Accenture PLC $ACN Shares Sold by Sequoia Financial Advisors LLC

Key Points

• Sequoia Financial Advisors cut its Accenture stake by 64.8% in the second quarter, selling 106,176 shares and retaining 57,667 shares valued at approximately $7.2 million. Institutional investors collectively own 75.14% of the company.
• Analyst sentiment is mixed, with a consensus “Hold” rating and an average price target of $194.19. Recent targets range from $130 to $201.
• Accenture shares opened at $183.79, while the company reported quarterly EPS of $3.80, beating estimates, and announced a $2 billion share-repurchase authorization alongside a quarterly dividend of $1.63 per share.

Sequoia Financial Advisors LLC reduced its holdings in Accenture PLC (NYSE:ACN - Free Report) by 64.8% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 57,667 shares of the information technology services provider's stock after selling 106,176 shares during the period. Sequoia Financial Advisors LLC's holdings in Accenture were worth $7,176,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently bought and sold shares of the business. Triumph Capital Management acquired a new position in shares of Accenture during the 3rd quarter worth approximately $26,000. Dogwood Wealth Management LLC lifted its position in Accenture by 147.1% during the second quarter. Dogwood Wealth Management LLC now owns 215 shares of the information technology services provider's stock worth $27,000 after buying an additional 128 shares in the last quarter. McMillan Office Inc. purchased a new position in Accenture during the fourth quarter worth approximately $27,000. University of Texas Texas AM Investment Management Co. acquired a new position in Accenture during the fourth quarter worth $27,000. Finally, IMG Wealth Management Inc. grew its holdings in Accenture by 134.8% in the 1st quarter. IMG Wealth Management Inc. now owns 155 shares of the information technology services provider's stock valued at $31,000 after buying an additional 89 shares in the last quarter. Hedge funds and other institutional investors own 75.14% of the company's stock.

Insider Buying and Selling

In other news, General Counsel Joel Unruch sold 10,498 shares of the firm's stock in a transaction on Thursday, July 30th. The stock was sold at an average price of $162.98, for a total transaction of $1,710,964.04. Following the completion of the transaction, the general counsel directly owned 17,735 shares in the company, valued at $2,890,450.30. This trade represents a 37.18% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.02% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the stock. Robert W. Baird set a $190.00 price target on shares of Accenture in a research report on Thursday, June 18th. JPMorgan Chase & Co. reduced their target price on shares of Accenture from $247.00 to $201.00 and set an "overweight" rating on the stock in a research note on Monday, June 8th. Morgan Stanley decreased their target price on shares of Accenture from $177.00 to $130.00 and set an "equal weight" rating on the stock in a report on Monday, June 22nd. TD Cowen increased their price target on shares of Accenture from $151.00 to $173.00 and gave the company a "hold" rating in a research note on Wednesday, August 26th. Finally, Oppenheimer set a $201.00 price target on shares of Accenture in a report on Monday, June 8th. Twelve equities research analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $194.19.

Accenture Stock Up 3.3%

Shares of ACN opened at $183.79 on Friday. The firm has a market cap of $122.74 billion, a P/E ratio of 14.68, a price-to-earnings-growth ratio of 1.43 and a beta of 1.10. Accenture PLC has a 12-month low of $118.15 and a 12-month high of $291.09. The company's 50-day moving average price is $166.88 and its 200 day moving average price is $175.50. The company has a current ratio of 1.34, a quick ratio of 1.34 and a debt-to-equity ratio of 0.15.

Accenture (NYSE:ACN - Get Free Report) last announced its earnings results on Friday, June 19th. The information technology services provider reported $3.80 earnings per share for the quarter, topping the consensus estimate of $3.70 by $0.10. The company had revenue of $18.72 billion during the quarter, compared to analyst estimates of $18.78 billion. Accenture had a net margin of 10.66% and a return on equity of 26.47%. Accenture's revenue was up 5.6% compared to the same quarter last year. During the same quarter last year, the firm posted $3.49 earnings per share. On average, sell-side analysts forecast that Accenture PLC will post 13.86 earnings per share for the current year.

Accenture declared that its Board of Directors has approved a share repurchase plan on Tuesday, June 23rd that permits the company to buyback $2.00 billion in shares. This buyback authorization permits the information technology services provider to repurchase up to 2.4% of its stock through open market purchases. Stock buyback plans are often a sign that the company's board of directors believes its stock is undervalued.

Accenture Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, August 14th. Shareholders of record on Thursday, July 9th were given a $1.63 dividend. The ex-dividend date of this dividend was Thursday, July 9th. This represents a $6.52 dividend on an annualized basis and a yield of 3.5%. Accenture's payout ratio is presently 52.08%.

Accenture Profile

Accenture plc is a global professional services company that helps organizations improve business performance through consulting, technology, and managed services. Its offerings include strategy and consulting, technology implementation, operations support, and business process services.

The company provides digital transformation services involving cloud computing, artificial intelligence, data and analytics, cybersecurity, systems integration, and enterprise software. Through its Song and Industry X businesses, Accenture also supports customer experience, marketing, product engineering, and smart manufacturing initiatives.

Accenture serves clients across a broad range of industries, including financial services, health care, public service, communications, media and technology, consumer goods, retail, resources, and industrial markets.

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