Accenture stock dips after earnings

Accenture plc (NYSE: ACN) announced Q2 of fiscal 2024 earnings results before the US market opened on Thursday.

Irish-American professional services company reported revenue that fell slightly short of analyst estimate of $15.847 billion at $15.8 billion.

Earnings per share reached $2.77 for the quarter vs. $2.661 per share expected.

Company overview

• Founded: 1989
• Headquarters: Dublin, Ireland
• Number of employees: 733,000 (2023)
• Industry: Professional services, information technology consulting
• Key people: Julie Sweet (Chair and CEO)

CEO commentary

“In an uncertain macro environment, we remain the trusted partner to our clients for reinvention with a record 39 clients with quarterly bookings of over $100 million. We also extended our early lead in generative AI with $1.1 billion in new bookings in the first half of the year. And we are investing to serve the needs of our clients and expand our growth opportunities with $2.9 billion of capital deployed in the first half in strategic acquisitions. Thank you to our more than 740,000 people around the world for your dedication to delivering value for our clients,” Julie Sweet, CEO of Accenture said in a note to shareholders.

Stock reaction

Share price fell by around 9% on Thursday to $346.12 a share – the lowest level since January.

Stock performance

• 5 day: +0.59%
• 1 month: +2.46%
• 3 months: +9.09%
• Year-to-date: +8.42%
• 1 year: +40.04%

Accenture stock price targets

• Guggenheim: $425
• Redburn Atlantic: $445
• Morgan Stanley: $417
• Stifel Nicolaus: $395
• Piper Sandler: $394
• Citigroup: $430
• Robert W. Baird: $375
• Bank of America: $419
• Royal Bank of Canada: $374
• Mizuho: $426
• UBS Group: $400
• BNP Paribas: $440
• BMO Capital Markets: $385
• Wedbush: $360
• TD Cowen: $360
• Barclays: $390
• JP Morgan Chase & Co.: $341

Accenture plc is the 44th largest company in the world with a market cap of $238.53 billion, according to CompaniesMarketCap.

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Sources: Accenture plc, TradingView, MarketWatch, MarketBeat, CompaniesMarketCap