Riverpoint Wealth Management Holdings LLC Trims Stake in Accenture plc (NYSE:ACN)

Riverpoint Wealth Management Holdings LLC lessened its stake in shares of Accenture plc (NYSE:ACN) by 10.1% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 22,982 shares of the information technology services provider’s stock after selling 2,569 shares during the quarter. Accenture makes up about 1.9% of Riverpoint Wealth Management Holdings LLC’s portfolio, making the stock its 14th biggest position. Riverpoint Wealth Management Holdings LLC’s holdings in Accenture were worth $6,775,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. BlackRock Inc. boosted its position in Accenture by 4.5% during the 1st quarter. BlackRock Inc. now owns 48,229,508 shares of the information technology services provider’s stock valued at $13,323,402,000 after acquiring an additional 2,060,453 shares in the last quarter. Morgan Stanley boosted its position in Accenture by 0.9% during the 1st quarter. Morgan Stanley now owns 10,887,507 shares of the information technology services provider’s stock valued at $3,007,673,000 after acquiring an additional 98,816 shares in the last quarter. Geode Capital Management LLC boosted its position in Accenture by 2.4% during the 1st quarter. Geode Capital Management LLC now owns 9,857,830 shares of the information technology services provider’s stock valued at $2,715,758,000 after acquiring an additional 230,261 shares in the last quarter. Polen Capital Management LLC boosted its position in shares of Accenture by 1.9% in the 1st quarter. Polen Capital Management LLC now owns 7,934,854 shares of the information technology services provider’s stock worth $2,192,004,000 after purchasing an additional 150,538 shares in the last quarter. Finally, WCM Investment Management LLC boosted its position in shares of Accenture by 2.4% in the 1st quarter. WCM Investment Management LLC now owns 7,919,749 shares of the information technology services provider’s stock worth $2,187,831,000 after purchasing an additional 185,998 shares in the last quarter. 73.20% of the stock is currently owned by institutional investors and hedge funds.

In related news, General Counsel Joel Unruch sold 3,394 shares of the company’s stock in a transaction that occurred on Monday, June 28th. The stock was sold at an average price of $293.44, for a total value of $995,935.36. Following the transaction, the general counsel now directly owns 24,349 shares in the company, valued at $7,144,970.56. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Jean-Marc Ollagnier sold 581 shares of the company’s stock in a transaction that occurred on Monday, June 28th. The shares were sold at an average price of $293.46, for a total value of $170,500.26. Following the completion of the transaction, the insider now owns 172,422 shares in the company, valued at $50,598,960.12. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 19,993 shares of company stock worth $6,194,020. Insiders own 0.07% of the company’s stock.

Shares of Accenture stock traded down $3.74 on Thursday, hitting $340.69. The company’s stock had a trading volume of 25,512 shares, compared to its average volume of 1,910,071. Accenture plc has a 1 year low of $210.42 and a 1 year high of $345.52. The firm has a fifty day moving average price of $325.64 and a 200-day moving average price of $297.03. The company has a market capitalization of $216.22 billion, a price-to-earnings ratio of 38.53, a price-to-earnings-growth ratio of 3.48 and a beta of 1.11.

Accenture (NYSE:ACN) last posted its quarterly earnings data on Wednesday, June 23rd. The information technology services provider reported $2.40 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $2.24 by $0.16. Accenture had a return on equity of 28.94% and a net margin of 12.06%. The company had revenue of $13.26 billion for the quarter, compared to analysts’ expectations of $12.81 billion. During the same period in the previous year, the firm posted $1.90 EPS. Accenture’s revenue was up 20.7% compared to the same quarter last year. As a group, equities analysts forecast that Accenture plc will post 8.79 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 13th. Investors of record on Thursday, July 15th were issued a $0.88 dividend. This represents a $3.52 annualized dividend and a yield of 1.03%. The ex-dividend date was Wednesday, July 14th. Accenture’s payout ratio is 47.18%.

A number of research firms have recently weighed in on ACN. Bank of America raised their price objective on Accenture from $324.00 to $379.00 and gave the stock a “buy” rating in a research report on Friday, September 10th. Royal Bank of Canada raised their price objective on Accenture from $301.00 to $322.00 and gave the stock an “outperform” rating in a research report on Friday, June 25th. Jefferies Financial Group began coverage on Accenture in a research report on Monday, June 21st. They issued a “hold” rating and a $309.00 price objective for the company. Redburn Partners upgraded Accenture from a “neutral” rating to a “buy” rating and set a $318.65 target price for the company in a research note on Monday, July 26th. Finally, Morgan Stanley raised their target price on Accenture from $330.00 to $380.00 and gave the stock an “overweight” rating in a research note on Friday, September 10th. Six analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus target price of $326.53.

Accenture Company Profile

Accenture Plc engages in the provision of management consulting, technology, and outsourcing services. It operates through the following segments: Communications, Media, and Technology; Financial Services; Health and Public Service; Products; Resources; and Other. The Communications, Media, and Technology segment serves communications, media, high-tech, and software and platform companies through acceleration and delivery of digital transformation, development of comprehensive and industry-specific solutions, and enhance efficiency and business results.

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Institutional Ownership by Quarter for Accenture (NYSE:ACN)

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