California Public Employees Retirement System Reduces Holdings in Accenture Plc (ACN)

California Public Employees Retirement System decreased its position in shares of Accenture Plc (NYSE:ACN) by 2.1% during the 1st quarter, Holdings Channel reports. The firm owned 3,101,014 shares of the information technology services provider’s stock after selling 68,026 shares during the quarter. Accenture makes up approximately 0.7% of California Public Employees Retirement System’s portfolio, making the stock its 24th largest holding. California Public Employees Retirement System’s holdings in Accenture were worth $545,840,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently modified their holdings of ACN. Mitchell Capital Management Co. grew its holdings in shares of Accenture by 1.4% during the first quarter. Mitchell Capital Management Co. now owns 4,140 shares of the information technology services provider’s stock worth $729,000 after buying an additional 56 shares during the last quarter. TCI Wealth Advisors Inc. grew its holdings in shares of Accenture by 11.2% during the first quarter. TCI Wealth Advisors Inc. now owns 637 shares of the information technology services provider’s stock worth $112,000 after buying an additional 64 shares during the last quarter. Rehmann Capital Advisory Group grew its holdings in shares of Accenture by 1.2% during the fourth quarter. Rehmann Capital Advisory Group now owns 5,582 shares of the information technology services provider’s stock worth $787,000 after buying an additional 67 shares during the last quarter. Global Retirement Partners LLC grew its holdings in shares of Accenture by 15.6% during the fourth quarter. Global Retirement Partners LLC now owns 496 shares of the information technology services provider’s stock worth $70,000 after buying an additional 67 shares during the last quarter. Finally, Convergence Investment Partners LLC lifted its position in Accenture by 4.5% in the first quarter. Convergence Investment Partners LLC now owns 1,578 shares of the information technology services provider’s stock valued at $278,000 after purchasing an additional 68 shares during the period. 69.98% of the stock is currently owned by institutional investors.

ACN stock opened at $175.40 on Thursday. Accenture Plc has a 12-month low of $132.63 and a 12-month high of $183.35. The company has a market cap of $117.26 billion, a PE ratio of 26.02, a P/E/G ratio of 2.27 and a beta of 1.12.

Accenture (NYSE:ACN) last posted its quarterly earnings results on Thursday, March 28th. The information technology services provider reported $1.73 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.57 by $0.16. Accenture had a net margin of 10.52% and a return on equity of 38.57%. The company had revenue of $10.45 billion during the quarter, compared to the consensus estimate of $10.30 billion. During the same period last year, the firm earned $1.58 EPS. The company’s revenue for the quarter was up 5.5% on a year-over-year basis. Sell-side analysts anticipate that Accenture Plc will post 7.31 earnings per share for the current year.

The business also recently declared a semiannual dividend, which was paid on Wednesday, May 15th. Stockholders of record on Thursday, April 11th were given a dividend of $1.46 per share. The ex-dividend date of this dividend was Wednesday, April 10th. This represents a dividend yield of 1.66%. Accenture’s payout ratio is 43.32%.

In other news, CAO Richard P. Clark sold 6,266 shares of Accenture stock in a transaction that occurred on Monday, April 22nd. The shares were sold at an average price of $177.78, for a total transaction of $1,113,969.48. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider ‘T Noordende Alexander M. Van sold 8,000 shares of Accenture stock in a transaction that occurred on Monday, April 22nd. The shares were sold at an average price of $177.78, for a total transaction of $1,422,240.00. Following the sale, the insider now owns 116,753 shares of the company’s stock, valued at $20,756,348.34. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 65,919 shares of company stock valued at $11,695,852. Insiders own 0.18% of the company’s stock.

A number of equities research analysts recently commented on the stock. Bank of America downgraded shares of Accenture from a “buy” rating to a “neutral” rating in a research report on Friday, May 3rd. They noted that the move was a valuation call. Credit Suisse Group set a $170.00 price objective on shares of Accenture and gave the company a “hold” rating in a research report on Tuesday, April 9th. William Blair restated an “outperform” rating on shares of Accenture in a research report on Friday, March 29th. BMO Capital Markets raised their price objective on shares of Accenture to $185.00 and gave the company a “market perform” rating in a research report on Friday, March 29th. Finally, Berenberg Bank restated a “buy” rating and issued a $190.00 price objective on shares of Accenture in a research report on Monday, April 1st. Two analysts have rated the stock with a sell rating, seven have given a hold rating and thirteen have assigned a buy rating to the company. The company currently has an average rating of “Buy” and a consensus price target of $183.58.

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About Accenture

Accenture plc provides consulting, technology, and outsourcing services in Ireland and internationally. Its Communications, Media & Technology segment provides professional services that help clients 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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