RBA Wealth Management LLC Boosts Position in Accenture plc (NYSE:ACN)

RBA Wealth Management LLC increased its stake in Accenture plc (NYSE:ACN) by 26.7% during the 3rd quarter, HoldingsChannel reports. The institutional investor owned 6,179 shares of the information technology services provider’s stock after acquiring an additional 1,302 shares during the quarter. RBA Wealth Management LLC’s holdings in Accenture were worth $2,184,000 at the end of the most recent quarter.

Other institutional investors also recently added to or reduced their stakes in the company. Annapolis Financial Services LLC grew 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 acquiring an additional 66 shares in the last quarter. Unique Wealth Strategies LLC bought a new stake in shares of Accenture in the 2nd quarter valued at about $26,000. CarsonAllaria Wealth Management Ltd. bought a new stake in shares of Accenture in the 1st quarter valued at about $35,000. Tsfg LLC boosted its holdings in shares of Accenture by 267.9% in the 1st quarter. Tsfg LLC now owns 103 shares of the information technology services provider’s stock valued at $36,000 after buying an additional 75 shares in the last quarter. Finally, Creekmur Asset Management LLC boosted its stake in Accenture by 108.0% in the 1st quarter. Creekmur Asset Management LLC now owns 104 shares of the information technology services provider’s stock worth $36,000 after purchasing an additional 54 shares in the last quarter. Hedge funds and other institutional investors own 75.14% of the company’s stock.

Wall Street Analysts Forecast Growth

ACN has been the subject of a number of recent analyst reports. BMO Capital Markets lifted their target price on shares of Accenture from $380.00 to $390.00 and gave the stock a “market perform” rating in a research note on Friday, September 27th. UBS Group raised their price target on shares of Accenture from $400.00 to $415.00 and gave the stock a “buy” rating in a research report on Friday, September 27th. Morgan Stanley lowered shares of Accenture from an “overweight” rating to an “equal weight” rating and reduced their price target for the stock from $382.00 to $300.00 in a research report on Wednesday, June 26th. Robert W. Baird raised their price target on shares of Accenture from $350.00 to $370.00 and gave the stock a “neutral” rating in a research report on Friday, September 27th. Finally, Piper Sandler Companies reissued a “neutral” rating and set a $329.00 price target on shares of Accenture in a research report on Friday, September 20th. Eight analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $371.18.

Insiders Place Their Bets

In other Accenture news, CFO Kathleen R. Mcclure sold 5,090 shares of Accenture stock in a transaction on Thursday, October 17th. The shares were sold at an average price of $373.22, for a total transaction of $1,899,689.80. Following the sale, the chief financial officer now owns 38,825 shares of the company’s stock, valued at $14,490,266.50. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other news, CFO Kathleen R. Mcclure sold 5,090 shares of the business’s stock in a transaction dated Thursday, October 17th. The shares were sold at an average price of $373.22, for a total transaction of $1,899,689.80. Following the transaction, the chief financial officer now owns 38,825 shares of the company’s stock, valued at approximately $14,490,266.50. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, COO John F. Walsh sold 5,000 shares of the business’s stock in a transaction dated Thursday, October 17th. The shares were sold at an average price of $373.24, for a total transaction of $1,866,200.00. Following the transaction, the chief operating officer now directly owns 17,593 shares in the company, valued at approximately $6,566,411.32. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 10,548 shares of company stock valued at $3,936,838 in the last 90 days. 0.07% of the stock is owned by insiders.

Accenture Price Performance

NYSE ACN traded down $3.67 on Tuesday, hitting $372.36. The company had a trading volume of 1,011,905 shares, compared to its average volume of 2,726,256. The company has a market capitalization of $233.36 billion, a PE ratio of 34.43, a PEG ratio of 3.47 and a beta of 1.25. The company’s fifty day moving average price is $346.72 and its 200-day moving average price is $321.91. Accenture plc has a 12-month low of $278.69 and a 12-month high of $387.51.

Accenture (NYSE:ACN) last issued its quarterly earnings results on Thursday, September 26th. The information technology services provider reported $2.79 EPS for the quarter, topping the consensus estimate of $2.78 by $0.01. Accenture had a net margin of 11.20% and a return on equity of 26.83%. The company had revenue of $16.41 billion during the quarter, compared to analyst estimates of $16.37 billion. During the same quarter in the previous year, the firm earned $2.71 EPS. The firm’s revenue was up 2.6% compared to the same quarter last year. On average, sell-side analysts anticipate that Accenture plc will post 12.79 EPS for the current year.

Accenture Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Thursday, October 10th will be paid a dividend of $1.48 per share. This represents a $5.92 annualized dividend and a yield of 1.59%. The ex-dividend date of this dividend is Thursday, October 10th. This is a boost from Accenture’s previous quarterly dividend of $1.29. Accenture’s payout ratio is 54.21%.

Accenture announced that its Board of Directors has initiated a stock repurchase plan on Thursday, September 26th that authorizes the company to repurchase $4.00 billion in outstanding shares. This repurchase authorization authorizes the information technology services provider to purchase up to 1.8% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s management believes its shares are undervalued.

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.