Bank of America Corp DE Purchases 143,483 Shares of Accenture PLC $ACN

Key Points

• Bank of America increased its Accenture position by 2.2% in the first quarter, buying 143,483 shares to hold 6.53 million shares valued at approximately $1.30 billion. Institutional investors collectively own 75.14% of Accenture.
• Accenture reported quarterly EPS of $3.80, beating estimates by $0.10, while revenue rose 5.6% year over year to $18.72 billion. The company also authorized a $2 billion share-repurchase program and declared a quarterly dividend of $1.63 per share.
• Analyst sentiment remains mixed after several firms lowered their price targets; Accenture has a consensus “Hold” rating and a consensus target price of $192.96, compared with a recent share price of $163.70.

Bank of America Corp DE raised its position in shares of Accenture PLC (NYSE:ACN - Free Report) by 2.2% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 6,531,231 shares of the information technology services provider's stock after purchasing an additional 143,483 shares during the period. Bank of America Corp DE owned approximately 0.98% of Accenture worth $1,295,078,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Triumph Capital Management purchased a new stake in shares of Accenture in the 3rd quarter worth approximately $26,000. Laurel Wealth Advisors LLC purchased a new position in Accenture during the fourth quarter valued at $27,000. McMillan Office Inc. bought a new stake in Accenture in the fourth quarter worth $27,000. University of Texas Texas AM Investment Management Co. purchased a new stake in shares of Accenture in the fourth quarter worth $27,000. Finally, Private Wealth Management Group LLC raised its position in shares of Accenture by 96.4% in the 4th quarter. Private Wealth Management Group LLC now owns 108 shares of the information technology services provider's stock worth $29,000 after purchasing an additional 53 shares during the last quarter. 75.14% of the stock is currently owned by hedge funds and other institutional investors.

Accenture Stock Down 5.5%

Shares of NYSE:ACN opened at $163.70 on Friday. The company has a market cap of $109.32 billion, a price-to-earnings ratio of 13.08, a PEG ratio of 1.79 and a beta of 1.13. Accenture PLC has a 12 month low of $118.15 and a 12 month high of $291.09. The company has a current ratio of 1.34, a quick ratio of 1.34 and a debt-to-equity ratio of 0.15. The company has a 50-day moving average price of $152.82 and a 200 day moving average price of $191.29.

Accenture (NYSE:ACN - Get Free Report) last issued its quarterly earnings data on Thursday, June 18th. The information technology services provider reported $3.80 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $3.70 by $0.10. Accenture had a return on equity of 26.47% and a net margin of 10.66%.The business had revenue of $18.72 billion for the quarter, compared to the consensus estimate of $18.78 billion. During the same period in the prior year, the business posted $3.49 earnings per share. The company's quarterly revenue was up 5.6% compared to the same quarter last year. Accenture has set its FY 2026 guidance at 13.780-13.900 EPS. As a group, equities research analysts predict that Accenture PLC will post 13.85 earnings per share for the current year.

Accenture Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 14th. Stockholders of record on Thursday, July 9th will be issued a $1.63 dividend. The ex-dividend date is Thursday, July 9th. This represents a $6.52 annualized dividend and a dividend yield of 4.0%. Accenture's payout ratio is currently 52.08%.

Accenture declared that its Board of Directors has approved a share repurchase program on Tuesday, June 23rd that allows the company to repurchase $2.00 billion in shares. This repurchase authorization allows the information technology services provider to reacquire up to 2.4% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company's leadership believes its stock is undervalued.

Analyst Ratings Changes

A number of brokerages recently issued reports on ACN. HSBC dropped their price target on shares of Accenture from $220.00 to $210.00 and set a "hold" rating on the stock in a research note on Tuesday, April 14th. Wolfe Research reiterated an "outperform" rating and issued a $200.00 target price on shares of Accenture in a research note on Tuesday, June 16th. DA Davidson cut their price target on shares of Accenture from $275.00 to $175.00 and set a "buy" rating on the stock in a report on Tuesday, June 23rd. Wells Fargo & Company decreased their price objective on shares of Accenture from $200.00 to $194.00 and set an "overweight" rating for the company in a report on Monday, July 20th. Finally, Truist Financial decreased their price target on Accenture from $210.00 to $150.00 and set a "hold" rating for the company in a research note on Monday, June 22nd. Twelve investment analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $192.96.

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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