Accenture plc (NYSE:ACN) Stake Lessened by MU Investments Co. Ltd.

MU Investments Co. Ltd. cut its stake in shares of Accenture plc (NYSE:ACN) by 0.9% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 11,420 shares of the information technology services provider’s stock after selling 100 shares during the period. Accenture comprises about 4.5% of MU Investments Co. Ltd.’s investment portfolio, making the stock its 8th biggest position. MU Investments Co. Ltd.’s holdings in Accenture were worth $3,521,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently bought and sold shares of the stock. Symphony Financial Ltd. Co. lifted its position in Accenture by 3.5% during the second quarter. Symphony Financial Ltd. Co. now owns 2,469 shares of the information technology services provider’s stock valued at $761,000 after purchasing an additional 84 shares in the last quarter. Independent Wealth Network Inc. purchased a new position in shares of Accenture in the second quarter valued at about $211,000. Lantz Financial LLC lifted its position in shares of Accenture by 2.7% in the second quarter. Lantz Financial LLC now owns 2,059 shares of the information technology services provider’s stock valued at $635,000 after acquiring an additional 54 shares in the last quarter. Birch Capital Management LLC lifted its position in shares of Accenture by 1.4% in the second quarter. Birch Capital Management LLC now owns 15,923 shares of the information technology services provider’s stock valued at $4,914,000 after acquiring an additional 213 shares in the last quarter. Finally, Darwin Wealth Management LLC purchased a new position in shares of Accenture in the second quarter valued at about $281,000. 70.42% of the stock is currently owned by hedge funds and other institutional investors.

Accenture Price Performance

Shares of ACN traded down $1.45 during mid-day trading on Tuesday, reaching $314.43. 616,329 shares of the company’s stock traded hands, compared to its average volume of 2,297,917. The stock has a market cap of $208.99 billion, a P/E ratio of 28.16, a P/E/G ratio of 2.67 and a beta of 1.22. The stock’s 50-day moving average is $316.31 and its two-hundred day moving average is $296.37. Accenture plc has a 12 month low of $242.80 and a 12 month high of $330.43.

Accenture (NYSE:ACN) last announced its quarterly earnings results on Thursday, June 22nd. The information technology services provider reported $3.19 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.96 by $0.23. The firm had revenue of $16.56 billion during the quarter, compared to analyst estimates of $16.49 billion. Accenture had a return on equity of 30.47% and a net margin of 11.28%. Accenture’s quarterly revenue was up 2.5% on a year-over-year basis. During the same quarter in the previous year, the business earned $2.79 earnings per share. Research analysts predict that Accenture plc will post 11.6 earnings per share for the current year.

Wall Street Analyst Weigh In

Several brokerages have recently commented on ACN. Barclays boosted their price objective on Accenture from $340.00 to $390.00 and gave the company an “overweight” rating in a research report on Monday, September 11th. Piper Sandler raised Accenture from an “underweight” rating to a “neutral” rating and lifted their target price for the stock from $250.00 to $316.00 in a report on Wednesday, June 14th. Societe Generale lifted their target price on Accenture from $314.00 to $373.00 and gave the stock a “buy” rating in a report on Friday, July 7th. TD Cowen lifted their target price on Accenture from $300.00 to $312.00 and gave the stock a “market perform” rating in a report on Tuesday, September 12th. Finally, Stifel Nicolaus lifted their target price on Accenture from $310.00 to $343.00 in a report on Thursday, June 15th. Six analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $335.25.

Insider Activity at Accenture

In other Accenture news, insider Ellyn Shook sold 5,250 shares of the company’s stock in a transaction on Friday, July 21st. The stock was sold at an average price of $315.00, for a total transaction of $1,653,750.00. Following the completion of the sale, the insider now owns 21,958 shares in the company, valued at $6,916,770. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other Accenture news, insider Ellyn Shook sold 5,250 shares of the company’s stock in a transaction on Friday, July 21st. The stock was sold at an average price of $315.00, for a total transaction of $1,653,750.00. Following the completion of the sale, the insider now owns 21,958 shares in the company, valued at $6,916,770. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CAO Melissa A. Burgum sold 1,344 shares of the company’s stock in a transaction on Monday, June 26th. The stock was sold at an average price of $300.00, for a total value of $403,200.00. Following the sale, the chief accounting officer now owns 10,506 shares of the company’s stock, valued at approximately $3,151,800. The disclosure for this sale can be found here. Over the last quarter, insiders sold 25,774 shares of company stock worth $8,138,451. Company insiders own 0.08% of the company’s stock.

Accenture Company Profile

Accenture plc, a professional services company, provides strategy and consulting, interactive, industry X, song, and technology and operation 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 application management services, as well as software engineering services; strategy and consulting services; data and analytics strategy, data discovery and augmentation, data management and beyond, data democratization, and industrialized solutions comprises turnkey analytics and artificial intelligence (AI) solutions; metaverse; and sustainability services.