Cramer, the co-manager of the Action Alerts PLUS portfolio, said the broader market's decline is weighing on shares of Accenture. Investors should wait for the overall market to "calm down," Cramer said, explaining that in a month or so shares of Accenture will look really attractive.
The company has a market cap of roughly $63 billion, and its new $5 billion share buyback is significant, he added.
Don't draw conclusions from the stock, which would have investors believe Accenture didn't do well. That's far from the truth.
At the time of publication, Cramer's Action Alerts PLUS had no position in companies mentioned.