Accenture (ACN) Downgraded by Bank of America

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Accenture (NYSE:ACN) was downgraded by equities researchers at Bank of America from a “buy” rating to a “neutral” rating in a research report issued on Friday, The Fly reports. The analysts noted that the move was a valuation call.

A number of other equities research analysts have also recently weighed in on ACN. Zacks Investment Research cut shares of Accenture from a “hold” rating to a “sell” rating in a research report on Wednesday, March 20th. Credit Suisse Group set a $170.00 price objective on shares of Accenture and gave the company a “hold” rating in a report on Tuesday, April 9th. Morgan Stanley lifted their price objective on shares of Accenture from $178.00 to $184.00 and gave the company an “overweight” rating in a report on Friday, March 29th. Cantor Fitzgerald lifted their price objective on shares of Accenture from $185.00 to $199.00 and gave the company an “overweight” rating in a 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 report on Monday, April 1st. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating and thirteen have assigned a buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus target price of $183.58.

Shares of ACN opened at $179.39 on Friday. Accenture has a 1-year low of $132.63 and a 1-year high of $183.35. The stock has a market cap of $122.75 billion, a price-to-earnings ratio of 26.62, a P/E/G ratio of 2.42 and a beta of 1.12.

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

In related news, insider Richard Lumb sold 2,000 shares of Accenture stock in a transaction that occurred on Monday, February 11th. The shares were sold at an average price of $155.88, for a total value of $311,760.00. Following the completion of the transaction, the insider now owns 131,024 shares in the company, valued at $20,424,021.12. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO David Rowland sold 4,869 shares of Accenture stock in a transaction that occurred on Tuesday, April 23rd. The stock was sold at an average price of $179.72, for a total transaction of $875,056.68. Following the completion of the transaction, the chief executive officer now owns 31,516 shares of the company’s stock, valued at approximately $5,664,055.52. The disclosure for this sale can be found here. Insiders sold 49,919 shares of company stock valued at $8,896,852 in the last quarter. 0.18% of the stock is owned by insiders.

Institutional investors have recently modified their holdings of the stock. Wendell David Associates Inc. lifted its position in shares of Accenture by 0.9% during the 1st quarter. Wendell David Associates Inc. now owns 37,354 shares of the information technology services provider’s stock worth $6,575,000 after buying an additional 350 shares during the last quarter. Steward Partners Investment Advisory LLC lifted its position in shares of Accenture by 13.3% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 14,162 shares of the information technology services provider’s stock worth $1,997,000 after buying an additional 1,661 shares during the last quarter. TrimTabs Asset Management LLC purchased a new stake in shares of Accenture during the 4th quarter worth approximately $1,108,000. Pinnacle Financial Partners Inc. lifted its position in shares of Accenture by 14.8% during the 4th quarter. Pinnacle Financial Partners Inc. now owns 6,699 shares of the information technology services provider’s stock worth $945,000 after buying an additional 864 shares during the last quarter. Finally, Gillespie Robinson & Grimm Inc. lifted its position in shares of Accenture by 2.5% during the 4th quarter. Gillespie Robinson & Grimm Inc. now owns 169,216 shares of the information technology services provider’s stock worth $23,861,000 after buying an additional 4,203 shares during the last quarter. Institutional investors own 70.16% of the company’s stock.

Accenture Company Profile

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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