West Michigan Advisors LLC Reduces Stock Position in Accenture plc (NYSE:ACN)

West Michigan Advisors LLC reduced its stake in Accenture plc (NYSE:ACN) by 2.8% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,519 shares of the information technology services provider’s stock after selling 43 shares during the period. West Michigan Advisors LLC’s holdings in Accenture were worth $534,000 at the end of the most recent reporting period.

Other large investors have also bought and sold shares of the company. Morse Asset Management Inc bought a new stake in Accenture during the 3rd quarter valued at approximately $25,000. FPC Investment Advisory Inc. boosted its position in Accenture by 62.2% during the 4th quarter. FPC Investment Advisory Inc. now owns 73 shares of the information technology services provider’s stock valued at $28,000 after acquiring an additional 28 shares in the last quarter. MidAtlantic Capital Management Inc. bought a new stake in Accenture during the 3rd quarter valued at approximately $30,000. POM Investment Strategies LLC boosted its position in 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 acquiring an additional 34 shares in the last quarter. Finally, Retirement Wealth Solutions LLC bought a new stake in Accenture during the 4th quarter valued at approximately $34,000. 75.14% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on ACN shares. Wolfe Research raised Accenture from a “peer perform” rating to an “outperform” rating and set a $425.00 price objective on the stock in a research report on Wednesday, January 8th. Robert W. Baird reiterated a “neutral” rating and set a $370.00 target price on shares of Accenture in a report on Tuesday, December 3rd. Morgan Stanley lifted their target price on shares of Accenture from $335.00 to $380.00 and gave the company an “equal weight” rating in a report on Friday, January 31st. JPMorgan Chase & Co. lifted their target price on shares of Accenture from $370.00 to $396.00 and gave the company an “overweight” rating in a report on Monday, December 16th. Finally, BMO Capital Markets lifted their target price on shares of Accenture from $390.00 to $425.00 and gave the company a “market perform” rating in a report on Friday, December 20th. Eight analysts have rated the stock with a hold rating and sixteen have given a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $388.96.

Accenture Trading Down 2.4 %

NYSE:ACN opened at $348.28 on Friday. The company has a current ratio of 1.47, a quick 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. The company has a market cap of $217.95 billion, a PE ratio of 29.22, a price-to-earnings-growth ratio of 3.23 and a beta of 1.24. The company has a 50 day simple moving average of $367.28 and a two-hundred day simple moving average of $357.56.

Accenture (NYSE:ACN) last posted its earnings results on Thursday, December 19th. The information technology services provider reported $3.59 EPS for the quarter, topping analysts’ consensus estimates of $3.43 by $0.16. Accenture had a net margin of 11.41% and a return on equity of 26.91%. The business had revenue of $17.69 billion during the quarter, compared to the consensus estimate of $17.15 billion. During the same quarter in the previous year, the firm posted $3.27 EPS. The firm’s revenue was up 9.0% on a year-over-year basis. Research analysts forecast that Accenture plc will post 12.73 earnings per share for the current year.

Insider Activity

In other news, CEO Julie Spellman Sweet sold 2,497 shares of the business’s stock in a transaction on Friday, January 17th. The shares were sold at an average price of $354.48, for a total transaction of $885,136.56. Following the completion of the sale, the chief executive officer now owns 28,866 shares of the company’s stock, valued at $10,232,419.68. The trade was a 7.96 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CAO Melissa A. Burgum sold 232 shares of the business’s stock in a transaction on Wednesday, February 5th. The shares were sold at an average price of $394.46, for a total transaction of $91,514.72. Following the sale, the chief accounting officer now directly owns 8,915 shares of the company’s stock, valued at approximately $3,516,610.90. The trade was a 2.54 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 22,280 shares of company stock valued at $8,316,190 in the last 90 days. Company insiders own 0.02% of the company’s stock.

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.