Cumberland Partners Ltd Sells 18,804 Shares of Accenture plc (NYSE:ACN)

Cumberland Partners Ltd decreased its holdings in shares of Accenture plc (NYSE:ACN - Free Report) by 70.0% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 8,065 shares of the information technology services provider's stock after selling 18,804 shares during the period. Cumberland Partners Ltd's holdings in Accenture were worth $2,851,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of ACN. Unique Wealth Strategies LLC bought a new position in Accenture during the second quarter valued at $26,000. Strategic Financial Concepts LLC purchased a new stake in Accenture in the second quarter valued at approximately $28,000. Mowery & Schoenfeld Wealth Management LLC increased its holdings in Accenture by 607.1% in the third quarter. Mowery & Schoenfeld Wealth Management LLC now owns 99 shares of the information technology services provider's stock valued at $35,000 after buying an additional 85 shares during the last quarter. Creekmur Asset Management LLC raised its holdings in shares of Accenture by 108.0% in the first quarter. Creekmur Asset Management LLC now owns 104 shares of the information technology services provider's stock valued at $36,000 after buying an additional 54 shares during the last quarter. Finally, Tsfg LLC grew its stake in shares of Accenture by 31.1% in the 2nd quarter. Tsfg LLC now owns 135 shares of the information technology services provider's stock valued at $41,000 after purchasing an additional 32 shares during the last quarter. Hedge funds and other institutional investors own 75.14% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on ACN shares. TD Cowen raised shares of Accenture from a "hold" rating to a "buy" rating and boosted their target price for the company from $321.00 to $400.00 in a research note on Monday, September 30th. Bank of America boosted their target price on Accenture from $365.00 to $388.00 and gave the company a "buy" rating in a research note on Friday, September 27th. Mizuho boosted their price target on Accenture from $352.00 to $365.00 and gave the company an "outperform" rating in a research note on Wednesday, September 18th. Barclays raised their price objective on shares of Accenture from $350.00 to $415.00 and gave the stock an "overweight" rating in a report on Monday, September 30th. Finally, Robert W. Baird boosted their price target on shares of Accenture from $350.00 to $370.00 and gave the stock a "neutral" rating in a research report on Friday, September 27th. Ten investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $368.23.

Insider Transactions at Accenture

In other news, CEO Ryoji Sekido sold 3,191 shares of the business's stock in a transaction that occurred on Monday, November 4th. The shares were sold at an average price of $343.70, for a total value of $1,096,746.70. Following the transaction, the chief executive officer now owns 6 shares in the company, valued at approximately $2,062.20. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, CEO Ryoji Sekido sold 3,191 shares of the company's stock in a transaction dated Monday, November 4th. The shares were sold at an average price of $343.70, for a total transaction of $1,096,746.70. Following the completion of the transaction, the chief executive officer now directly owns 6 shares of the company's stock, valued at approximately $2,062.20. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Julie Spellman Sweet sold 9,000 shares of the stock in a transaction on Monday, October 21st. The shares were sold at an average price of $376.16, for a total value of $3,385,440.00. Following the transaction, the chief executive officer now directly owns 20,324 shares in the company, valued at $7,645,075.84. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 36,298 shares of company stock worth $13,372,661. Company insiders own 0.07% of the company's stock.

Accenture Price Performance

Shares of Accenture stock traded up $3.34 on Tuesday, hitting $360.64. The company had a trading volume of 3,233,552 shares, compared to its average volume of 2,719,820. Accenture plc has a 52 week low of $278.69 and a 52 week high of $387.51. The company has a market cap of $225.46 billion, a PE ratio of 31.26, a PEG ratio of 3.11 and a beta of 1.25. The business has a 50-day simple moving average of $353.95 and a 200-day simple moving average of $325.80.

Accenture (NYSE:ACN - Get Free Report) last announced its quarterly earnings results on Thursday, September 26th. The information technology services provider reported $2.79 EPS for the quarter, beating the consensus estimate of $2.78 by $0.01. The company had revenue of $16.41 billion for the quarter, compared to the consensus estimate of $16.37 billion. Accenture had a return on equity of 26.83% and a net margin of 11.20%. The company's revenue for the quarter was up 2.6% compared to the same quarter last year. During the same quarter last year, the company posted $2.71 earnings per share. On average, equities research analysts predict that Accenture plc will post 12.77 earnings per share for the current fiscal year.

Accenture Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Thursday, October 10th will be paid a dividend of $1.48 per share. This represents a $5.92 dividend on an annualized basis and a dividend yield of 1.64%. This is an increase from Accenture's previous quarterly dividend of $1.29. The ex-dividend date is Thursday, October 10th. Accenture's dividend payout ratio is currently 51.79%.

Accenture declared that its board has authorized a share buyback program on Thursday, September 26th that authorizes the company to repurchase $4.00 billion in shares. This repurchase authorization authorizes the information technology services provider to reacquire up to 1.8% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company's leadership believes its shares are undervalued.

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.