Front Barnett Associates LLC Grows Stake in Accenture Plc (ACN)

Front Barnett Associates LLC lifted its stake in shares of Accenture Plc (NYSE:ACN) by 1.1% in the third quarter, HoldingsChannel reports. The firm owned 91,899 shares of the information technology services provider’s stock after buying an additional 1,040 shares during the period. Accenture accounts for about 2.4% of Front Barnett Associates LLC’s investment portfolio, making the stock its 12th largest position. Front Barnett Associates LLC’s holdings in Accenture were worth $15,641,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in the company. WP Advisors LLC purchased a new stake in Accenture during the 2nd quarter valued at about $106,000. MUFG Securities EMEA plc purchased a new stake in Accenture during the 2nd quarter valued at about $118,000. Fort L.P. purchased a new stake in Accenture during the 2nd quarter valued at about $124,000. Valeo Financial Advisors LLC grew its stake in Accenture by 48.3% during the 2nd quarter. Valeo Financial Advisors LLC now owns 1,010 shares of the information technology services provider’s stock valued at $162,000 after acquiring an additional 329 shares in the last quarter. Finally, Breiter Capital Management Inc. purchased a new stake in Accenture during the 3rd quarter valued at about $205,000. 70.27% of the stock is owned by institutional investors and hedge funds.

NYSE:ACN opened at $165.15 on Friday. The stock has a market capitalization of $108.85 billion, a price-to-earnings ratio of 24.50, a PEG ratio of 2.20 and a beta of 1.01. Accenture Plc has a 1-year low of $142.70 and a 1-year high of $175.64.

Accenture (NYSE:ACN) last posted its earnings results on Thursday, September 27th. The information technology services provider reported $1.58 earnings per share for the quarter, beating the consensus estimate of $1.56 by $0.02. The company had revenue of $10.15 billion for the quarter, compared to analyst estimates of $10.01 billion. Accenture had a net margin of 9.76% and a return on equity of 41.92%. Accenture’s revenue was up 10.9% on a year-over-year basis. During the same period in the previous year, the business posted $1.48 EPS. Equities research analysts predict that Accenture Plc will post 7.21 earnings per share for the current fiscal year.

The company also recently announced a semiannual dividend, which will be paid on Thursday, November 15th. Shareholders of record on Thursday, October 18th will be issued a $1.46 dividend. This represents a yield of 1.68%. This is a positive change from Accenture’s previous semiannual dividend of $1.21. The ex-dividend date of this dividend is Wednesday, October 17th. Accenture’s payout ratio is presently 43.32%.

In other news, CEO Pierre Nanterme sold 30,117 shares of the company’s stock in a transaction that occurred on Monday, October 1st. The shares were sold at an average price of $173.45, for a total value of $5,223,793.65. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, CFO David Rowland sold 3,190 shares of the company’s stock in a transaction that occurred on Tuesday, October 23rd. The stock was sold at an average price of $156.67, for a total transaction of $499,777.30. Following the completion of the transaction, the chief financial officer now owns 36,861 shares in the company, valued at $5,775,012.87. The disclosure for this sale can be found here. Insiders sold a total of 78,717 shares of company stock worth $13,036,590 over the last quarter. 0.21% of the stock is currently owned by company insiders.

Several brokerages recently issued reports on ACN. UBS Group set a $180.00 price objective on shares of Accenture and gave the company a “hold” rating in a research note on Wednesday, September 26th. Wolfe Research began coverage on shares of Accenture in a research note on Tuesday, July 17th. They set an “underperform” rating for the company. SunTrust Banks upped their price objective on shares of Accenture to $178.00 and gave the company a “hold” rating in a research note on Monday, October 1st. Deutsche Bank upped their price objective on shares of Accenture from $170.00 to $180.00 and gave the company a “buy” rating in a research note on Thursday, September 20th. Finally, Berenberg Bank raised shares of Accenture to a “buy” rating and set a $190.00 price objective for the company in a research note on Thursday, September 27th. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating and fifteen have issued a buy rating to the stock. Accenture currently has a consensus rating of “Buy” and an average price target of $176.37.

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About Accenture

Accenture plc provides consulting, technology, and outsourcing services worldwide. Its Communications, Media & Technology segment provides professional services that help clients accelerate and deliver digital transformation, and enhance business results through industry-specific solutions for communications, media, and high tech industries, as well as for software platforms.

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Institutional Ownership by Quarter for Accenture (NYSE:ACN)

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