Concurrent Investment Advisors LLC Buys 24,234 Shares of Accenture PLC $ACN

Key Points

• Concurrent Investment Advisors increased its Accenture stake by 52.8% in the second quarter, acquiring 24,234 shares and bringing its holdings to 70,109 shares valued at approximately $8.7 million.
• Accenture reported quarterly adjusted earnings of $3.80 per share, topping estimates, while revenue rose 5.6% year over year to $18.72 billion. The company also authorized a $2 billion share-repurchase program and pays an annualized dividend of $6.52 per share.
• Analyst sentiment remains mixed: 12 analysts rate the stock a Buy, 14 a Hold and one a Sell, resulting in a consensus Hold rating and an average price target of $194.19.

Concurrent Investment Advisors LLC increased its stake in shares of Accenture PLC (NYSE:ACN - Free Report) by 52.8% during the second quarter, according to the company in its most recent filing with the SEC. The fund owned 70,109 shares of the information technology services provider's stock after acquiring an additional 24,234 shares during the period. Concurrent Investment Advisors LLC's holdings in Accenture were worth $8,724,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in ACN. Triumph Capital Management bought a new position in shares of Accenture in the third quarter valued at approximately $26,000. Dogwood Wealth Management LLC boosted its holdings in shares of Accenture by 147.1% during the 2nd 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 during the period. McMillan Office Inc. acquired a new position in Accenture in the 4th quarter valued at $27,000. University of Texas Texas AM Investment Management Co. bought a new position in Accenture in the 4th quarter worth $27,000. Finally, IMG Wealth Management Inc. lifted its position in Accenture by 134.8% during the 1st quarter. IMG Wealth Management Inc. now owns 155 shares of the information technology services provider's stock worth $31,000 after acquiring an additional 89 shares during the last quarter. 75.14% of the stock is currently owned by institutional investors and hedge funds.

Accenture Price Performance

Shares of ACN stock opened at $186.53 on Friday. Accenture PLC has a 12 month low of $118.15 and a 12 month high of $291.09. The company has a market capitalization of $124.57 billion, a P/E ratio of 14.90, a P/E/G ratio of 1.50 and a beta of 1.10. The stock has a 50 day moving average of $161.92 and a two-hundred day moving average of $176.85. 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 issued its earnings results on Friday, June 19th. The information technology services provider reported $3.80 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 during the quarter, compared to analyst estimates of $18.78 billion. During the same period in the prior year, the company posted $3.49 earnings per share. Accenture's revenue was up 5.6% on a year-over-year basis. As a group, equities analysts expect that Accenture PLC will post 13.86 EPS for the current year.

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

Accenture Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, August 14th. Stockholders of record on Thursday, July 9th were issued 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 dividend yield of 3.5%. Accenture's dividend payout ratio is presently 52.08%.

Insider Activity at Accenture

In related news, General Counsel Joel Unruch sold 10,498 shares of the firm's stock in a transaction that occurred 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 owned 17,735 shares in the company, valued at $2,890,450.30. This trade represents a 37.18% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through 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 Analysts Forecast Growth

ACN has been the topic of several research analyst reports. DA Davidson lowered their price target on Accenture from $275.00 to $175.00 and set a "buy" rating on the stock in a research report on Tuesday, June 23rd. Argus cut their price objective on Accenture from $335.00 to $220.00 and set a "buy" rating for the company in a research report on Monday, June 22nd. Guggenheim dropped their price target on Accenture from $225.00 to $185.00 and set a "buy" rating on the stock in a research report on Monday, June 22nd. Royal Bank Of Canada cut their price target on Accenture from $253.00 to $175.00 and set an "outperform" rating for the company in a report on Monday, June 22nd. Finally, UBS Group restated a "buy" rating on shares of Accenture in a research note on Wednesday, August 26th. Twelve research 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, Accenture presently has a consensus rating of "Hold" and an average price target of $194.19.

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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