Global professional services company Accenture (ACN) announced that it has entered into a definitive agreement to acquire retail-focused strategy consultancy HRC Retail Advisory. The financial terms of the deal have been kept under wraps.
Following the news, shares of the company gained marginally in Tuesday’s trading session. However, it pared its gains slightly to close at $319.85 in the extended trading session.
With the addition of HRC Retail Advisory, Accenture strengthens its retail presence and is expected to enhance its offerings to its customers. Post the buyout, HRC Retail Advisory’s team of more than 30 people will become a part of Accenture’s Retail Strategy group.
The Senior Managing Director and Global Retail Industry Group Lead at Accenture, Jill Standish, said, “The addition of HRC Retail Advisory will further strengthen our retail strategy and consulting services, which combine deep industry expertise, advanced analytics capabilities and human-centered approaches to enable 360° value creation for our clients.” (See Accenture stock chart on TipRanks)
Recently, Robert W. Baird analyst David Koning assigned a Hold rating to the stock with a price target of $298. The analyst’s price target implies downside potential of 6.8% from current levels.
Consensus among analysts is a Strong Buy based on 15 Buys and 4 Holds. The average Accenture price target of $323.06 implies upside potential of 1% from current levels.
Accenture scores a “Perfect 10” on TipRanks’ Smart Score rating system, indicating that the stock has strong potential to outperform market expectations. Shares have gained 44% over the past year.
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