JPMorgan Chase & Co. Grows Stake in Accenture plc (NYSE:ACN)

JPMorgan Chase & Co. lifted its holdings in shares of Accenture plc (NYSE:ACN) by 6.9% in the first quarter, Holdings Channel.com reports. The fund owned 5,860,760 shares of the information technology services provider’s stock after purchasing an additional 376,605 shares during the period. JPMorgan Chase & Co.’s holdings in Accenture were worth $1,619,036,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. Better Money Decisions LLC purchased a new stake in shares of Accenture in the 1st quarter worth about $29,000. Cowa LLC purchased a new stake in Accenture in the fourth quarter worth about $31,000. Wealthcare Capital Management LLC bought a new stake in Accenture during the 1st quarter valued at approximately $33,000. Freedman Financial Associates Inc. purchased a new position in shares of Accenture during the 4th quarter worth approximately $38,000. Finally, Summit Wealth Group LLC purchased a new position in shares of Accenture in the 1st quarter valued at approximately $43,000. 73.01% of the stock is owned by institutional investors.

ACN stock traded up $0.30 on Friday, hitting $284.52. The company had a trading volume of 19,111 shares, compared to its average volume of 2,000,465. Accenture plc has a 12-month low of $194.83 and a 12-month high of $294.50. The company has a market capitalization of $181.00 billion, a PE ratio of 33.68, a price-to-earnings-growth ratio of 3.33 and a beta of 1.10. The company has a 50-day moving average of $285.74.

Accenture (NYSE:ACN) last released its quarterly earnings results on Wednesday, March 17th. The information technology services provider reported $2.03 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.90 by $0.13. The firm had revenue of $12.09 billion for the quarter, compared to the consensus estimate of $11.83 billion. Accenture had a return on equity of 28.53% and a net margin of 11.95%. The company’s revenue for the quarter was up 8.5% on a year-over-year basis. During the same period last year, the business posted $1.91 EPS. Sell-side analysts forecast that Accenture plc will post 8.48 EPS for the current year.

The company also recently declared a quarterly dividend, which was paid on Friday, May 14th. Shareholders of record on Thursday, April 15th were paid a dividend of $0.88 per share. The ex-dividend date of this dividend was Wednesday, April 14th. This represents a $3.52 dividend on an annualized basis and a dividend yield of 1.24%. Accenture’s dividend payout ratio is currently 47.18%.

A number of equities analysts have issued reports on ACN shares. Deutsche Bank Aktiengesellschaft increased their price objective on Accenture from $278.00 to $310.00 and gave the stock a “buy” rating in a report on Tuesday, April 6th. Bank of America raised shares of Accenture from a “neutral” rating to a “buy” rating and set a $300.00 price target for the company in a research report on Thursday, March 18th. Barclays raised their target price on shares of Accenture from $300.00 to $310.00 and gave the company an “overweight” rating in a research note on Monday, March 22nd. Royal Bank of Canada boosted their price target on Accenture from $278.00 to $301.00 in a research report on Friday, March 19th. Finally, BMO Capital Markets raised their price objective on Accenture from $292.00 to $302.00 and gave the company a “market perform” rating in a research report on Friday, March 19th. They noted that the move was a valuation call. Five analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. The company presently has an average rating of “Buy” and an average target price of $276.05.

In other news, insider Jean-Marc Ollagnier sold 581 shares of the business’s stock in a transaction on Monday, March 22nd. The shares were sold at an average price of $264.76, for a total transaction of $153,825.56. Following the completion of the sale, the insider now owns 178,568 shares of the company’s stock, valued at approximately $47,277,663.68. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO Kathleen R. Mcclure sold 4,500 shares of the company’s stock in a transaction on Friday, April 16th. The stock was sold at an average price of $286.37, for a total value of $1,288,665.00. Following the completion of the sale, the chief financial officer now owns 20,139 shares of the company’s stock, valued at $5,767,205.43. The disclosure for this sale can be found here. Insiders have sold a total of 30,629 shares of company stock valued at $8,721,835 in the last ninety days. Insiders own 0.07% of the company’s stock.

About Accenture

Accenture plc, a professional services company, provides strategy and consulting, interactive, and technology and operations services worldwide. The company also provides outsourcing services. It serves communications, media, high tech, software, and platform companies; banking, capital market, and insurance industries; and consumer goods, retail, travel services, industrial, and life science industries, as well as clients in health, public service, chemicals and natural resources, energy, and utilities sectors.

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Institutional Ownership by Quarter for Accenture (NYSE:ACN)

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