Councilmark Asset Management LLC Acquires Shares of 8,502 Accenture PLC $ACN

Key Points

• Councilmark Asset Management opened a new Accenture position by purchasing 8,502 shares valued at approximately $1.06 million. Institutional investors and hedge funds collectively own 75.14% of the company.
• Accenture exceeded quarterly EPS expectations, reporting $3.80 versus the $3.70 consensus, 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, yielding about 3.5%.
• Analyst sentiment remains mixed, with a consensus “Hold” rating and an average price target of $193.33; several firms recently reduced their targets. The stock was trading at $186.97, well below its 12-month high of $291.09.

Councilmark Asset Management LLC bought a new position in shares of Accenture PLC (NYSE:ACN - Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 8,502 shares of the information technology services provider's stock, valued at approximately $1,058,000.

Other hedge funds have also recently modified their holdings of the company. Triumph Capital Management purchased a new stake in shares of Accenture during the third quarter worth $26,000. Laurel Wealth Advisors LLC purchased a new stake in shares of Accenture in the 4th quarter valued at approximately $27,000. Dogwood Wealth Management LLC raised its position in Accenture by 147.1% in the second quarter. Dogwood Wealth Management LLC now owns 215 shares of the information technology services provider's stock valued at $27,000 after purchasing an additional 128 shares during the period. McMillan Office Inc. purchased a new position in Accenture during the fourth quarter worth about $27,000. Finally, University of Texas Texas AM Investment Management Co. acquired a new stake in Accenture in the 4th quarter valued at approximately $27,000. Institutional investors and hedge funds own 75.14% of the company's stock.

Insider Buying and Selling at Accenture

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

Accenture Price Performance

Accenture stock opened at $186.97 on Wednesday. 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 fifty day simple moving average of $152.74 and a 200-day simple moving average of $178.98. The stock has a market cap of $124.86 billion, a P/E ratio of 14.93, a price-to-earnings-growth ratio of 1.93 and a beta of 1.09. Accenture PLC has a 12-month low of $118.15 and a 12-month high of $291.09.

Accenture (NYSE:ACN - Get Free Report) last announced its quarterly earnings results on Friday, June 19th. The information technology services provider reported $3.80 earnings per share (EPS) for the quarter, topping 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 company had revenue of $18.72 billion during the quarter, compared to the consensus estimate of $18.78 billion. During the same period in the previous year, the business earned $3.49 EPS. Accenture's revenue for the quarter was up 5.6% on a year-over-year basis. Equities analysts expect that Accenture PLC will post 13.85 EPS for the current fiscal year.

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

Accenture Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 14th. Shareholders of record on Thursday, July 9th were issued a dividend of $1.63 per share. 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 dividend payout ratio (DPR) is presently 52.08%.

Analysts Set New Price Targets

ACN has been the topic of a number of research reports. Mizuho decreased their price target on Accenture from $280.00 to $226.00 and set an "outperform" rating on the stock in a research note on Tuesday, June 23rd. Oppenheimer set a $201.00 price objective on Accenture in a report on Monday, June 8th. TD Cowen lowered Accenture from a "buy" rating to a "hold" rating and decreased their target price for the stock from $258.00 to $150.00 in a research note on Monday, June 22nd. Jefferies Financial Group lowered their target price on Accenture from $210.00 to $185.00 and set a "hold" rating for the company in a report on Monday, June 15th. Finally, Robert W. Baird set a $190.00 target price on shares of Accenture in a research note on Thursday, June 18th. Twelve equities research analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of $193.33.

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.

Want to see what other hedge funds are holding ACN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Accenture PLC (NYSE:ACN - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source