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Accenture Plc (NYSE:ACN) Is Pegasus Asset Management Inc.'s 7th Largest Position

Financial News Live · Feb 1, 2023 15:51

Pegasus Asset Management Inc. reduced its position in shares of Accenture plc (NYSE:ACN – Get Rating) by 1.2% in the 3rd quarter, HoldingsChannel reports. The institutional investor owned 17,924 shares of the information technology services provider's stock after selling 216 shares during the period. Accenture makes up about 2.6% of Pegasus Asset Management Inc.'s portfolio, making the stock its 7th biggest holding. Pegasus Asset Management Inc.'s holdings in Accenture were worth $4,612,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of ACN. Tsfg LLC boosted its holdings in Accenture by 108.7% in the third quarter. Tsfg LLC now owns 96 shares of the information technology services provider's stock valued at $25,000 after purchasing an additional 50 shares during the period. Schubert & Co boosted its holdings in Accenture by 71.6% in the second quarter. Schubert & Co now owns 115 shares of the information technology services provider's stock valued at $32,000 after purchasing an additional 48 shares during the period. Norwood Financial Corp purchased a new position in Accenture in the third quarter valued at $32,000. Cowa LLC acquired a new stake in Accenture in the third quarter valued at $37,000. Finally, Financial Connections Group Inc. raised its stake in Accenture by 88.2% in the second quarter. Financial Connections Group Inc. now owns 160 shares of the information technology services provider's stock valued at $44,000 after buying an additional 75 shares in the last quarter. 73.97% of the stock is currently owned by hedge funds and other institutional investors.

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Accenture Stock Performance

ACN stock traded down $1.94 on Wednesday, reaching $277.11. The company had a trading volume of 117,737 shares, compared to its average volume of 2,151,354. Accenture plc has a 1 year low of $242.95 and a 1 year high of $360.10. The company's fifty day moving average is $279.00 and its 200 day moving average is $282.25. The company has a market cap of $174.65 billion, a P/E ratio of 25.35, a PEG ratio of 2.52 and a beta of 1.23.

Accenture (NYSE:ACN – Get Rating) last posted its earnings results on Friday, December 16th. The information technology services provider reported $3.08 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.91 by $0.17. Accenture had a return on equity of 31.49% and a net margin of 11.31%. The firm had revenue of $15.75 billion for the quarter, compared to analyst estimates of $15.58 billion. On average, sell-side analysts predict that Accenture plc will post 11.46 earnings per share for the current year.

Accenture Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, February 15th. Shareholders of record on Tuesday, January 10th will be issued a $1.12 dividend. The ex-dividend date is Wednesday, January 11th. This represents a $4.48 annualized dividend and a yield of 1.62%. Accenture's dividend payout ratio (DPR) is presently 40.69%.

Insider Buying and Selling at Accenture

In other Accenture news, CEO Julie Spellman Sweet sold 8,600 shares of the business's stock in a transaction on Friday, November 4th. The stock was sold at an average price of $259.42, for a total value of $2,231,012.00. Following the completion of the transaction, the chief executive officer now directly owns 27,559 shares in the company, valued at approximately $7,149,355.78. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, CEO Julie Spellman Sweet sold 8,600 shares of the company's stock in a transaction on Friday, November 4th. The stock was sold at an average price of $259.42, for a total transaction of $2,231,012.00. Following the completion of the sale, the chief executive officer now directly owns 27,559 shares in the company, valued at approximately $7,149,355.78. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CAO Melissa A. Burgum sold 1,027 shares of the company's stock in a transaction on Friday, January 13th. The stock was sold at an average price of $280.99, for a total value of $288,576.73. Following the sale, the chief accounting officer now owns 11,467 shares of the company's stock, valued at $3,222,112.33. The disclosure for this sale can be found here. In the last three months, insiders sold 47,615 shares of company stock worth $13,115,191. Insiders own 0.08% of the company's stock.

Analysts Set New Price Targets

A number of analysts have weighed in on ACN shares. Jefferies Financial Group cut their price target on Accenture from $290.00 to $279.00 in a research note on Monday, December 19th. Piper Sandler cut Accenture from a "neutral" rating to an "underweight" rating and set a $268.00 price target on the stock. in a research note on Monday, December 12th. StockNews.com upgraded Accenture from a "hold" rating to a "buy" rating in a research note on Thursday, January 12th. JPMorgan Chase & Co. lifted their target price on Accenture from $306.00 to $327.00 in a research report on Thursday, December 15th. Finally, Cowen lifted their target price on Accenture from $295.00 to $300.00 in a research report on Monday, December 19th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and ten have given a buy rating to the company's stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $324.79.

About Accenture

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Accenture Plc engages in the provision of management consulting, technology, and outsourcing services. It operates through the following geographical segments: North America, Europe and Growth Markets. The company was founded in 1989 and is headquartered in Dublin, Ireland.