Cambridge Investment Research Advisors Inc. Lowers Stock Holdings in Accenture plc (NYSE:ACN)

Cambridge Investment Research Advisors Inc. decreased its position in shares of Accenture plc (NYSE:ACNGet Rating) by 2.5% during the second quarter, Holdings Channel reports. The institutional investor owned 40,464 shares of the information technology services provider’s stock after selling 1,036 shares during the period. Cambridge Investment Research Advisors Inc.’s holdings in Accenture were worth $11,235,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of the company. Clearstead Advisors LLC lifted its stake in Accenture by 44.1% in the 4th quarter. Clearstead Advisors LLC now owns 5,420 shares of the information technology services provider’s stock worth $2,247,000 after purchasing an additional 1,658 shares in the last quarter. HBK Investments L P purchased a new stake in Accenture in the 4th quarter worth $1,331,000. Pitcairn Co. lifted its stake in Accenture by 28.8% in the 4th quarter. Pitcairn Co. now owns 3,248 shares of the information technology services provider’s stock worth $1,346,000 after purchasing an additional 727 shares in the last quarter. Rodgers Brothers Inc. lifted its stake in Accenture by 11.0% in the 4th quarter. Rodgers Brothers Inc. now owns 1,713 shares of the information technology services provider’s stock worth $710,000 after purchasing an additional 170 shares in the last quarter. Finally, Nuveen Asset Management LLC lifted its stake in Accenture by 6.1% in the 4th quarter. Nuveen Asset Management LLC now owns 5,291,047 shares of the information technology services provider’s stock worth $2,193,403,000 after purchasing an additional 302,484 shares in the last quarter. Hedge funds and other institutional investors own 73.73% of the company’s stock.

Insider Transactions at Accenture

In other news, insider Ellyn Shook sold 750 shares of the company’s stock in a transaction that occurred on Thursday, July 28th. The shares were sold at an average price of $300.00, for a total value of $225,000.00. Following the completion of the sale, the insider now owns 21,400 shares of the company’s stock, valued at approximately $6,420,000. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, General Counsel Joel Unruch sold 555 shares of the company’s stock in a transaction that occurred on Thursday, July 28th. The shares were sold at an average price of $300.00, for a total value of $166,500.00. Following the completion of the sale, the general counsel now owns 25,601 shares of the company’s stock, valued at approximately $7,680,300. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Ellyn Shook sold 750 shares of the stock in a transaction that occurred on Thursday, July 28th. The shares were sold at an average price of $300.00, for a total transaction of $225,000.00. Following the sale, the insider now directly owns 21,400 shares of the company’s stock, valued at approximately $6,420,000. The disclosure for this sale can be found here. In the last quarter, insiders sold 11,389 shares of company stock valued at $3,132,777. Company insiders own 0.07% of the company’s stock.

Accenture Price Performance

Shares of ACN stock opened at $262.32 on Friday. The company has a market capitalization of $165.93 billion, a P/E ratio of 25.44, a P/E/G ratio of 2.28 and a beta of 1.22. The company’s 50-day simple moving average is $294.97 and its two-hundred day simple moving average is $299.75. Accenture plc has a one year low of $261.77 and a one year high of $417.37.

Accenture (NYSE:ACNGet Rating) last issued its earnings results on Thursday, September 22nd. The information technology services provider reported $2.60 EPS for the quarter, topping analysts’ consensus estimates of $2.57 by $0.03. The business had revenue of $15.42 billion for the quarter, compared to the consensus estimate of $15.41 billion. Accenture had a net margin of 11.13% and a return on equity of 31.50%. The company’s revenue for the quarter was up 14.9% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.20 EPS. On average, research analysts expect that Accenture plc will post 10.69 EPS for the current fiscal year.

Accenture Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, November 15th. Shareholders of record on Thursday, October 13th will be paid a $1.12 dividend. This is an increase from Accenture’s previous quarterly dividend of $0.97. This represents a $4.48 dividend on an annualized basis and a yield of 1.71%. Accenture’s dividend payout ratio is currently 37.63%.

Wall Street Analysts Forecast Growth

Several analysts have commented on the stock. Cowen decreased their price target on shares of Accenture from $330.00 to $325.00 and set an “outperform” rating on the stock in a research note on Friday, June 24th. Piper Sandler decreased their target price on shares of Accenture from $305.00 to $281.00 and set a “neutral” rating on the stock in a research report on Monday, July 18th. Citigroup decreased their target price on shares of Accenture from $400.00 to $330.00 and set a “buy” rating on the stock in a research report on Friday, June 24th. Barclays decreased their target price on shares of Accenture from $455.00 to $370.00 and set an “overweight” rating on the stock in a research report on Friday, June 24th. Finally, Bank of America decreased their target price on shares of Accenture from $443.00 to $374.00 and set a “buy” rating on the stock in a research report on Friday, June 17th. Nine research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $351.67.

Accenture Company Profile

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Accenture plc, a professional services company, provides strategy and consulting, interactive, and technology and operations services worldwide. The company offers application services, including agile transformation, DevOps, application modernization, enterprise architecture, software and quality engineering, data management, intelligent automation comprises robotic process automation, natural language processing, and virtual agents, and liquid application management services, as well as program, project, and service management services; strategy consulting services; critical data elements, data management and governance, data platform and architecture, product-based organization and skills, business adoption, and value realization services; engineering, and research and development digitization; smart connected product design and development; product platform engineering and modernization; product as-a-service enablement; products related to production and operations; autonomous robotics systems; the digital transformation of capital projects; and digital industrial workforce solutions.

Further Reading

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Institutional Ownership by Quarter for Accenture (NYSE:ACN)

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