Accenture Plc (ACN) Position Reduced by Cedar Capital LLC

Cedar Capital LLC lessened its stake in Accenture Plc (NYSE:ACN) by 8.3% in the 1st quarter, HoldingsChannel reports. The fund owned 13,082 shares of the information technology services provider’s stock after selling 1,191 shares during the quarter. Accenture comprises approximately 1.0% of Cedar Capital LLC’s investment portfolio, making the stock its 21st biggest position. Cedar Capital LLC’s holdings in Accenture were worth $2,303,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of ACN. Mitchell Capital Management Co. grew its holdings in shares of Accenture by 1.4% during the first quarter. Mitchell Capital Management Co. now owns 4,140 shares of the information technology services provider’s stock worth $729,000 after buying an additional 56 shares in the last quarter. TCI Wealth Advisors Inc. grew its holdings in shares of Accenture by 11.2% during the first quarter. TCI Wealth Advisors Inc. now owns 637 shares of the information technology services provider’s stock worth $112,000 after buying an additional 64 shares in the last quarter. Rehmann Capital Advisory Group grew its holdings in shares of Accenture by 1.2% during the fourth quarter. Rehmann Capital Advisory Group now owns 5,582 shares of the information technology services provider’s stock worth $787,000 after buying an additional 67 shares in the last quarter. Global Retirement Partners LLC grew its holdings in shares of Accenture by 15.6% during the fourth quarter. Global Retirement Partners LLC now owns 496 shares of the information technology services provider’s stock worth $70,000 after buying an additional 67 shares in the last quarter. Finally, Convergence Investment Partners LLC grew its holdings in shares of Accenture by 4.5% during the first quarter. Convergence Investment Partners LLC now owns 1,578 shares of the information technology services provider’s stock worth $278,000 after buying an additional 68 shares in the last quarter. 69.98% of the stock is owned by institutional investors.

In other Accenture news, insider Richard Lumb sold 18,000 shares of the company’s stock in a transaction dated Monday, April 29th. The shares were sold at an average price of $181.19, for a total value of $3,261,420.00. Following the transaction, the insider now owns 95,215 shares of the company’s stock, valued at $17,252,005.85. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO David Rowland sold 4,869 shares of the company’s stock in a transaction dated Tuesday, April 23rd. The shares were sold at an average price of $179.72, for a total transaction of $875,056.68. Following the completion of the transaction, the chief executive officer now directly owns 31,516 shares in the company, valued at approximately $5,664,055.52. The disclosure for this sale can be found here. Insiders sold 65,919 shares of company stock worth $11,695,852 in the last ninety days. 0.18% of the stock is currently owned by corporate insiders.

Shares of ACN stock opened at $178.54 on Tuesday. The stock has a market cap of $119.83 billion, a PE ratio of 26.49, a PEG ratio of 2.36 and a beta of 1.12. Accenture Plc has a twelve month low of $132.63 and a twelve month high of $183.35.

Accenture (NYSE:ACN) last posted its earnings results on Thursday, March 28th. The information technology services provider reported $1.73 EPS for the quarter, beating the Zacks’ consensus estimate of $1.57 by $0.16. Accenture had a net margin of 10.52% and a return on equity of 38.57%. The company had revenue of $10.45 billion for the quarter, compared to analysts’ expectations of $10.30 billion. During the same quarter in the prior year, the company posted $1.58 earnings per share. Accenture’s revenue for the quarter was up 5.5% compared to the same quarter last year. Analysts expect that Accenture Plc will post 7.31 earnings per share for the current year.

The business also recently announced a semiannual dividend, which was paid on Wednesday, May 15th. Shareholders of record on Thursday, April 11th were given a $1.46 dividend. The ex-dividend date was Wednesday, April 10th. This represents a yield of 1.66%. Accenture’s payout ratio is currently 43.32%.

A number of equities research analysts have recently issued reports on the stock. Zacks Investment Research lowered shares of Accenture from a “hold” rating to a “sell” rating in a report on Wednesday, March 20th. Credit Suisse Group set a $170.00 price target on shares of Accenture and gave the company a “hold” rating in a research report on Tuesday, April 9th. Morgan Stanley boosted their price target on shares of Accenture from $178.00 to $184.00 and gave the company an “overweight” rating in a research report on Friday, March 29th. Cantor Fitzgerald boosted their price target on shares of Accenture from $185.00 to $199.00 and gave the company an “overweight” rating in a research report on Friday, March 29th. Finally, Berenberg Bank reissued a “buy” rating and set a $190.00 price target on shares of Accenture in a research report on Monday, April 1st. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and thirteen have given a buy rating to the company. Accenture presently has a consensus rating of “Buy” and an average price target of $183.58.

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Accenture Company 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.

See Also: Green Investing

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Institutional Ownership by Quarter for Accenture (NYSE:ACN)

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