AssuredPartners Investment Advisors LLC has reduced its holdings in Accenture PLC (NYSE: ACN) by 12.5%, selling 133 shares during the second quarter of 2023. As a result, the firm now owns 932 shares of the information technology services provider, valued at approximately $279,000 based on its most recent Securities and Exchange Commission filing. This adjustment reflects broader trends as institutional investors reassess their positions in the tech sector.
In addition to AssuredPartners, other hedge funds have also modified their stakes in Accenture. Truist Financial Corp increased its holdings by 7.0%, acquiring an additional 28,685 shares, bringing its total to 436,202 shares worth $130.4 million. Redwood Investments LLC raised its stake by 6.2% in the first quarter, now owning 22,087 shares valued at about $6.9 million. Lipe & Dalton made a significant increase of 2,087.4%, now holding 5,031 shares worth $1.57 million, while PDS Planning Inc boosted its position by 34.7%, owning 4,055 shares valued at $1.2 million.
Mirae Asset Global Investments Co. Ltd. also increased its stake by 6.4%, now owning 70,887 shares worth $21.2 million. Together, institutional investors and hedge funds hold approximately 75.14% of Accenture’s stock.
Accenture’s Financial Performance and Dividend Announcement
As of last Friday, shares of Accenture opened at $238.46. The company has demonstrated solid financial metrics, including a quick ratio of 1.46 and a debt-to-equity ratio of 0.16. Over the past year, Accenture’s stock has fluctuated, reaching a low of $229.40 and a high of $398.35. The firm boasts a market capitalization of approximately $157.02 billion, a price-to-earnings (P/E) ratio of 19.63, and a beta of 1.28.
Furthermore, Accenture has announced a quarterly dividend of $1.63 per share, set to be distributed on November 14, 2023, to stockholders of record as of October 10, 2023. This dividend represents an increase from the previous quarterly distribution of $1.48, leading to an annualized dividend of $6.52 and a yield of 2.7%. Accenture’s payout ratio currently stands at 53.66%.
Analyst Ratings and Market Outlook
Recent reports from various brokerages highlight mixed opinions regarding Accenture’s stock. Evercore ISI set a price target of $280.00, while Deutsche Bank Aktiengesellschaft lowered its target from $260.00 to $235.00 and maintained a “hold” rating. Cowen reiterated a “buy” rating, while Jefferies Financial Group also restated a “hold” rating. HSBC took a more conservative stance, reducing its price objective from $240.00 to $215.00.
Overall, one analyst has rated the stock as a Strong Buy, fourteen have issued Buy ratings, ten have given it a Hold rating, and one analyst has assigned a Sell rating. MarketBeat data indicates an average rating of “Moderate Buy” with a consensus target price of $300.22.
Accenture PLC, a global professional services company, specializes in strategy and consulting, technology and operations, and various digital services. With a robust portfolio including application services, intelligent automation, and data analytics, Accenture continues to adapt to the evolving demands of the market.
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