Connecticut Wealth Management LLC Sells 4,163 Shares of Accenture PLC $ACN

Connecticut Wealth Management LLC trimmed its position in shares of Accenture PLC (NYSE:ACN) by 39.7% during the fourth quarter, HoldingsChannel reports. The firm owned 6,312 shares of the information technology services provider’s stock after selling 4,163 shares during the quarter. Connecticut Wealth Management LLC’s holdings in Accenture were worth $1,694,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Aviva PLC raised its holdings in shares of Accenture by 4.1% during the fourth quarter. Aviva PLC now owns 633,069 shares of the information technology services provider’s stock worth $169,852,000 after acquiring an additional 25,214 shares during the period. Banco BTG Pactual S.A. acquired a new stake in shares of Accenture during the fourth quarter worth $1,985,000. RKL Wealth Management LLC acquired a new stake in shares of Accenture during the fourth quarter worth $210,000. Investment Research Partners LLC raised its holdings in shares of Accenture by 14.0% during the fourth quarter. Investment Research Partners LLC now owns 3,046 shares of the information technology services provider’s stock worth $817,000 after acquiring an additional 374 shares during the period. Finally, Caerus Investment Advisors LLC raised its holdings in shares of Accenture by 65.1% during the fourth quarter. Caerus Investment Advisors LLC now owns 4,282 shares of the information technology services provider’s stock worth $1,149,000 after acquiring an additional 1,688 shares during the period. 75.14% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on the stock. Morgan Stanley dropped their price objective on shares of Accenture from $320.00 to $240.00 and set an “overweight” rating on the stock in a report on Monday, March 16th. Stifel Nicolaus dropped their price objective on shares of Accenture from $315.00 to $270.00 and set a “buy” rating on the stock in a report on Wednesday, June 3rd. Truist Financial lowered shares of Accenture from a “buy” rating to a “hold” rating and dropped their price objective for the stock from $260.00 to $210.00 in a report on Monday, June 1st. TD Cowen dropped their price objective on shares of Accenture from $282.00 to $258.00 and set a “buy” rating on the stock in a report on Monday. Finally, Mizuho lowered their price target on shares of Accenture from $309.00 to $280.00 and set an “outperform” rating on the stock in a research note on Monday, March 23rd. Seventeen equities research analysts have rated the stock with a Buy rating and ten have given a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $259.89.

Insider Buying and Selling at Accenture

In other news, CEO Atsushi Egawa sold 4,872 shares of the business’s stock in a transaction dated Thursday, April 30th. The shares were sold at an average price of $177.14, for a total transaction of $863,026.08. Following the transaction, the chief executive officer directly owned 12,802 shares in the company, valued at $2,267,746.28. The trade was a 27.57% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.02% of the stock is owned by corporate insiders.

Accenture Stock Down 1.6%

Shares of ACN stock opened at $167.69 on Friday. The company has a current ratio of 1.34, a quick ratio of 1.34 and a debt-to-equity ratio of 0.16. Accenture PLC has a 1 year low of $155.82 and a 1 year high of $318.62. The firm’s fifty day moving average price is $182.33 and its two-hundred day moving average price is $222.20. The firm has a market capitalization of $111.59 billion, a P/E ratio of 13.73, a PEG ratio of 1.62 and a beta of 1.08.

Accenture (NYSE:ACN) last issued its quarterly earnings results on Friday, March 20th. The information technology services provider reported $2.93 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.84 by $0.09. Accenture had a net margin of 10.61% and a return on equity of 26.33%. The firm had revenue of $18.04 billion for the quarter, compared to analyst estimates of $17.80 billion. During the same period in the previous year, the business earned $2.82 EPS. The company’s revenue was up 7.8% compared to the same quarter last year. On average, equities analysts predict that Accenture PLC will post 13.87 EPS for the current fiscal year.

Accenture Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, May 15th. Stockholders of record on Thursday, April 9th were paid a dividend of $1.63 per share. The ex-dividend date was Thursday, April 9th. This represents a $6.52 annualized dividend and a dividend yield of 3.9%. Accenture’s payout ratio is currently 53.40%.

About Accenture

Accenture is a global professional services company that provides a broad range of services and solutions in strategy, consulting, digital, technology and operations. The firm works with organizations across industries to design and implement business transformation programs, deploy and manage enterprise technology, optimize operations, and develop customer and digital experiences. Its offerings encompass management and technology consulting, systems integration, application and infrastructure services, cloud migration and managed services, as well as security and analytics capabilities.

The company delivers industry- and function-specific solutions, combining consulting expertise with proprietary tools, platforms and partnerships with major technology vendors.