Granite Investment Advisors LLC Purchases 369 Shares of Accenture plc (NYSE:ACN)

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Granite Investment Advisors LLC raised its stake in Accenture plc (NYSE:ACN) by 1.7% during the 3rd quarter, HoldingsChannel reports. The institutional investor owned 22,503 shares of the information technology services provider’s stock after buying an additional 369 shares during the period. Granite Investment Advisors LLC’s holdings in Accenture were worth $5,086,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. City Holding Co. lifted its stake in Accenture by 20.7% in the third quarter. City Holding Co. now owns 12,059 shares of the information technology services provider’s stock valued at $2,725,000 after buying an additional 2,070 shares during the period. Integrated Wealth Concepts LLC lifted its stake in Accenture by 61.9% in the first quarter. Integrated Wealth Concepts LLC now owns 4,635 shares of the information technology services provider’s stock valued at $757,000 after buying an additional 1,772 shares during the period. Engineers Gate Manager LP acquired a new position in Accenture in the first quarter valued at about $477,000. Advisor Group Holdings Inc. acquired a new position in Accenture in the first quarter valued at about $22,597,000. Finally, Tower Research Capital LLC TRC acquired a new position in Accenture in the first quarter valued at about $1,683,000. 73.44% of the stock is currently owned by hedge funds and other institutional investors.

ACN stock traded up $1.28 during mid-day trading on Friday, reaching $230.05. The company had a trading volume of 1,796,451 shares, compared to its average volume of 2,427,175. The stock has a 50 day simple moving average of $231.55 and a two-hundred day simple moving average of $209.31. The company has a market capitalization of $146.49 billion, a price-to-earnings ratio of 29.16, a PEG ratio of 2.87 and a beta of 1.06. Accenture plc has a 52 week low of $137.15 and a 52 week high of $247.82.

Accenture (NYSE:ACN) last posted its quarterly earnings results on Thursday, September 24th. The information technology services provider reported $1.70 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.73 by ($0.03). The company had revenue of $10.84 billion during the quarter, compared to the consensus estimate of $10.93 billion. Accenture had a net margin of 11.52% and a return on equity of 30.17%. The firm’s revenue for the quarter was down 2.0% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.74 earnings per share. As a group, equities analysts expect that Accenture plc will post 8.03 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Friday, November 13th. Shareholders of record on Tuesday, October 13th will be paid a $0.88 dividend. This represents a $3.52 dividend on an annualized basis and a yield of 1.53%. This is an increase from Accenture’s previous quarterly dividend of $0.80. The ex-dividend date is Friday, October 9th. Accenture’s dividend payout ratio (DPR) is currently 47.18%.

In other news, Director Venkata S. M. Renduchintala sold 1,283 shares of Accenture stock in a transaction that occurred on Tuesday, September 29th. The stock was sold at an average price of $223.01, for a total transaction of $286,121.83. Following the completion of the transaction, the director now directly owns 3,358 shares in the company, valued at approximately $748,867.58. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Jean-Marc Ollagnier sold 3,773 shares of Accenture stock in a transaction that occurred on Monday, July 20th. The stock was sold at an average price of $222.44, for a total value of $839,266.12. Following the transaction, the insider now owns 174,816 shares of the company’s stock, valued at $38,886,071.04. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 14,954 shares of company stock valued at $3,327,555. Corporate insiders own 0.10% of the company’s stock.

ACN has been the topic of several analyst reports. Bank of America cut their target price on Accenture from $216.00 to $209.00 and set an “underperform” rating on the stock in a research note on Friday, September 25th. Wolfe Research raised their price target on Accenture from $165.00 to $220.00 and gave the stock a “peer perform” rating in a research report on Friday, June 26th. Morgan Stanley raised their price target on Accenture from $250.00 to $263.00 and gave the stock an “overweight” rating in a research report on Tuesday, October 13th. JPMorgan Chase & Co. dropped their price target on Accenture from $256.00 to $252.00 and set an “overweight” rating on the stock in a research report on Friday, September 25th. Finally, Deutsche Bank Aktiengesellschaft raised their price target on Accenture from $215.00 to $245.00 and gave the stock a “buy” rating in a research report on Friday, June 26th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and fifteen have assigned a buy rating to the company’s stock. The company has an average rating of “Buy” and an average price target of $231.58.

Accenture Profile

Accenture plc provides consulting, technology, and outsourcing services worldwide. Its Communications, Media & Technology segment provides professional services for clients to accelerate and deliver digital transformation, develop industry-specific solutions, and enhance efficiencies and business results for communications, media, high tech, software, and platform companies.

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Institutional Ownership by Quarter for Accenture (NYSE:ACN)

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