Gabelli Funds LLC Boosts Position in Accenture Plc (ACN)

Gabelli Funds LLC lifted its position in shares of Accenture Plc (NYSE:ACN) by 25.1% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 77,800 shares of the information technology services provider’s stock after acquiring 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.

Other hedge funds have also recently bought and sold shares of the company. Commonwealth Bank of Australia raised its position in shares of Accenture by 4.7% during the 2nd quarter. Commonwealth Bank of Australia now owns 52,871 shares of the information technology services provider’s stock valued at $8,644,000 after acquiring an additional 2,364 shares in the last quarter. Zurich Insurance Group Ltd FI raised its position in shares of Accenture by 17.0% during the 2nd quarter. Zurich Insurance Group Ltd FI now owns 134,458 shares of the information technology services provider’s stock valued at $21,996,000 after acquiring an additional 19,496 shares in the last quarter. Janus Henderson Group PLC raised its position in shares of Accenture by 13.6% during the 2nd quarter. Janus Henderson Group PLC now owns 3,887,804 shares of the information technology services provider’s stock valued at $636,010,000 after acquiring an additional 466,745 shares in the last quarter. HM Payson & Co. raised its position in shares of Accenture by 2.5% during the 2nd quarter. HM Payson & Co. now owns 235,334 shares of the information technology services provider’s stock valued at $38,498,000 after acquiring an additional 5,679 shares in the last quarter. Finally, Hexavest Inc. acquired a new stake in shares of Accenture during the 3rd quarter valued at approximately $60,851,000. 70.27% of the stock is currently owned by institutional investors and hedge funds.

In other news, insider Ellyn Shook sold 2,344 shares of the stock in a transaction on Wednesday, November 7th. The stock was sold at an average price of $160.00, for a total value of $375,040.00. Following the completion of the transaction, the insider now owns 31,951 shares of the company’s stock, valued at $5,112,160. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Arun Sarin sold 1,170 shares of the stock in a transaction on Friday, October 5th. The stock was sold at an average price of $171.40, for a total value of $200,538.00. Following the completion of the transaction, the director now directly owns 4,582 shares of the company’s stock, valued at approximately $785,354.80. The disclosure for this sale can be found here. In 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.

Several research firms recently issued reports on ACN. Deutsche Bank upped their price target on Accenture from $170.00 to $180.00 and gave the company a “buy” rating in a research report on Thursday, September 20th. SunTrust Banks upped their price target on Accenture to $178.00 and gave the company a “hold” rating in a research report on Monday, October 1st. Zacks Investment Research raised Accenture from a “sell” rating to a “hold” rating in a research report on Tuesday, September 25th. Moffett Nathanson initiated coverage on Accenture in a research report on Thursday, October 4th. They set a “buy” rating and a $200.00 price target on the stock. Finally, UBS Group set a $180.00 price objective on Accenture and gave the stock a “hold” rating in a research note on Wednesday, September 26th. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating and fifteen have issued a buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average price target of $176.37.

Shares of ACN opened at $165.15 on Friday. The firm has a market cap of $108.85 billion, a P/E ratio of 24.50, a P/E/G ratio of 2.20 and a beta of 1.01. Accenture Plc has a 12 month low of $142.70 and a 12 month high of $175.64.

Accenture (NYSE:ACN) last issued its quarterly earnings data on Thursday, September 27th. The information technology services provider reported $1.58 EPS for the quarter, topping the Zacks’ consensus estimate of $1.56 by $0.02. Accenture had a return on equity of 41.92% and a net margin of 9.76%. The firm had revenue of $10.15 billion during the quarter, compared to the consensus estimate of $10.01 billion. During the same period in the prior year, the business earned $1.48 EPS. The firm’s revenue was up 10.9% on a year-over-year basis. On average, analysts anticipate that Accenture Plc will post 7.21 earnings per share for the current year.

The firm also recently declared a semiannual dividend, which will be paid on Thursday, November 15th. Stockholders of record on Thursday, October 18th will be paid a $1.46 dividend. This is a boost from Accenture’s previous semiannual dividend of $1.21. The ex-dividend date is Wednesday, October 17th. This represents a dividend yield of 1.68%. Accenture’s dividend payout ratio is presently 43.32%.

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Accenture 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.

Further Reading: What are the Different Types of Leveraged Buyouts?

Institutional Ownership by Quarter for Accenture (NYSE:ACN)

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