Accenture PLC (ACN) Position Reduced by Cue Financial Group Inc.
Cue Financial Group Inc. cut its stake in shares of Accenture PLC (NYSE:ACN) by 7.7% during the second quarter, Holdings Channel reports. The firm owned 14,427 shares of the information technology services provider’s stock after selling 1,210 shares during the period. Accenture PLC accounts for about 1.3% of Cue Financial Group Inc.’s investment portfolio, making the stock its 18th largest position. Cue Financial Group Inc.’s holdings in Accenture PLC were worth $1,784,000 as of its most recent SEC filing.
A number of other hedge funds have also bought and sold shares of ACN. Vanguard Group Inc. boosted its stake in Accenture PLC by 6.2% in the first quarter. Vanguard Group Inc. now owns 47,379,397 shares of the information technology services provider’s stock valued at $5,679,843,000 after buying an additional 2,749,896 shares during the period. BlackRock Inc. boosted its stake in Accenture PLC by 2,139.5% in the first quarter. BlackRock Inc. now owns 39,462,967 shares of the information technology services provider’s stock valued at $4,730,821,000 after buying an additional 37,700,871 shares during the period. State Street Corp boosted its stake in Accenture PLC by 2.7% in the first quarter. State Street Corp now owns 25,356,641 shares of the information technology services provider’s stock valued at $3,039,762,000 after buying an additional 665,860 shares during the period. Wellington Management Group LLP boosted its stake in Accenture PLC by 8.8% in the first quarter. Wellington Management Group LLP now owns 21,583,126 shares of the information technology services provider’s stock valued at $2,587,385,000 after buying an additional 1,738,262 shares during the period. Finally, Bank of New York Mellon Corp boosted its stake in Accenture PLC by 4.7% in the first quarter. Bank of New York Mellon Corp now owns 13,907,609 shares of the information technology services provider’s stock valued at $1,667,243,000 after buying an additional 625,381 shares during the period. Institutional investors own 77.48% of the company’s stock.
Accenture PLC (ACN) traded up 0.02% during trading on Friday, reaching $128.27. The company had a trading volume of 561,742 shares. The company has a market capitalization of $79.27 billion, a P/E ratio of 22.71 and a beta of 1.11. The stock has a 50 day moving average of $126.48 and a 200-day moving average of $122.42. Accenture PLC has a 12 month low of $108.83 and a 12 month high of $130.67.
Accenture PLC (NYSE:ACN) last issued its quarterly earnings data on Thursday, June 22nd. The information technology services provider reported $1.52 EPS for the quarter, meeting the Zacks’ consensus estimate of $1.52. The business had revenue of $8.87 billion for the quarter, compared to analyst estimates of $8.82 billion. Accenture PLC had a return on equity of 43.96% and a net margin of 9.92%. The firm’s revenue for the quarter was up 5.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.41 EPS. Equities research analysts expect that Accenture PLC will post $5.90 EPS for the current fiscal year.
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ACN has been the subject of several recent analyst reports. BidaskClub cut Accenture PLC from a “strong-buy” rating to a “buy” rating in a report on Friday, July 28th. Morgan Stanley set a $132.00 price target on Accenture PLC and gave the company a “hold” rating in a report on Friday, June 16th. Robert W. Baird restated a “neutral” rating and issued a $138.00 price target (up previously from $132.00) on shares of Accenture PLC in a report on Wednesday, June 14th. Cowen and Company lifted their price target on Accenture PLC from $131.00 to $135.00 and gave the company an “outperform” rating in a report on Wednesday, June 28th. Finally, Cantor Fitzgerald restated a “buy” rating and issued a $135.00 price target on shares of Accenture PLC in a report on Monday, May 29th. Two analysts have rated the stock with a sell rating, nine have issued a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. Accenture PLC has an average rating of “Buy” and a consensus target price of $130.71.
In other news, insider Richard Lumb sold 2,200 shares of the stock in a transaction dated Thursday, August 10th. The stock was sold at an average price of $129.26, for a total transaction of $284,372.00. Following the transaction, the insider now owns 119,013 shares of the company’s stock, valued at approximately $15,383,620.38. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Pierre Nanterme sold 40,134 shares of the stock in a transaction dated Monday, June 26th. The shares were sold at an average price of $123.02, for a total value of $4,937,284.68. Following the transaction, the chief executive officer now directly owns 222,362 shares in the company, valued at approximately $27,354,973.24. The disclosure for this sale can be found here. In the last three months, insiders have sold 79,817 shares of company stock worth $9,920,929. 0.21% of the stock is currently owned by insiders.
Accenture PLC Company Profile
Accenture plc is a professional services company serving clients in various industries and in geographic regions, including North America, Europe and Growth Markets. The Company provides management and technology consulting services. Its segments include Communications, Media and Technology; Financial Services; Health and Public Service; Products, and Resources.
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