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The Fund is an actively managed exchange-traded fund (ETF) that seeks to achieve its investment objective primarily by investing in equity securities. The Fund invests mainly in common stocks and may invest in the securities of companies of any capitalization. In selecting investments for the Fund, Madison Avenue Financial Solutions, LLC, the Funds sub-adviser (the Sub-Adviser), uses a quantitatively-driven strategy designed to emphasize securities of companies that exhibit high quality and growth characteristics relative to their peers. Quality is defined as high and improving profitability, low leverage and low default probability, and low net equity and debt issuance relative to dividends and net buybacks. From an initial universe consisting of companies in the broad U.S. equity market, the Sub-Adviser excludes micro-cap companies (i.e., companies with a market capitalization of less than $500 million) and securities of companies that exhibit poor liquidity and momentum characteristics. Liquidity is measured as average dollar volume traded relative to the average shares outstanding, where the highest values are least favorable. Momentum is measured as the trailing 12-month price return excluding the most recent month, where the lowest values are least favorable. The Sub-Adviser ranks the remaining securities based on a composite of several quality-focused variables intended to measure profitability, growth, and ability to service financing obligations, and securities ranking the highest on this composite measure are considered for inclusion in the Fund. The Funds holdings are market cap weighted with a maximum individual weight for each holding of 5 percent at the time of purchase.

Alphabet Inc.Class A

Nvidia Corp. [Nvda]

Apple Inc

Costco Wholesale

Visa Inc. Cl A

Applied Materials, Inc.

Mastercard Inc

Intuitive Surgical Inc - Common

Adobe Inc

Home Depot Inc/the Common Stock Usd 0.05

Meta Platforms Inc

Microsoft Ord

Progressive Corp.

Procter & Gamble

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Accenture reported Q2 fiscal 2024 sales of $15.80B, adjusted EPS of $2.77, and new bookings of $21.6B. Q3 outlook lower than expected.

Why Is Accenture Stock Falling Today?

Accenture Plc&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ACN#NYSE">ACN</a>) reported second-quarter fiscal 2024 sales of $15.80 billion compared with the consensus of $15.84 billion, flat Y/Y in U.S. dollars&nbsp;<a target="_blank" href="https://www.benzinga.com/pressreleases/24/03/b37865591/accenture-reports-second-quarter-fiscal-2024-results" rel="noreferrer noopener">and local currency</a>.&nbsp;



Revenues were slightly above the midpoint of the company&#8217;s guided range of $15.40 billion &#8211; $16.00 billion. Adjusted EPS of $2.77 beat the <a href="https://www.benzinga.com/calendars/earnings" target="_blank" rel="noreferrer noopener">consensus of $2.66</a>.



Revenues for the quarter reflect a negative foreign exchange impact of approximately 0.5%, consistent with the assumption in the company&#8217;s first-quarter earnings release.&nbsp;



New bookings for the quarter were $21.6 billion, with consulting bookings of $10.5 billion and managed services bookings of $11.1 billion.



Adjusted operating income for the quarter was $2.16 billion, or 13.7% of revenues, versus 13.8% in the second fiscal 2023.



Products revenues reached $4.76 billion, an increase of 1% in U.S. dollars and flat in local currency. Health &amp; Public Service revenues increased by 10% in U.S. dollars and local currency to $3.33 billion.



Financial Services revenue reached $2.81 billion, down by 6% in U.S. dollars and local currency. Resources revenue was $2.24 billion, an increase of 3% in U.S. dollars and 4% in local currency.



Communications, Media &amp; Technology revenue was $2.65 billion, a decrease of 8% in U.S. dollars and 7% in local currency.



Accenture&#8217;s quarterly cash dividend of $1.29 per share is payable on May 15, 2024, for shareholders of record at the close of business on April 11, 2024.&nbsp;



Q3 FY24 Outlook:&nbsp;Accenture expects revenues of $16.25 billion &#8211; $16.85 billion (versus&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">consensus of $17.01 billion</a>), or negative (1)% &#8211; positive 3% in local currency, reflecting the company&#8217;s assumption of a negative (1)% foreign-exchange impact compared with the third quarter of fiscal 2023.



Accenture&nbsp;<a target="_blank" href="https://www.benzinga.com/news/earnings/23/12/36301595/information-technology-services-consulting-giant-accenture-stock-slides-after-q1-performance-heres-" rel="noreferrer noopener">expects fiscal 2024</a>&nbsp;adjusted EPS of $11.97 &#8211; $12.20 (prior $11.97 &#8211; $12.32) versus consensus of $12.24. For fiscal 2024, the company expects revenue growth of 1% &#8211; 3% (prior 2% &#8211; 5%) in local currency vs. $66.18 billion consensus.



For fiscal 2024, the company continues to expect operating cash flow of $9.3 billion &#8211; $9.9 billion and free cash flow of $8.7 billion &#8211; $9.3 billion.&nbsp;



The stock gained 35% in the last 12 months. Investors can gain exposure to the stock via&nbsp;ETC 6 Meridian Quality Growth ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SXQG#NYSE">SXQG</a>) and&nbsp;Exchange Listed Funds Trust Bancreek U.S. Large Cap ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BCUS#NYSE">BCUS</a>).



Price Action: ACN shares are down 8.75% at $347.14 on the last check Wednesday.



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Latest ETC 6 Meridian Quality Growth ETF News | ARCA:SXQG | Benzinga

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