Heritage Way Advisors LLC Reduces Position in Accenture plc (NYSE:ACN)

Heritage Way Advisors LLC cut its holdings in shares of Accenture plc (NYSE:ACN) by 0.3% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 13,954 shares of the information technology services provider’s stock after selling 42 shares during the quarter. Accenture makes up approximately 1.9% of Heritage Way Advisors LLC’s portfolio, making the stock its 13th largest holding. Heritage Way Advisors LLC’s holdings in Accenture were worth $4,464,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in ACN. GM Advisory Group Inc. lifted its position in Accenture by 1.4% during the second quarter. GM Advisory Group Inc. now owns 2,170 shares of the information technology services provider’s stock valued at $640,000 after buying an additional 31 shares during the period. Carolinas Wealth Consulting LLC raised its position in shares of Accenture by 1.8% in the 2nd quarter. Carolinas Wealth Consulting LLC now owns 1,797 shares of the information technology services provider’s stock worth $530,000 after purchasing an additional 31 shares during the last quarter. Kestra Private Wealth Services LLC raised its position in shares of Accenture by 0.3% in the 2nd quarter. Kestra Private Wealth Services LLC now owns 10,798 shares of the information technology services provider’s stock worth $3,183,000 after purchasing an additional 33 shares during the last quarter. Cullen Frost Bankers Inc. raised its position in shares of Accenture by 0.3% in the 2nd quarter. Cullen Frost Bankers Inc. now owns 12,744 shares of the information technology services provider’s stock worth $3,757,000 after purchasing an additional 34 shares during the last quarter. Finally, Mission Wealth Management LP raised its position in shares of Accenture by 1.3% in the 2nd quarter. Mission Wealth Management LP now owns 2,852 shares of the information technology services provider’s stock worth $841,000 after purchasing an additional 36 shares during the last quarter. 73.00% of the stock is currently owned by hedge funds and other institutional investors.

Several research firms have recently issued reports on ACN. Piper Sandler lifted their price target on Accenture from $302.00 to $354.00 and gave the stock a “neutral” rating in a research report on Friday, September 24th. Moffett Nathanson upgraded Accenture from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $338.06 to $405.00 in a report on Wednesday, September 22nd. They noted that the move was a valuation call. JPMorgan Chase & Co. lifted their price objective on Accenture from $308.00 to $364.00 and gave the stock an “overweight” rating in a report on Tuesday, August 17th. Cowen lifted their price objective on Accenture from $316.00 to $365.00 and gave the stock an “outperform” rating in a report on Wednesday, September 8th. They noted that the move was a valuation call. Finally, Deutsche Bank Aktiengesellschaft lifted their price objective on Accenture from $310.00 to $395.00 and gave the stock a “buy” rating in a report on Thursday, September 16th. Five investment analysts have rated the stock with a hold rating and twenty have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Accenture currently has a consensus rating of “Buy” and a consensus target price of $356.59.

ACN stock opened at $353.60 on Friday. Accenture plc has a twelve month low of $241.73 and a twelve month high of $374.92. The stock has a market cap of $223.53 billion, a P/E ratio of 38.64, a PEG ratio of 3.58 and a beta of 1.13. The business’s 50-day moving average price is $348.43 and its 200-day moving average price is $322.86.

Accenture (NYSE:ACN) last posted its quarterly earnings data on Wednesday, September 22nd. The information technology services provider reported $2.20 earnings per share for the quarter, beating the Zacks’ consensus estimate of $2.19 by $0.01. Accenture had a return on equity of 29.50% and a net margin of 11.69%. The firm had revenue of $13.42 billion for the quarter, compared to analysts’ expectations of $13.42 billion. During the same period in the previous year, the firm earned $1.70 EPS. The business’s quarterly revenue was up 23.8% on a year-over-year basis. As a group, equities analysts forecast that Accenture plc will post 10.12 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which was paid on Monday, November 15th. Investors of record on Thursday, October 14th were issued a $0.97 dividend. The ex-dividend date was Wednesday, October 13th. This is a boost from Accenture’s previous quarterly dividend of $0.88. This represents a $3.88 dividend on an annualized basis and a yield of 1.10%. Accenture’s payout ratio is currently 42.40%.

Accenture announced that its Board of Directors has initiated a stock buyback program on Thursday, September 23rd that permits the company to buyback $3.00 billion in outstanding shares. This buyback authorization permits the information technology services provider to purchase up to 1.5% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board of directors believes its shares are undervalued.

In other news, CFO Kathleen R. Mcclure sold 1,797 shares of the company’s stock in a transaction that occurred on Monday, October 25th. The stock was sold at an average price of $356.47, for a total transaction of $640,576.59. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Julie Spellman Sweet sold 5,602 shares of the company’s stock in a transaction that occurred on Monday, November 1st. The stock was sold at an average price of $354.33, for a total value of $1,984,956.66. The disclosure for this sale can be found here. Over the last three months, insiders sold 27,219 shares of company stock worth $9,512,564. 0.07% of the stock is owned by insiders.

About Accenture

Accenture Plc engages in the provision of management consulting, technology, and outsourcing services. It operates through the following geographical segments: North America, Europe and Growth Markets. The company was founded in 1989 and is headquartered in Dublin, Ireland.

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Institutional Ownership by Quarter for Accenture (NYSE:ACN)

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