Corebridge Financial Inc. Sells 9,447 Shares of Accenture plc (NYSE:ACN)

Corebridge Financial Inc. cut its position in shares of Accenture plc (NYSE:ACN) by 6.2% in the 4th quarter, HoldingsChannel reports. The institutional investor owned 143,611 shares of the information technology services provider’s stock after selling 9,447 shares during the quarter. Corebridge Financial Inc.’s holdings in Accenture were worth $50,521,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Newbridge Financial Services Group Inc. increased its stake in shares of Accenture by 5.7% during the 4th quarter. Newbridge Financial Services Group Inc. now owns 518 shares of the information technology services provider’s stock worth $182,000 after purchasing an additional 28 shares during the last quarter. FPC Investment Advisory Inc. raised its stake in shares of Accenture by 62.2% in the fourth quarter. FPC Investment Advisory Inc. now owns 73 shares of the information technology services provider’s stock valued at $28,000 after buying an additional 28 shares during the period. Tradition Wealth Management LLC lifted its position in shares of Accenture by 0.3% during the 3rd quarter. Tradition Wealth Management LLC now owns 10,951 shares of the information technology services provider’s stock valued at $3,871,000 after buying an additional 29 shares during the last quarter. New England Professional Planning Group Inc. grew its stake in shares of Accenture by 4.6% during the 4th quarter. New England Professional Planning Group Inc. now owns 655 shares of the information technology services provider’s stock worth $230,000 after acquiring an additional 29 shares during the period. Finally, TCW Group Inc. raised its stake in Accenture by 0.3% in the 3rd quarter. TCW Group Inc. now owns 11,501 shares of the information technology services provider’s stock valued at $4,065,000 after acquiring an additional 30 shares during the period. Institutional investors and hedge funds own 75.14% of the company’s stock.

Accenture Price Performance

Shares of Accenture stock opened at $305.17 on Monday. The business’s 50-day moving average price is $359.16 and its 200-day moving average price is $357.33. The firm has a market capitalization of $190.97 billion, a PE ratio of 25.60, a price-to-earnings-growth ratio of 3.23 and a beta of 1.24. Accenture plc has a 12 month low of $278.69 and a 12 month high of $398.35. The company has a current ratio of 1.47, a quick ratio of 1.47 and a debt-to-equity ratio of 0.17.

Accenture (NYSE:ACN) last posted its quarterly earnings results on Thursday, March 20th. The information technology services provider reported $2.82 EPS for the quarter, topping the consensus estimate of $2.81 by $0.01. The firm had revenue of $16.70 billion for the quarter, compared to the consensus estimate of $16.64 billion. Accenture had a net margin of 11.41% and a return on equity of 26.91%. The business’s revenue was up 5.7% compared to the same quarter last year. During the same period last year, the firm posted $2.77 earnings per share. Sell-side analysts forecast that Accenture plc will post 12.73 EPS for the current fiscal year.

Accenture Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, May 15th. Stockholders of record on Thursday, April 10th will be paid a $1.48 dividend. This represents a $5.92 dividend on an annualized basis and a dividend yield of 1.94%. The ex-dividend date is Thursday, April 10th. Accenture’s dividend payout ratio (DPR) is presently 49.66%.

Insider Activity at Accenture

In other news, CAO Melissa A. Burgum sold 1,487 shares of the stock in a transaction dated Tuesday, January 21st. The shares were sold at an average price of $354.54, for a total transaction of $527,200.98. Following the completion of the sale, the chief accounting officer now directly owns 9,247 shares in the company, valued at approximately $3,278,431.38. This represents a 13.85 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Julie Spellman Sweet sold 2,497 shares of the company’s stock in a transaction that occurred on Friday, January 17th. The shares were sold at an average price of $354.48, for a total value of $885,136.56. Following the transaction, the chief executive officer now directly owns 28,866 shares of the company’s stock, valued at $10,232,419.68. The trade was a 7.96 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 21,905 shares of company stock worth $8,181,753 in the last ninety days. 0.02% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the stock. Guggenheim reduced their target price on shares of Accenture from $400.00 to $395.00 and set a “buy” rating for the company in a research note on Friday. Stifel Nicolaus reduced their price objective on shares of Accenture from $390.00 to $380.00 and set a “buy” rating for the company in a research note on Wednesday, February 26th. Jefferies Financial Group dropped their target price on Accenture from $385.00 to $355.00 and set a “hold” rating on the stock in a research report on Tuesday, January 21st. Robert W. Baird upgraded Accenture from a “neutral” rating to an “outperform” rating and set a $390.00 price target for the company in a research report on Monday, March 17th. Finally, Royal Bank of Canada dropped their price objective on Accenture from $399.00 to $392.00 and set an “outperform” rating on the stock in a report on Friday. Eight equities research analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Accenture has an average rating of “Moderate Buy” and a consensus price target of $380.05.

Accenture Profile

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.