South State Corp Acquires Shares of 7,221 Accenture Plc (ACN)

South State Corp acquired a new stake in Accenture Plc (NYSE:ACN) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 7,221 shares of the information technology services provider’s stock, valued at approximately $1,182,000.

Other hedge funds have also added to or reduced their stakes in the company. HC Financial Advisors Inc. bought a new stake in Accenture in the 4th quarter valued at $1,957,000. HL Financial Services LLC raised its stake in Accenture by 199.7% in the 1st quarter. HL Financial Services LLC now owns 77,728 shares of the information technology services provider’s stock valued at $11,931,000 after acquiring an additional 155,692 shares during the period. Dupont Capital Management Corp raised its stake in Accenture by 69.1% in the 1st quarter. Dupont Capital Management Corp now owns 17,714 shares of the information technology services provider’s stock valued at $2,719,000 after acquiring an additional 7,239 shares during the period. Mogy Joel R Investment Counsel Inc. raised its stake in Accenture by 0.5% in the 1st quarter. Mogy Joel R Investment Counsel Inc. now owns 89,820 shares of the information technology services provider’s stock valued at $13,787,000 after acquiring an additional 490 shares during the period. Finally, Dean Capital Investments Management LLC raised its stake in Accenture by 32.7% in the 1st quarter. Dean Capital Investments Management LLC now owns 2,267 shares of the information technology services provider’s stock valued at $348,000 after acquiring an additional 559 shares during the period. Institutional investors own 70.50% of the company’s stock.

A number of equities research analysts recently weighed in on the company. Wolfe Research assumed coverage on Accenture in a research note on Tuesday, July 17th. They issued an “underperform” rating on the stock. Deutsche Bank increased their price target on Accenture from $165.00 to $170.00 and gave the company a “buy” rating in a research note on Friday, June 29th. BMO Capital Markets increased their price target on Accenture to $170.00 and gave the company a “market perform” rating in a research note on Friday, June 29th. Bank of America restated a “neutral” rating and issued a $79.00 price target on shares of Accenture in a research note on Friday, June 29th. Finally, Citigroup increased their price target on Accenture from $159.00 to $163.00 and gave the company a “neutral” rating in a research note on Friday, June 29th. Three analysts have rated the stock with a sell rating, eight have assigned a hold rating and sixteen have given a buy rating to the company. The company presently has a consensus rating of “Hold” and an average target price of $162.11.

In other news, insider Richard Lumb sold 2,000 shares of the stock in a transaction on Monday, August 13th. The stock was sold at an average price of $160.86, for a total transaction of $321,720.00. Following the sale, the insider now directly owns 117,807 shares of the company’s stock, valued at approximately $18,950,434.02. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, General Counsel Chad T. Jerdee sold 1,141 shares of the stock in a transaction on Monday, July 2nd. The stock was sold at an average price of $162.30, for a total value of $185,184.30. The disclosure for this sale can be found here. Over the last three months, insiders have sold 54,357 shares of company stock worth $8,865,112. 0.21% of the stock is currently owned by insiders.

NYSE ACN traded up $0.44 on Friday, reaching $169.07. The stock had a trading volume of 2,803,200 shares, compared to its average volume of 2,190,813. Accenture Plc has a 1-year low of $128.29 and a 1-year high of $169.92. The firm has a market cap of $113.12 billion, a price-to-earnings ratio of 28.61, a P/E/G ratio of 2.42 and a beta of 0.96.

Accenture (NYSE:ACN) last issued its quarterly earnings data on Thursday, June 28th. The information technology services provider reported $1.79 EPS for the quarter, beating analysts’ consensus estimates of $1.72 by $0.07. The firm had revenue of $10.32 billion for the quarter, compared to analyst estimates of $10.04 billion. Accenture had a return on equity of 42.01% and a net margin of 9.76%. The company’s revenue for the quarter was up 16.3% on a year-over-year basis. During the same period in the prior year, the firm posted $1.52 EPS. research analysts expect that Accenture Plc will post 6.71 EPS for the current year.

Accenture Company Profile

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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