Pinnacle Financial Partners Inc Raises Stock Position in Accenture plc (NYSE:ACN)

Pinnacle Financial Partners Inc grew its stake in shares of Accenture plc (NYSE:ACNFree Report) by 21.0% in the 3rd quarter, Holdings Channel.com reports. The fund owned 6,083 shares of the information technology services provider’s stock after purchasing an additional 1,055 shares during the quarter. Pinnacle Financial Partners Inc’s holdings in Accenture were worth $1,868,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. United Bank boosted its stake in shares of Accenture by 6.3% during the 1st quarter. United Bank now owns 2,969 shares of the information technology services provider’s stock valued at $1,001,000 after purchasing an additional 176 shares in the last quarter. Weitz Investment Management Inc. grew its position in shares of Accenture by 1.3% during the 1st quarter. Weitz Investment Management Inc. now owns 89,400 shares of the information technology services provider’s stock valued at $30,148,000 after acquiring an additional 1,168 shares during the period. Fund Management at Engine No. 1 LLC purchased a new position in shares of Accenture in the 1st quarter valued at about $1,805,000. Guardian Wealth Management Inc. raised its position in Accenture by 0.6% during the first quarter. Guardian Wealth Management Inc. now owns 7,292 shares of the information technology services provider’s stock worth $2,459,000 after acquiring an additional 41 shares during the last quarter. Finally, Clearbridge Investments LLC grew its holdings in Accenture by 104.8% during the 1st quarter. Clearbridge Investments LLC now owns 441,451 shares of the information technology services provider’s stock valued at $148,871,000 after purchasing an additional 225,943 shares in the last quarter. 70.42% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Accenture

In other news, CEO Julie Spellman Sweet sold 9,000 shares of the business’s stock in a transaction on Monday, October 30th. The shares were sold at an average price of $291.41, for a total value of $2,622,690.00. Following the sale, the chief executive officer now owns 35,830 shares in the company, valued at approximately $10,441,220.30. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CEO Jean-Marc Ollagnier sold 6,250 shares of the business’s stock in a transaction dated Friday, January 19th. The stock was sold at an average price of $362.77, for a total value of $2,267,312.50. Following the transaction, the chief executive officer now owns 167,831 shares in the company, valued at $60,884,051.87. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Julie Spellman Sweet sold 9,000 shares of the company’s stock in a transaction on Monday, October 30th. The shares were sold at an average price of $291.41, for a total transaction of $2,622,690.00. Following the transaction, the chief executive officer now owns 35,830 shares of the company’s stock, valued at $10,441,220.30. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 28,884 shares of company stock worth $9,296,856. 0.07% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on the company. Redburn Atlantic started coverage on Accenture in a research note on Thursday, November 16th. They issued a “buy” rating and a $410.00 price target on the stock. Morgan Stanley lifted their target price on Accenture from $369.00 to $400.00 and gave the company an “overweight” rating in a report on Wednesday. Robert W. Baird lowered their target price on shares of Accenture from $332.00 to $322.00 and set a “neutral” rating for the company in a report on Friday, September 29th. UBS Group boosted their target price on shares of Accenture from $365.00 to $400.00 and gave the company a “neutral” rating in a report on Thursday. Finally, Royal Bank of Canada restated an “outperform” rating and set a $340.00 target price on shares of Accenture in a report on Friday, September 29th. Seven equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to MarketBeat, Accenture currently has an average rating of “Moderate Buy” and a consensus target price of $358.06.

Get Our Latest Analysis on Accenture

Accenture Price Performance

Accenture stock traded down $0.94 during trading hours on Friday, hitting $371.00. The company had a trading volume of 1,404,789 shares, compared to its average volume of 2,077,832. The firm has a market capitalization of $232.73 billion, a P/E ratio of 34.47, a price-to-earnings-growth ratio of 3.39 and a beta of 1.21. Accenture plc has a fifty-two week low of $242.80 and a fifty-two week high of $375.73. The firm’s fifty day moving average is $345.06 and its 200-day moving average is $323.96.

Accenture (NYSE:ACNGet Free Report) last posted its quarterly earnings results on Tuesday, December 19th. The information technology services provider reported $3.27 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.14 by $0.13. The business had revenue of $16.22 billion during the quarter, compared to analyst estimates of $16.17 billion. Accenture had a net margin of 10.65% and a return on equity of 29.08%. The company’s revenue was up 3.0% on a year-over-year basis. During the same period in the prior year, the business posted $3.08 earnings per share. Analysts anticipate that Accenture plc will post 12.22 earnings per share for the current year.

Accenture declared that its Board of Directors has initiated a stock repurchase program on Thursday, September 28th that permits the company to repurchase $4.00 billion in outstanding shares. This repurchase authorization permits the information technology services provider to buy up to 2% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s leadership believes its shares are undervalued.

Accenture Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, February 15th. Shareholders of record on Thursday, January 18th will be issued a dividend of $1.29 per share. This represents a $5.16 annualized dividend and a yield of 1.39%. The ex-dividend date is Wednesday, January 17th. Accenture’s dividend payout ratio (DPR) is presently 47.82%.

Accenture Company Profile

(Free Report)

Accenture plc, a professional services company, provides strategy and consulting, 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 comprising 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 comprising turnkey analytics and artificial intelligence (AI) solutions; metaverse; and sustainability services.

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Institutional Ownership by Quarter for Accenture (NYSE:ACN)

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