Red Door Wealth Management LLC Cuts Stock Position in Accenture plc (NYSE:ACN)

Red Door Wealth Management LLC cut its holdings in Accenture plc (NYSE:ACN) by 3.6% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,058 shares of the information technology services provider’s stock after selling 40 shares during the quarter. Red Door Wealth Management LLC’s holdings in Accenture were worth $367,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Cornerstone Wealth Group LLC increased its position in shares of Accenture by 12.7% in the first quarter. Cornerstone Wealth Group LLC now owns 1,891 shares of the information technology services provider’s stock valued at $656,000 after buying an additional 213 shares in the last quarter. Annapolis Financial Services LLC increased its position in shares of Accenture by 507.7% during the first quarter. Annapolis Financial Services LLC now owns 79 shares of the information technology services provider’s stock worth $27,000 after purchasing an additional 66 shares in the last quarter. New Mexico Educational Retirement Board increased its position in shares of Accenture by 11.9% during the first quarter. New Mexico Educational Retirement Board now owns 36,750 shares of the information technology services provider’s stock worth $12,393,000 after purchasing an additional 3,900 shares in the last quarter. Brown Miller Wealth Management LLC increased its position in shares of Accenture by 2.7% during the first quarter. Brown Miller Wealth Management LLC now owns 7,551 shares of the information technology services provider’s stock worth $2,617,000 after purchasing an additional 195 shares in the last quarter. Finally, Town & Country Bank & Trust CO dba First Bankers Trust CO increased its position in shares of Accenture by 1.7% during the first quarter. Town & Country Bank & Trust CO dba First Bankers Trust CO now owns 6,519 shares of the information technology services provider’s stock worth $2,260,000 after purchasing an additional 111 shares in the last quarter. 75.14% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several analysts recently commented on ACN shares. Royal Bank of Canada boosted their price target on Accenture from $374.00 to $381.00 and gave the stock an “outperform” rating in a research report on Friday, March 22nd. Susquehanna dropped their price target on Accenture from $360.00 to $350.00 and set a “neutral” rating for the company in a research report on Friday, June 21st. Guggenheim reissued a “buy” rating and set a $395.00 price objective on shares of Accenture in a research note on Friday, May 24th. The Goldman Sachs Group assumed coverage on Accenture in a research note on Monday, June 24th. They set a “neutral” rating and a $335.00 price objective on the stock. Finally, StockNews.com lowered Accenture from a “buy” rating to a “hold” rating in a research note on Saturday, April 27th. Twelve equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat.com, Accenture presently has an average rating of “Moderate Buy” and a consensus price target of $352.74.

Accenture Trading Up 0.1 %

ACN stock opened at $303.41 on Monday. The company has a market capitalization of $203.51 billion, a PE ratio of 27.78, a P/E/G ratio of 3.38 and a beta of 1.21. Accenture plc has a 12-month low of $278.69 and a 12-month high of $387.51. The business’s fifty day moving average price is $300.17 and its 200 day moving average price is $336.05.

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

Accenture Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, August 15th. Shareholders of record on Thursday, July 11th will be issued a dividend of $1.29 per share. The ex-dividend date is Thursday, July 11th. This represents a $5.16 annualized dividend and a yield of 1.70%. Accenture’s dividend payout ratio (DPR) is 47.25%.

Insiders Place Their Bets

In other Accenture news, insider Ellyn Shook sold 5,000 shares of the company’s stock in a transaction dated Thursday, April 25th. The stock was sold at an average price of $307.22, for a total transaction of $1,536,100.00. Following the sale, the insider now owns 13,699 shares in the company, valued at approximately $4,208,606.78. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other news, CEO Jean-Marc Ollagnier sold 6,250 shares of the stock in a transaction dated Friday, April 12th. The stock was sold at an average price of $315.91, for a total value of $1,974,437.50. Following the transaction, the chief executive officer now owns 161,581 shares in the company, valued at approximately $51,045,053.71. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Ellyn Shook sold 5,000 shares of the stock in a transaction dated Thursday, April 25th. The shares were sold at an average price of $307.22, for a total value of $1,536,100.00. Following the completion of the transaction, the insider now owns 13,699 shares in the company, valued at approximately $4,208,606.78. The disclosure for this sale can be found here. Insiders have sold a total of 20,083 shares of company stock worth $6,302,285 in the last quarter. 0.07% of the stock is owned by company insiders.

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.