Welch & Forbes LLC Increases Position in Accenture Plc (NYSE:ACN)

Welch & Forbes LLC lifted its holdings in shares of Accenture Plc (NYSE:ACN) by 11.1% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 20,927 shares of the information technology services provider’s stock after acquiring an additional 2,084 shares during the quarter. Welch & Forbes LLC’s holdings in Accenture were worth $4,026,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Vanguard Group Inc. increased its position in shares of Accenture by 1.7% during the second quarter. Vanguard Group Inc. now owns 55,373,798 shares of the information technology services provider’s stock worth $10,231,417,000 after acquiring an additional 909,318 shares during the last quarter. Morgan Stanley increased its holdings in Accenture by 5.3% in the second quarter. Morgan Stanley now owns 10,736,302 shares of the information technology services provider’s stock valued at $1,983,748,000 after buying an additional 536,568 shares during the last quarter. Bank of New York Mellon Corp increased its holdings in Accenture by 1.9% in the second quarter. Bank of New York Mellon Corp now owns 9,411,450 shares of the information technology services provider’s stock valued at $1,738,951,000 after buying an additional 173,942 shares during the last quarter. WCM Investment Management LLC increased its holdings in Accenture by 2.1% in the second quarter. WCM Investment Management LLC now owns 6,303,065 shares of the information technology services provider’s stock valued at $1,164,618,000 after buying an additional 128,827 shares during the last quarter. Finally, Polen Capital Management LLC increased its holdings in Accenture by 3.4% in the second quarter. Polen Capital Management LLC now owns 5,841,892 shares of the information technology services provider’s stock valued at $1,079,406,000 after buying an additional 189,523 shares during the last quarter. 69.84% of the stock is currently owned by institutional investors and hedge funds.

Shares of ACN stock opened at $184.97 on Friday. The business has a 50 day moving average of $193.03 and a two-hundred day moving average of $186.14. Accenture Plc has a 52 week low of $132.63 and a 52 week high of $202.80. The company has a market cap of $124.29 billion, a P/E ratio of 25.13, a PEG ratio of 2.29 and a beta of 1.04.

Accenture (NYSE:ACN) last issued its earnings results on Thursday, September 26th. The information technology services provider reported $1.74 EPS for the quarter, beating the Zacks’ consensus estimate of $1.71 by $0.03. The company had revenue of $11.06 billion during the quarter, compared to the consensus estimate of $11.07 billion. Accenture had a return on equity of 34.30% and a net margin of 11.06%. Accenture’s quarterly revenue was up 5.3% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.58 earnings per share. As a group, analysts anticipate that Accenture Plc will post 7.78 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Thursday, October 17th will be given a dividend of $0.80 per share. The ex-dividend date is Wednesday, October 16th. This represents a $3.20 annualized dividend and a dividend yield of 1.73%. Accenture’s dividend payout ratio is presently 39.67%.

Several analysts recently weighed in on the company. Cantor Fitzgerald set a $215.00 price objective on Accenture and gave the company a “buy” rating in a report on Friday, September 27th. BMO Capital Markets set a $200.00 price objective on Accenture and gave the company a “hold” rating in a report on Friday, September 27th. They noted that the move was a valuation call. Barclays assumed coverage on Accenture in a report on Friday, September 20th. They issued an “overweight” rating and a $228.00 price objective for the company. Cowen reissued an “outperform” rating and issued a $205.00 price objective (up from $195.00) on shares of Accenture in a report on Monday, September 30th. Finally, Bank of America boosted their price objective on Accenture from $182.00 to $186.00 and gave the company a “neutral” rating in a report on Thursday, June 20th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and fourteen have assigned a buy rating to the stock. The company has a consensus rating of “Buy” and a consensus target price of $203.25.

In other news, CEO David Rowland sold 2,255 shares of the business’s stock in a transaction that occurred on Tuesday, July 16th. The stock was sold at an average price of $194.03, for a total transaction of $437,537.65. Following the completion of the transaction, the chief executive officer now directly owns 25,078 shares in the company, valued at $4,865,884.34. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Daniel T. London sold 2,283 shares of the business’s stock in a transaction that occurred on Tuesday, August 6th. The stock was sold at an average price of $188.03, for a total value of $429,272.49. Following the transaction, the insider now owns 27,294 shares of the company’s stock, valued at $5,132,090.82. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 17,513 shares of company stock valued at $3,375,582. Insiders own 0.18% of the company’s stock.

Accenture Profile

Accenture plc provides consulting, technology, and outsourcing services in Ireland and internationally. Its Communications, Media & Technology segment provides professional services that help clients accelerate and deliver digital transformation, develop industry-specific solutions, and enhance efficiencies and business results for communications, media, high tech, software, and platform companies.

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Institutional Ownership by Quarter for Accenture (NYSE:ACN)

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