Accenture PLC $ACN Shares Sold by Pictet Asset Management Holding SA

Key Points

• Pictet Asset Management cut its Accenture stake by 6.5% in Q4, selling 61,064 shares and holding 876,052 shares (about 0.14% of the company) valued at $235,048,000 at quarter-end.
• Company insiders sold a total of 10,057 shares worth $2,566,169 last quarter, including large sales by Julie Spellman Sweet (6,057 shares at $241.23) and John F. Walsh (3,986 shares at $276.38), leaving insider ownership at 0.02%.
• Analysts have trimmed price targets, but the stock carries a consensus rating of "Moderate Buy" with a $274.50 target; Accenture also beat Q results (EPS $2.93 vs. $2.84), reported revenue up 7.8% year-over-year, and declared a quarterly dividend of $1.63 (3.7% yield).

Pictet Asset Management Holding SA cut its position in Accenture PLC (NYSE:ACN - Free Report) by 6.5% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 876,052 shares of the information technology services provider's stock after selling 61,064 shares during the period. Pictet Asset Management Holding SA owned approximately 0.14% of Accenture worth $235,048,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the company. Board of the Pension Protection Fund acquired a new stake in Accenture during the fourth quarter worth about $27,000. Harbor Capital Advisors Inc. grew its holdings in Accenture by 132.6% during the third quarter. Harbor Capital Advisors Inc. now owns 107 shares of the information technology services provider's stock worth $26,000 after acquiring an additional 61 shares during the period. Triumph Capital Management acquired a new stake in Accenture during the third quarter worth about $26,000. Private Wealth Management Group LLC grew its holdings in Accenture by 96.4% during the fourth quarter. Private Wealth Management Group LLC now owns 108 shares of the information technology services provider's stock worth $29,000 after acquiring an additional 53 shares during the period. Finally, Steph & Co. grew its holdings in Accenture by 107.5% during the fourth quarter. Steph & Co. now owns 110 shares of the information technology services provider's stock worth $30,000 after acquiring an additional 57 shares during the period. 75.14% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts recently commented on the company. TD Cowen dropped their target price on Accenture from $282.00 to $275.00 and set a "buy" rating on the stock in a report on Monday, March 16th. Deutsche Bank Aktiengesellschaft dropped their target price on Accenture from $280.00 to $230.00 and set a "hold" rating on the stock in a report on Friday, March 6th. Morgan Stanley dropped their target price on Accenture from $320.00 to $240.00 and set an "overweight" rating on the stock in a report on Monday, March 16th. Guggenheim dropped their target price on Accenture from $275.00 to $250.00 and set a "buy" rating on the stock in a report on Friday, March 20th. Finally, Robert W. Baird dropped their target price on Accenture from $330.00 to $265.00 and set an "outperform" rating on the stock in a report on Friday, March 20th. Seventeen research analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $274.50.

Insider Buying and Selling

In other news, CEO Julie Spellman Sweet sold 6,057 shares of the firm's stock in a transaction that occurred on Tuesday, February 10th. The stock was sold at an average price of $241.23, for a total value of $1,461,130.11. Following the transaction, the chief executive officer owned 15,255 shares in the company, valued at $3,679,963.65. This trade represents a 28.42% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO John F. Walsh sold 3,986 shares of the firm's stock in a transaction that occurred on Tuesday, January 27th. The shares were sold at an average price of $276.38, for a total value of $1,101,650.68. Following the completion of the transaction, the chief executive officer owned 27,221 shares in the company, valued at approximately $7,523,339.98. This trade represents a 12.77% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 10,057 shares of company stock worth $2,566,169 in the last quarter. 0.02% of the stock is currently owned by company insiders.

Accenture Stock Performance

Shares of ACN stock opened at $178.61 on Monday. The company has a market capitalization of $118.86 billion, a P/E ratio of 14.63, a P/E/G ratio of 1.69 and a beta of 1.24. The business's 50 day moving average is $199.82 and its two-hundred day moving average is $237.67. The company has a current ratio of 1.34, a quick ratio of 1.34 and a debt-to-equity ratio of 0.16. Accenture PLC has a 12-month low of $173.84 and a 12-month high of $325.71.

Accenture (NYSE:ACN - Get Free Report) last issued its quarterly earnings results on Friday, March 20th. The information technology services provider reported $2.93 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.84 by $0.09. The company had revenue of $18.04 billion for the quarter, compared to the consensus estimate of $17.80 billion. Accenture had a return on equity of 26.33% and a net margin of 10.61%.Accenture's revenue for the quarter was up 7.8% on a year-over-year basis. During the same quarter in the prior year, the business posted $2.82 earnings per share. Analysts expect that Accenture PLC will post 13.87 EPS for the current fiscal year.

Accenture Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, May 15th. Shareholders of record on Thursday, April 9th will be given a dividend of $1.63 per share. The ex-dividend date is Thursday, April 9th. This represents a $6.52 dividend on an annualized basis and a yield of 3.7%. Accenture's dividend payout ratio is currently 53.40%.

Accenture Profile

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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