Cannon Wealth Management Services LLC Reduces Holdings in Accenture plc (NYSE:ACN)

Cannon Wealth Management Services LLC lowered its position in shares of Accenture plc (NYSE:ACN) by 5.2% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 779 shares of the information technology services provider’s stock after selling 43 shares during the quarter. Cannon Wealth Management Services LLC’s holdings in Accenture were worth $300,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Morse Asset Management Inc bought a new stake in Accenture in the third quarter worth $25,000. FPC Investment Advisory Inc. boosted its stake in shares of Accenture by 62.2% during the fourth quarter. FPC Investment Advisory Inc. now owns 73 shares of the information technology services provider’s stock valued at $28,000 after purchasing an additional 28 shares during the period. MidAtlantic Capital Management Inc. purchased a new stake in shares of Accenture during the third quarter valued at $30,000. POM Investment Strategies LLC boosted its stake in shares of Accenture by 64.2% during the fourth quarter. POM Investment Strategies LLC now owns 87 shares of the information technology services provider’s stock valued at $31,000 after purchasing an additional 34 shares during the period. Finally, Retirement Wealth Solutions LLC purchased a new stake in shares of Accenture during the fourth quarter valued at $34,000. Institutional investors own 75.14% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on ACN shares. Jefferies Financial Group lowered their price objective on shares of Accenture from $385.00 to $355.00 and set a “hold” rating for the company in a research note on Tuesday, January 21st. BMO Capital Markets upped their price objective on shares of Accenture from $390.00 to $425.00 and gave the company a “market perform” rating in a report on Friday, December 20th. Piper Sandler upped their price objective on shares of Accenture from $422.00 to $429.00 and gave the company an “overweight” rating in a report on Thursday, December 19th. Robert W. Baird reiterated a “neutral” rating and issued a $370.00 price target on shares of Accenture in a report on Tuesday, December 3rd. Finally, Wolfe Research upgraded Accenture from a “peer perform” rating to an “outperform” rating and set a $425.00 price objective on the stock in a research report on Wednesday, January 8th. Eight investment analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $387.22.

Insider Activity at Accenture

In other news, CFO Angie Y. Park sold 685 shares of Accenture stock in a transaction dated Friday, January 17th. The stock was sold at an average price of $354.38, for a total value of $242,750.30. Following the completion of the transaction, the chief financial officer now owns 8,674 shares in the company, valued at approximately $3,073,892.12. This trade represents a 7.32 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Julie Spellman Sweet sold 8,793 shares of Accenture stock in a transaction dated Wednesday, February 5th. The shares were sold at an average price of $394.47, for a total value of $3,468,574.71. Following the completion of the transaction, the chief executive officer now owns 11,858 shares of the company’s stock, valued at $4,677,625.26. The trade was a 42.58 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 22,280 shares of company stock worth $8,316,190 in the last three months. 0.02% of the stock is owned by company insiders.

Accenture Stock Down 5.3 %

Shares of ACN opened at $364.35 on Monday. Accenture plc has a 52-week low of $278.69 and a 52-week high of $398.35. The company has a market capitalization of $228.00 billion, a PE ratio of 30.57, a price-to-earnings-growth ratio of 3.41 and a beta of 1.24. The stock has a fifty day simple moving average of $367.48 and a two-hundred day simple moving average of $356.65. The company has a quick ratio of 1.47, a current ratio of 1.47 and a debt-to-equity ratio of 0.17.

Accenture (NYSE:ACN) last issued its quarterly earnings data on Thursday, December 19th. The information technology services provider reported $3.59 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.43 by $0.16. The firm had revenue of $17.69 billion during the quarter, compared to the consensus estimate of $17.15 billion. Accenture had a return on equity of 26.91% and a net margin of 11.41%. The company’s quarterly revenue was up 9.0% on a year-over-year basis. During the same period last year, the company earned $3.27 EPS. As a group, equities analysts forecast that Accenture plc will post 12.73 EPS for the current year.

About Accenture

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.