Palumbo Wealth Management LLC Decreases Stock Position in Accenture plc (NYSE:ACN)

by · The Markets Daily

Palumbo Wealth Management LLC trimmed its position in shares of Accenture plc (NYSE:ACN – Free Report) by 3.7% in the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 7,112 shares of the information technology services provider’s stock after selling 276 shares during the quarter. Accenture makes up approximately 1.0% of Palumbo Wealth Management LLC’s investment portfolio, making the stock its 28th largest position. Palumbo Wealth Management LLC’s holdings in Accenture were worth $2,514,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lifted its stake in shares of Accenture by 18.7% in the second quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 172,199 shares of the information technology services provider’s stock worth $52,247,000 after buying an additional 27,168 shares in the last quarter. Allspring Global Investments Holdings LLC lifted its stake in Accenture by 13.3% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 183,446 shares of the information technology services provider’s stock worth $63,584,000 after purchasing an additional 21,516 shares in the last quarter. M&G Plc purchased a new stake in shares of Accenture in the first quarter valued at approximately $19,007,000. Creative Planning increased its holdings in shares of Accenture by 5.5% in the third quarter. Creative Planning now owns 247,724 shares of the information technology services provider’s stock valued at $87,566,000 after purchasing an additional 12,993 shares during the last quarter. Finally, First Long Island Investors LLC lifted its position in Accenture by 27.8% during the first quarter. First Long Island Investors LLC now owns 65,717 shares of the information technology services provider’s stock worth $22,778,000 after buying an additional 14,283 shares in the last quarter. Hedge funds and other institutional investors own 75.14% of the company’s stock.

Insider Activity

In related news, CAO Melissa A. Burgum sold 458 shares of the business’s stock in a transaction on Thursday, October 17th. The shares were sold at an average price of $373.25, for a total transaction of $170,948.50. Following the completion of the transaction, the chief accounting officer now owns 9,777 shares in the company, valued at approximately $3,649,265.25. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, CEO Julie Spellman Sweet sold 9,000 shares of the company’s stock in a transaction on Monday, October 21st. The shares were sold at an average price of $376.16, for a total value of $3,385,440.00. Following the completion of the transaction, the chief executive officer now owns 20,324 shares in the company, valued at approximately $7,645,075.84. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CAO Melissa A. Burgum sold 458 shares of Accenture stock in a transaction on Thursday, October 17th. The stock was sold at an average price of $373.25, for a total transaction of $170,948.50. Following the sale, the chief accounting officer now owns 9,777 shares in the company, valued at $3,649,265.25. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 33,107 shares of company stock worth $12,275,914. 0.07% of the stock is currently owned by corporate insiders.

Accenture Stock Performance

Shares of NYSE:ACN traded down $2.63 during trading on Thursday, hitting $343.94. The company’s stock had a trading volume of 384,233 shares, compared to its average volume of 2,716,584. The company has a market capitalization of $215.02 billion, a PE ratio of 30.32, a P/E/G ratio of 3.47 and a beta of 1.25. Accenture plc has a fifty-two week low of $278.69 and a fifty-two week high of $387.51. The business has a 50 day moving average price of $351.80 and a two-hundred day moving average price of $323.68.

Accenture (NYSE:ACN – Get Free Report) last issued its quarterly earnings results on Thursday, September 26th. The information technology services provider reported $2.79 earnings per share for the quarter, topping the consensus estimate of $2.78 by $0.01. The company had revenue of $16.41 billion for the quarter, compared to the consensus estimate of $16.37 billion. Accenture had a return on equity of 26.83% and a net margin of 11.20%. Accenture’s revenue was up 2.6% on a year-over-year basis. During the same quarter in the prior year, the business earned $2.71 EPS. As a group, equities analysts expect that Accenture plc will post 12.79 earnings per share for the current fiscal year.

Accenture announced that its board has authorized a stock buyback plan on Thursday, September 26th that permits the company to repurchase $4.00 billion in shares. This repurchase authorization permits the information technology services provider to repurchase up to 1.8% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board believes its shares are undervalued.

Accenture Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Thursday, October 10th will be issued a dividend of $1.48 per share. This represents a $5.92 annualized dividend and a yield of 1.72%. The ex-dividend date is Thursday, October 10th. This is a boost from Accenture’s previous quarterly dividend of $1.29. Accenture’s payout ratio is 51.79%.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on ACN. Mizuho upped their target price on Accenture from $352.00 to $365.00 and gave the company an “outperform” rating in a report on Wednesday, September 18th. Bank of America upped their price objective on shares of Accenture from $365.00 to $388.00 and gave the company a “buy” rating in a report on Friday, September 27th. JPMorgan Chase & Co. decreased their target price on shares of Accenture from $376.00 to $370.00 and set an “overweight” rating on the stock in a report on Tuesday, September 24th. Piper Sandler raised shares of Accenture from a “neutral” rating to an “overweight” rating and increased their price target for the company from $329.00 to $395.00 in a research note on Thursday, September 26th. Finally, Citigroup upped their price objective on Accenture from $350.00 to $405.00 and gave the company a “buy” rating in a report on Tuesday, September 17th. Ten analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat, Accenture presently has an average rating of “Moderate Buy” and an average target price of $368.23.

Check Out Our Latest Stock Report on ACN

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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