Davis Asset Management L.P. Invests $92.09 Million in Accenture PLC $ACN

Davis Asset Management L.P. acquired a new position in shares of Accenture PLC (NYSE:ACN) in the 2nd quarter, HoldingsChannel.com reports. The firm acquired 740,000 shares of the information technology services provider’s stock, valued at approximately $92,086,000. Accenture comprises approximately 2.3% of Davis Asset Management L.P.’s portfolio, making the stock its 17th largest holding.

Several other institutional investors also recently bought and sold shares of the company. Triumph Capital Management purchased a new position in Accenture in the third quarter worth $26,000. Laurel Wealth Advisors LLC purchased a new stake in shares of Accenture during the 4th quarter valued at $27,000. Dogwood Wealth Management LLC boosted its position in shares of Accenture by 147.1% in the 2nd quarter. Dogwood Wealth Management LLC now owns 215 shares of the information technology services provider’s stock worth $27,000 after purchasing an additional 128 shares in the last quarter. McMillan Office Inc. purchased a new position in Accenture during the 4th quarter worth $27,000. Finally, University of Texas Texas AM Investment Management Co. acquired a new position in Accenture during the 4th quarter valued at about $27,000. 75.14% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the company. Morgan Stanley lowered their price target on Accenture from $177.00 to $130.00 and set an “equal weight” rating for the company in a report on Monday, June 22nd. TD Cowen downgraded shares of Accenture from a “buy” rating to a “hold” rating and cut their price objective for the company from $258.00 to $150.00 in a report on Monday, June 22nd. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and issued a $136.00 price objective on shares of Accenture in a research report on Friday, July 10th. Royal Bank Of Canada dropped their target price on shares of Accenture from $253.00 to $175.00 and set an “outperform” rating on the stock in a research report on Monday, June 22nd. Finally, Guggenheim cut their price target on shares of Accenture from $225.00 to $185.00 and set a “buy” rating on the stock in a research note on Monday, June 22nd. Twelve analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, Accenture has a consensus rating of “Hold” and a consensus target price of $192.96.

Insider Buying and Selling at Accenture

In related news, General Counsel Joel Unruch sold 10,498 shares of the firm’s stock in a transaction on Thursday, July 30th. The shares were sold at an average price of $162.98, for a total transaction of $1,710,964.04. Following the completion of the transaction, the general counsel owned 17,735 shares of the company’s stock, valued at $2,890,450.30. This trade represents a 37.18% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.02% of the stock is owned by insiders.

Accenture Trading Up 2.0%

Shares of NYSE:ACN opened at $185.04 on Friday. The company has a quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 0.15. Accenture PLC has a 52-week low of $118.15 and a 52-week high of $291.09. The stock has a market cap of $123.57 billion, a price-to-earnings ratio of 14.78, a PEG ratio of 1.92 and a beta of 1.09. The business has a 50-day moving average price of $151.90 and a 200-day moving average price of $180.36.

Accenture (NYSE:ACN) last issued its earnings results on Friday, June 19th. The information technology services provider reported $3.80 EPS for the quarter, beating analysts’ consensus estimates of $3.70 by $0.10. Accenture had a return on equity of 26.47% and a net margin of 10.66%.The firm had revenue of $18.72 billion for the quarter, compared to analyst estimates of $18.78 billion. During the same quarter in the prior year, the firm earned $3.49 earnings per share. Accenture’s revenue for the quarter was up 5.6% on a year-over-year basis. Equities analysts predict that Accenture PLC will post 13.85 EPS for the current year.

Accenture Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 14th. Stockholders of record on Thursday, July 9th were issued a $1.63 dividend. This represents a $6.52 annualized dividend and a dividend yield of 3.5%. The ex-dividend date of this dividend was Thursday, July 9th. Accenture’s dividend payout ratio is 52.08%.

Accenture declared that its board has authorized a share buyback plan on Tuesday, June 23rd that authorizes the company to buyback $2.00 billion in shares. This buyback authorization authorizes the information technology services provider to buy up to 2.4% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board believes its stock is undervalued.

About Accenture

Accenture is a global professional services company that provides a broad range of services and solutions in strategy, consulting, digital, technology and operations. The firm works with organizations across industries to design and implement business transformation programs, deploy and manage enterprise technology, optimize operations, and develop customer and digital experiences. Its offerings encompass management and technology consulting, systems integration, application and infrastructure services, cloud migration and managed services, as well as security and analytics capabilities.

The company delivers industry- and function-specific solutions, combining consulting expertise with proprietary tools, platforms and partnerships with major technology vendors.