Accenture (NYSE:ACN) Shares Up 4.6% – Here’s What Happened
by Sarita Garza · The Markets DailyAccenture PLC (NYSE:ACN – Get Free Report) shares rose 4.6% during mid-day trading on Thursday. The stock traded as high as $204.97 and last traded at $205.69. 682,349 shares traded hands during mid-day trading, a decline of 90% from the average session volume of 6,956,036 shares. The stock had previously closed at $196.64.
Analyst Ratings Changes
A number of equities research analysts have recently weighed in on ACN shares. Berenberg Bank lowered their price objective on shares of Accenture from $273.00 to $220.00 and set a “buy” rating for the company in a report on Wednesday, June 17th. Citigroup lifted their target price on shares of Accenture from $135.00 to $190.00 and gave the stock a “neutral” rating in a research report on Monday, August 24th. DA Davidson cut their price target on shares of Accenture from $275.00 to $175.00 and set a “buy” rating for the company in a research report on Tuesday, June 23rd. Wells Fargo & Company reaffirmed a “reduce” rating on shares of Accenture in a research note on Friday, October 2nd. Finally, Truist Financial boosted their target price on Accenture from $150.00 to $220.00 and gave the company a “hold” rating in a research note on Friday, October 2nd. Eleven analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $219.15.
View Our Latest Analysis on Accenture
Accenture Stock Performance
The business’s fifty day simple moving average is $182.78 and its 200-day simple moving average is $173.38. The firm has a market cap of $132.18 billion, a P/E ratio of 14.57, a price-to-earnings-growth ratio of 1.59 and a beta of 1.11. The company has a current ratio of 1.43, a quick ratio of 1.34 and a debt-to-equity ratio of 0.31.
Accenture (NYSE:ACN – Get Free Report) last posted its earnings results on Thursday, October 1st. The information technology services provider reported $3.29 earnings per share for the quarter, topping analysts’ consensus estimates of $3.18 by $0.11. Accenture had a net margin of 11.28% and a return on equity of 26.53%. The company had revenue of $18.68 billion during the quarter, compared to analyst estimates of $18.03 billion. During the same period in the prior year, the business posted $3.03 earnings per share. Accenture’s revenue for the quarter was up 6.2% on a year-over-year basis. Accenture has set its FY 2027 guidance at 14.390-14.810 EPS. As a group, sell-side analysts expect that Accenture PLC will post 14.68 earnings per share for the current year.
Accenture Increases Dividend
The firm also recently announced a quarterly dividend, which will be paid on Friday, November 13th. Stockholders of record on Tuesday, October 13th will be paid a dividend of $1.71 per share. This represents a $6.84 annualized dividend and a dividend yield of 3.5%. This is a boost from Accenture’s previous quarterly dividend of $1.63. The ex-dividend date of this dividend is Tuesday, October 13th. Accenture’s payout ratio is presently 48.08%.
Accenture declared that its Board of Directors has approved a share repurchase plan on Tuesday, June 23rd that allows the company to buyback $2.00 billion in shares. This buyback authorization allows the information technology services provider to buy up to 2.4% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s leadership believes its shares are undervalued.
Insiders Place Their Bets
In related news, General Counsel Joel Unruch sold 10,498 shares of Accenture 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 sale, the general counsel owned 17,735 shares in the company, valued at $2,890,450.30. The trade was a 37.18% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.02% of the stock is currently owned by company insiders.
Hedge Funds Weigh In On Accenture
Several hedge funds and other institutional investors have recently modified their holdings of ACN. Cooper Financial Group bought a new stake in Accenture during the 3rd quarter valued at approximately $333,000. Wealth Enhancement Trust Services Inc. raised its position in shares of Accenture by 352.1% in the 3rd quarter. Wealth Enhancement Trust Services Inc. now owns 7,627 shares of the information technology services provider’s stock worth $1,399,000 after acquiring an additional 5,940 shares in the last quarter. Bank & Trust Co lifted its stake in shares of Accenture by 13.8% in the 3rd quarter. Bank & Trust Co now owns 1,357 shares of the information technology services provider’s stock valued at $249,000 after purchasing an additional 165 shares during the period. PFW Advisors LLC boosted its position in shares of Accenture by 13.1% during the third quarter. PFW Advisors LLC now owns 11,435 shares of the information technology services provider’s stock valued at $2,097,000 after purchasing an additional 1,328 shares in the last quarter. Finally, Worth Asset Management LLC bought a new position in Accenture in the third quarter worth $280,000. Hedge funds and other institutional investors own 75.14% of the company’s stock.
Accenture Company Profile
Accenture plc (NYSE: ACN) is a global professional services company that helps organizations improve performance, modernize operations and respond to technological and market changes. Its services span strategy and consulting, technology, operations, and managed services, with expertise across industries including communications, financial services, health care, public service, retail, manufacturing and resources.
The company provides digital transformation, cloud migration, data and artificial intelligence, cybersecurity, systems integration and technology implementation services.