Gabelli Funds LLC Increases Position in Accenture Plc (ACN)
Gabelli Funds LLC boosted its position in shares of Accenture Plc (NYSE:ACN) by 25.1% in the 3rd quarter, HoldingsChannel reports. The institutional investor owned 77,800 shares of the information technology services provider’s stock after buying an additional 15,600 shares during the period. Gabelli Funds LLC’s holdings in Accenture were worth $13,242,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently made changes to their positions in the stock. WP Advisors LLC purchased a new stake in shares of Accenture during the second quarter valued at $106,000. MUFG Securities EMEA plc purchased a new stake in shares of Accenture during the second quarter valued at $118,000. Fort L.P. purchased a new stake in shares of Accenture during the second quarter valued at $124,000. Valeo Financial Advisors LLC lifted its holdings in shares of Accenture by 48.3% during the second quarter. Valeo Financial Advisors LLC now owns 1,010 shares of the information technology services provider’s stock valued at $162,000 after purchasing an additional 329 shares during the last quarter. Finally, Charter Trust Co. purchased a new stake in shares of Accenture during the second quarter valued at $204,000. 70.27% of the stock is owned by institutional investors and hedge funds.
In other news, Director Arun Sarin sold 1,170 shares of the firm’s stock in a transaction dated Friday, October 5th. The stock was sold at an average price of $171.40, for a total transaction of $200,538.00. Following the completion of the sale, the director now directly owns 4,582 shares of the company’s stock, valued at approximately $785,354.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Richard Lumb sold 2,000 shares of the firm’s stock in a transaction dated Monday, August 13th. The stock was sold at an average price of $160.86, for a total value of $321,720.00. Following the sale, the insider now directly owns 117,807 shares of the company’s stock, valued at $18,950,434.02. The disclosure for this sale can be found here. Over the last three months, insiders sold 78,717 shares of company stock valued at $13,036,590. Company insiders own 0.21% of the company’s stock.
Accenture (NYSE:ACN) last announced its quarterly earnings data on Thursday, September 27th. The information technology services provider reported $1.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.56 by $0.02. The firm had revenue of $10.15 billion during the quarter, compared to the consensus estimate of $10.01 billion. Accenture had a return on equity of 41.92% and a net margin of 9.76%. The business’s revenue for the quarter was up 10.9% on a year-over-year basis. During the same period in the prior year, the business earned $1.48 EPS. As a group, analysts predict that Accenture Plc will post 7.21 earnings per share for the current year.
The firm also recently disclosed a semiannual dividend, which will be paid on Thursday, November 15th. Investors of record on Thursday, October 18th will be paid a $1.46 dividend. This is an increase from Accenture’s previous semiannual dividend of $1.21. This represents a yield of 1.68%. The ex-dividend date of this dividend is Wednesday, October 17th. Accenture’s dividend payout ratio is currently 43.32%.
ACN has been the subject of several analyst reports. Berenberg Bank raised Accenture to a “buy” rating and set a $190.00 target price for the company in a report on Thursday, September 27th. Deutsche Bank upped their target price on Accenture from $170.00 to $180.00 and gave the company a “buy” rating in a report on Thursday, September 20th. Argus reaffirmed a “buy” rating on shares of Accenture in a report on Monday, October 1st. Moffett Nathanson initiated coverage on Accenture in a report on Thursday, October 4th. They set a “buy” rating and a $200.00 target price for the company. Finally, Zacks Investment Research raised Accenture from a “sell” rating to a “hold” rating in a report on Monday, September 17th. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating and fifteen have issued a buy rating to the company. The stock presently has a consensus rating of “Buy” and an average target price of $176.37.
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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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