1832 Asset Management L.P. Sells 32,209 Shares of Accenture plc (NYSE:ACN)

1832 Asset Management L.P. trimmed its position in Accenture plc (NYSE:ACN) by 10.2% during the first quarter, HoldingsChannel.com reports. The fund owned 283,496 shares of the information technology services provider’s stock after selling 32,209 shares during the period. 1832 Asset Management L.P.’s holdings in Accenture were worth $98,263,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of ACN. Chilton Capital Management LLC raised its position in shares of Accenture by 180.0% in the 4th quarter. Chilton Capital Management LLC now owns 70 shares of the information technology services provider’s stock valued at $25,000 after acquiring an additional 45 shares during the period. DiNuzzo Private Wealth Inc. acquired a new stake in Accenture during the 4th quarter worth approximately $27,000. Annapolis Financial Services LLC raised its holdings in Accenture by 507.7% during the 1st quarter. Annapolis Financial Services LLC now owns 79 shares of the information technology services provider’s stock worth $27,000 after buying an additional 66 shares during the period. Ables Iannone Moore & Associates Inc. acquired a new stake in shares of Accenture in the fourth quarter valued at approximately $29,000. Finally, Atwood & Palmer Inc. raised its holdings in shares of Accenture by 214.8% in the first quarter. Atwood & Palmer Inc. now owns 85 shares of the information technology services provider’s stock valued at $29,000 after purchasing an additional 58 shares during the last quarter. 75.14% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on ACN. Morgan Stanley downgraded shares of Accenture from an “overweight” rating to an “equal weight” rating and lowered their price objective for the company from $382.00 to $300.00 in a report on Wednesday, June 26th. Piper Sandler decreased their target price on shares of Accenture from $379.00 to $320.00 and set a “neutral” rating for the company in a research note on Monday, June 17th. Bank of America decreased their target price on shares of Accenture from $419.00 to $365.00 and set a “buy” rating for the company in a research note on Wednesday, June 5th. Susquehanna decreased their target price on shares of Accenture from $360.00 to $350.00 and set a “neutral” rating for the company in a research note on Friday, June 21st. Finally, Wedbush decreased their target price on shares of Accenture from $400.00 to $350.00 and set an “outperform” rating for the company in a research note on Wednesday, June 12th. Eleven equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat, Accenture currently has an average rating of “Moderate Buy” and an average price target of $351.82.

Accenture Stock Down 0.5 %

Shares of ACN traded down $1.66 during midday trading on Friday, reaching $328.46. 2,438,247 shares of the stock were exchanged, compared to its average volume of 3,598,002. Accenture plc has a twelve month low of $278.69 and a twelve month high of $387.51. The company has a market cap of $205.84 billion, a P/E ratio of 30.08, a PEG ratio of 3.68 and a beta of 1.23. The stock’s 50 day simple moving average is $303.10 and its 200 day simple moving average is $331.77.

Accenture (NYSE:ACN) last posted its earnings results on Thursday, June 20th. The information technology services provider reported $3.13 earnings per share for the quarter, missing analysts’ consensus estimates of $3.15 by ($0.02). Accenture had a return on equity of 27.48% and a net margin of 10.79%. The firm had revenue of $16.47 billion for the quarter, compared to analyst estimates of $16.55 billion. During the same period in the prior year, the business posted $3.19 EPS. The firm’s quarterly revenue was down .6% compared to the same quarter last year. As a group, analysts predict that Accenture plc will post 11.95 earnings per share for the current year.

Accenture Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, August 15th. Investors of record on Thursday, July 11th will be paid a $1.29 dividend. This represents a $5.16 dividend on an annualized basis and a yield of 1.57%. The ex-dividend date is Thursday, July 11th. Accenture’s dividend payout ratio (DPR) is presently 47.25%.

Insider Activity at Accenture

In related news, insider Ellyn Shook sold 5,000 shares of the business’s stock in a transaction dated Tuesday, July 23rd. The stock was sold at an average price of $329.82, for a total value of $1,649,100.00. Following the completion of the transaction, the insider now owns 8,989 shares of the company’s stock, valued at $2,964,751.98. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Accenture news, General Counsel Joel Unruch sold 8,145 shares of the business’s stock in a transaction dated Monday, July 22nd. The stock was sold at an average price of $331.05, for a total transaction of $2,696,402.25. Following the completion of the transaction, the general counsel now owns 22,849 shares of the company’s stock, valued at $7,564,161.45. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Ellyn Shook sold 5,000 shares of the business’s stock in a transaction dated Tuesday, July 23rd. The stock was sold at an average price of $329.82, for a total value of $1,649,100.00. Following the transaction, the insider now directly owns 8,989 shares of the company’s stock, valued at approximately $2,964,751.98. The disclosure for this sale can be found here. Insiders sold a total of 21,421 shares of company stock valued at $6,912,635 over the last quarter. 0.07% of the stock is owned by corporate insiders.

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.