Concurrent Investment Advisors LLC Boosts Holdings in Accenture plc (NYSE:ACN)

Concurrent Investment Advisors LLC boosted its stake in Accenture plc (NYSE:ACN - Free Report) by 70.6% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 35,591 shares of the information technology services provider's stock after purchasing an additional 14,724 shares during the quarter. Concurrent Investment Advisors LLC's holdings in Accenture were worth $12,581,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of the stock. Umpqua Bank lifted its stake in Accenture by 9.3% in the 3rd quarter. Umpqua Bank now owns 4,171 shares of the information technology services provider's stock worth $1,474,000 after purchasing an additional 355 shares in the last quarter. Foster & Motley Inc. lifted its stake in Accenture by 4.0% in the 3rd quarter. Foster & Motley Inc. now owns 17,348 shares of the information technology services provider's stock worth $6,132,000 after purchasing an additional 662 shares in the last quarter. Benchmark Financial Wealth Advisors LLC bought a new stake in shares of Accenture in the 3rd quarter worth about $202,000. Radnor Capital Management LLC increased its holdings in shares of Accenture by 21.6% in the 3rd quarter. Radnor Capital Management LLC now owns 22,131 shares of the information technology services provider's stock worth $7,823,000 after buying an additional 3,930 shares during the last quarter. Finally, Catalina Capital Group LLC increased its holdings in shares of Accenture by 14.3% in the 3rd quarter. Catalina Capital Group LLC now owns 2,514 shares of the information technology services provider's stock worth $889,000 after buying an additional 314 shares during the last quarter. Hedge funds and other institutional investors own 75.14% of the company's stock.

Insider Activity at Accenture

In other news, CAO Melissa A. Burgum sold 458 shares of Accenture stock in a transaction on Thursday, October 17th. The stock was sold at an average price of $373.25, for a total value of $170,948.50. Following the completion of the sale, the chief accounting officer now owns 9,777 shares of the company's stock, valued at $3,649,265.25. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, CAO Melissa A. Burgum sold 458 shares of the business's stock in a transaction on Thursday, October 17th. The shares were sold at an average price of $373.25, for a total transaction of $170,948.50. Following the completion of the sale, the chief accounting officer now directly owns 9,777 shares of the company's stock, valued at $3,649,265.25. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Angela Beatty sold 673 shares of the stock in a transaction on Tuesday, October 22nd. The stock was sold at an average price of $372.18, for a total value of $250,477.14. Following the completion of the transaction, the insider now directly owns 5,650 shares in the company, valued at $2,102,817. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 36,298 shares of company stock valued at $13,372,661. Company insiders own 0.07% of the company's stock.

Accenture Price Performance

Shares of NYSE:ACN traded up $10.64 during trading on Wednesday, hitting $356.13. 2,967,702 shares of the company were exchanged, compared to its average volume of 2,720,781. The stock has a market capitalization of $222.64 billion, a P/E ratio of 31.16, a PEG ratio of 3.02 and a beta of 1.25. The firm's 50 day moving average price is $352.96 and its 200-day moving average price is $324.80. Accenture plc has a 12-month low of $278.69 and a 12-month high of $387.51.

Accenture (NYSE:ACN - Get Free Report) last announced its quarterly earnings data on Thursday, September 26th. The information technology services provider reported $2.79 EPS for the quarter, topping analysts' consensus estimates 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 the consensus estimate of $16.37 billion. During the same quarter in the prior year, the firm earned $2.71 EPS. Accenture's quarterly revenue was up 2.6% on a year-over-year basis. As a group, equities research analysts anticipate that Accenture plc will post 12.77 EPS for the current year.

Accenture declared that its board has approved a stock buyback plan on Thursday, September 26th that allows the company to repurchase $4.00 billion in outstanding shares. This repurchase authorization allows the information technology services provider to buy up to 1.8% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company's board believes its stock is undervalued.

Accenture Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Thursday, October 10th will be given a $1.48 dividend. This represents a $5.92 dividend on an annualized basis and a dividend yield of 1.66%. The ex-dividend date of this dividend is Thursday, October 10th. This is a positive change from Accenture's previous quarterly dividend of $1.29. Accenture's payout ratio is currently 51.79%.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on ACN. Piper Sandler Companies restated a "neutral" rating and issued a $329.00 target price on shares of Accenture in a report on Friday, September 20th. Mizuho boosted their target price on shares of Accenture from $352.00 to $365.00 and gave the stock an "outperform" rating in a report on Wednesday, September 18th. JPMorgan Chase & Co. reduced their target price on shares of Accenture from $376.00 to $370.00 and set an "overweight" rating on the stock in a report on Tuesday, September 24th. UBS Group boosted their target price on shares of Accenture from $400.00 to $415.00 and gave the stock a "buy" rating in a report on Friday, September 27th. Finally, TD Cowen upgraded shares of Accenture from a "hold" rating to a "buy" rating and upped their price target for the company from $321.00 to $400.00 in a report on Monday, September 30th. Ten equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $368.23.

Accenture Company 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.