher Retirement System of Texas lifted its position in shares of Accenture by 27.7% during the 4th quarter. Teacher Retirement System of Texas now owns 282,340 shares of the information technology services provider's stock valued at $75,752,000 after acquiring an additional 61,314 shares during the period. Public Sector Pension Investment Board boosted its stake in shares of Accenture by 180.4% during the 3rd quarter. Public Sector Pension Investment Board now owns 404,680 shares of the information technology services provider's stock worth $99,794,000 after acquiring an additional 260,357 shares in the last quarter. Finally, Sequoia Financial Advisors LLC boosted its stake in shares of Accenture by 197.2% during the 4th quarter. Sequoia Financial Advisors LLC now owns 141,484 shares of the information technology services provider's stock worth $37,960,000 after acquiring an additional 93,880 shares in the last quarter. Hedge funds and other institutional investors own 75.14% of the company's stock.

Insider Activity

In other news, CEO Atsushi Egawa sold 4,872 shares of the business's stock in a transaction on Thursday, April 30th. The shares were sold at an average price of $177.14, for a total transaction of $863,026.08. Following the completion of the sale, the chief executive officer directly owned 12,802 shares of the company's stock, valued at $2,267,746.28. The trade was a 27.57% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.02% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several equities research analysts have recently commented on the company. UBS Group reissued a "buy" rating on shares of Accenture in a research note on Tuesday, March 17th. Guggenheim decreased their price target on Accenture from $275.00 to $250.00 and set a "buy" rating on the stock in a research note on Friday, March 20th. Berenberg Bank assumed coverage on Accenture in a research note on Thursday, January 22nd. They set a "buy" rating and a $313.00 price target on the stock. Royal Bank Of Canada decreased their price target on Accenture from $295.00 to $253.00 and set an "outperform" rating on the stock in a research note on Friday, March 20th. Finally, BMO Capital Markets decreased their price target on Accenture from $300.00 to $230.00 and set a "market perform" rating on the stock in a research note on Friday, March 20th. Seventeen investment analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the company's stock. According to MarketBeat.com, Accenture currently has a consensus rating of "Moderate Buy" and a consensus price target of $274.50.

Accenture Stock Up 3.0%

Shares of NYSE ACN opened at $168.94 on Friday. Accenture PLC has a 52-week low of $155.82 and a 52-week high of $322.86. The firm has a fifty day moving average of $190.50 and a 200-day moving average of $231.32. The stock has a market capitalization of $112.42 billion, a PE ratio of 13.84, a P/E/G ratio of 1.56 and a beta of 1.08. The company has a quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 0.16.

Accenture (NYSE:ACN - Get Free Report) last announced its quarterly earnings data on Friday, March 20th. The information technology services provider reported $2.93 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.84 by $0.09. Accenture had a net margin of 10.61% and a return on equity of 26.33%. The company had revenue of $18.04 billion during the quarter, compared to analysts' expectations of $17.80 billion. During the same period in the previous year, the company earned $2.82 EPS. The business's quarterly revenue was up 7.8% compared to the same quarter last year. On average, analysts anticipate that Accenture PLC will post 13.87 EPS for the current year.

Accenture Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 15th. Stockholders of record on Thursday, April 9th were paid a dividend of $1.63 per share. The ex-dividend date of this dividend was Thursday, April 9th. This represents a $6.52 annualized dividend and a dividend yield of 3.9%. Accenture's payout ratio is currently 53.40%.

About Accenture

Accenture is a global professional services company that provides a broad range of services and solutions in strategy, consulting, digital, technology and operations. The firm works with organizations across industries to design and implement business transformation programs, deploy and manage enterprise technology, optimize operations, and develop customer and digital experiences. Its offerings encompass management and technology consulting, systems integration, application and infrastructure services, cloud migration and managed services, as well as security and analytics capabilities.

The company delivers industry- and function-specific solutions, combining consulting expertise with proprietary tools, platforms and partnerships with major technology vendors.

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