CIBC Private Wealth Group LLC Sells 3,255 Shares of Accenture plc (NYSE:ACN)

CIBC Private Wealth Group LLC cut its stake in Accenture plc (NYSE:ACN - Free Report) by 1.4% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 230,075 shares of the information technology services provider's stock after selling 3,255 shares during the period. CIBC Private Wealth Group LLC's holdings in Accenture were worth $82,305,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of ACN. Morse Asset Management Inc acquired a new stake in Accenture in the third quarter worth about $25,000. FPC Investment Advisory Inc. lifted its stake in shares of Accenture by 62.2% in the 4th quarter. FPC Investment Advisory Inc. now owns 73 shares of the information technology services provider's stock worth $28,000 after acquiring an additional 28 shares during the period. Kohmann Bosshard Financial Services LLC acquired a new stake in Accenture in the fourth quarter worth approximately $30,000. POM Investment Strategies LLC increased its position in shares of Accenture by 64.2% during the 4th quarter. POM Investment Strategies LLC now owns 87 shares of the information technology services provider's stock valued at $31,000 after purchasing an additional 34 shares during the period. Finally, Retirement Wealth Solutions LLC bought a new stake in shares of Accenture in the 4th quarter worth $34,000. Institutional investors own 75.14% of the company's stock.

Insider Activity

In related news, CEO Julie Spellman Sweet sold 8,793 shares of Accenture stock in a transaction on Wednesday, February 5th. The shares were sold at an average price of $394.47, for a total value of $3,468,574.71. Following the transaction, the chief executive officer now owns 11,858 shares in the company, valued at $4,677,625.26. This trade represents a 42.58 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CAO Melissa A. Burgum sold 232 shares of the firm's stock in a transaction dated Wednesday, February 5th. The shares were sold at an average price of $394.46, for a total value of $91,514.72. Following the completion of the sale, the chief accounting officer now directly owns 8,915 shares in the company, valued at approximately $3,516,610.90. This represents a 2.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 21,905 shares of company stock valued at $8,181,753 over the last 90 days. 0.02% of the stock is currently owned by company insiders.

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Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the company. JPMorgan Chase & Co. lifted their target price on Accenture from $370.00 to $396.00 and gave the stock an "overweight" rating in a report on Monday, December 16th. The Goldman Sachs Group raised shares of Accenture from a "neutral" rating to a "buy" rating and lifted their price objective for the stock from $370.00 to $420.00 in a research note on Friday, December 6th. StockNews.com lowered shares of Accenture from a "buy" rating to a "hold" rating in a research note on Tuesday, March 11th. Mizuho decreased their price target on shares of Accenture from $428.00 to $398.00 and set an "outperform" rating on the stock in a research report on Wednesday, March 19th. Finally, Piper Sandler cut their price objective on Accenture from $396.00 to $364.00 and set an "overweight" rating for the company in a research report on Thursday, March 20th. Eight research analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Accenture has a consensus rating of "Moderate Buy" and an average target price of $378.23.

Accenture Stock Down 4.0 %

ACN stock traded down $12.65 during trading hours on Thursday, hitting $303.68. The company's stock had a trading volume of 2,200,385 shares, compared to its average volume of 2,934,562. The company has a market capitalization of $190.20 billion, a PE ratio of 25.52, a price-to-earnings-growth ratio of 3.23 and a beta of 1.24. The stock has a 50 day moving average price of $352.46 and a two-hundred day moving average price of $355.28. The company has a quick ratio of 1.47, a current ratio of 1.47 and a debt-to-equity ratio of 0.17. Accenture plc has a 12 month low of $278.69 and a 12 month high of $398.35.

Accenture (NYSE:ACN - Get Free Report) last posted its earnings results on Thursday, March 20th. The information technology services provider reported $2.82 earnings per share for the quarter, beating the consensus estimate of $2.81 by $0.01. The company had revenue of $16.70 billion for the quarter, compared to analyst estimates of $16.64 billion. Accenture had a return on equity of 26.91% and a net margin of 11.41%. The business's revenue was up 5.7% compared to the same quarter last year. During the same period last year, the company earned $2.77 earnings per share. On average, equities research analysts expect that Accenture plc will post 12.73 earnings per share for the current year.

Accenture Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, May 15th. Shareholders of record on Thursday, April 10th will be given a dividend of $1.48 per share. The ex-dividend date of this dividend is Thursday, April 10th. This represents a $5.92 dividend on an annualized basis and a yield of 1.95%. Accenture's payout ratio is currently 48.89%.

About Accenture

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.