Comerica Bank Lowers Holdings in Accenture PLC (ACN)

Comerica Bank cut its position in Accenture PLC (NYSE:ACN) by 5.6% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 166,332 shares of the information technology services provider’s stock after selling 9,809 shares during the quarter. Comerica Bank’s holdings in Accenture PLC were worth $21,292,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Coconut Grove Bank raised its stake in shares of Accenture PLC by 75.7% in the first quarter. Coconut Grove Bank now owns 845 shares of the information technology services provider’s stock valued at $101,000 after buying an additional 364 shares during the period. Bellwether Investment Group LLC raised its stake in shares of Accenture PLC by 64.2% in the first quarter. Bellwether Investment Group LLC now owns 918 shares of the information technology services provider’s stock valued at $110,000 after buying an additional 359 shares during the period. Parkside Financial Bank & Trust raised its stake in shares of Accenture PLC by 2.0% in the first quarter. Parkside Financial Bank & Trust now owns 978 shares of the information technology services provider’s stock valued at $117,000 after buying an additional 19 shares during the period. Opera Trading Capital bought a new stake in shares of Accenture PLC in the first quarter valued at $119,000. Finally, Harbour Capital Advisors LLC bought a new stake in shares of Accenture PLC in the first quarter valued at $122,000. Hedge funds and other institutional investors own 77.80% of the company’s stock.

Several analysts have issued reports on ACN shares. Zacks Investment Research lowered Accenture PLC from a “hold” rating to a “sell” rating in a research note on Tuesday, May 30th. Morgan Stanley set a $132.00 target price on Accenture PLC and gave the company a “hold” rating in a research note on Friday, June 16th. BMO Capital Markets restated a “hold” rating and issued a $130.00 target price (up from $125.00) on shares of Accenture PLC in a research note on Thursday, June 22nd. Cowen and Company boosted their target price on Accenture PLC from $131.00 to $135.00 and gave the company an “outperform” rating in a research note on Wednesday, June 28th. Finally, Stifel Nicolaus boosted their target price on Accenture PLC from $138.00 to $146.00 and gave the company a “buy” rating in a research note on Thursday, September 7th. One analyst has rated the stock with a sell rating, nine have issued a hold rating, sixteen have assigned a buy rating and one has assigned a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and an average target price of $132.59.

In other news, insider Gianfranco Casati sold 5,000 shares of Accenture PLC stock in a transaction dated Thursday, August 3rd. The stock was sold at an average price of $130.00, for a total value of $650,000.00. Following the sale, the insider now directly owns 56,014 shares of the company’s stock, valued at $7,281,820. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Richard Lumb sold 2,200 shares of Accenture PLC stock in a transaction dated Wednesday, July 19th. The stock was sold at an average price of $127.51, for a total value of $280,522.00. Following the completion of the sale, the insider now directly owns 119,942 shares in the company, valued at $15,293,804.42. The disclosure for this sale can be found here. Over the last three months, insiders have sold 79,817 shares of company stock worth $9,920,929. Insiders own 0.21% of the company’s stock.

Accenture PLC (ACN) opened at 135.35 on Friday. The company’s 50-day moving average price is $130.42 and its 200 day moving average price is $124.76. The stock has a market capitalization of $83.64 billion, a PE ratio of 23.97 and a beta of 1.11. Accenture PLC has a 52-week low of $109.50 and a 52-week high of $136.95.

Accenture PLC (NYSE:ACN) last posted its quarterly earnings results on Thursday, June 22nd. The information technology services provider reported $1.52 EPS for the quarter, meeting the Zacks’ consensus estimate of $1.52. The business had revenue of $8.87 billion for the quarter, compared to analysts’ expectations of $8.82 billion. Accenture PLC had a return on equity of 43.96% and a net margin of 9.92%. The business’s quarterly revenue was up 5.1% on a year-over-year basis. During the same period last year, the firm earned $1.41 earnings per share. Equities analysts forecast that Accenture PLC will post $5.90 EPS for the current fiscal year.

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About Accenture PLC

Accenture plc is a professional services company serving clients in various industries and in geographic regions, including North America, Europe and Growth Markets. The Company provides management and technology consulting services. Its segments include Communications, Media and Technology; Financial Services; Health and Public Service; Products, and Resources.

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Institutional Ownership by Quarter for Accenture PLC (NYSE:ACN)

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