Cornerstone Wealth Group LLC Has $10.43 Million Stock Position in Accenture PLC (NYSE:ACN)

Cornerstone Wealth Group LLC lifted its stake in Accenture PLC (NYSE:ACN - Free Report) by 82.0% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 33,431 shares of the information technology services provider's stock after acquiring an additional 15,062 shares during the period. Cornerstone Wealth Group LLC's holdings in Accenture were worth $10,432,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of ACN. Capital Research Global Investors lifted its position in shares of Accenture by 16.8% in the 4th quarter. Capital Research Global Investors now owns 12,295,748 shares of the information technology services provider's stock worth $4,325,526,000 after acquiring an additional 1,770,024 shares during the period. Alteri Wealth LLC acquired a new position in shares of Accenture in the 4th quarter valued at $321,000. Proficio Capital Partners LLC lifted its holdings in shares of Accenture by 47.6% during the 4th quarter. Proficio Capital Partners LLC now owns 2,446 shares of the information technology services provider's stock worth $861,000 after acquiring an additional 789 shares during the period. Exchange Traded Concepts LLC grew its stake in shares of Accenture by 62.2% in the 1st quarter. Exchange Traded Concepts LLC now owns 905 shares of the information technology services provider's stock valued at $282,000 after purchasing an additional 347 shares during the period. Finally, Renaissance Technologies LLC acquired a new position in shares of Accenture in the 4th quarter worth approximately $317,000. Institutional investors own 75.14% of the company's stock.

Accenture Stock Down 2.0%

Shares of NYSE:ACN traded down $6.01 during midday trading on Wednesday, reaching $294.71. 3,164,347 shares of the company were exchanged, compared to its average volume of 2,943,222. The firm has a market cap of $184.59 billion, a PE ratio of 23.46, a P/E/G ratio of 2.94 and a beta of 1.33. The company has a quick ratio of 1.48, a current ratio of 1.46 and a debt-to-equity ratio of 0.16. Accenture PLC has a fifty-two week low of $273.19 and a fifty-two week high of $398.35. The stock has a fifty day simple moving average of $307.33 and a two-hundred day simple moving average of $332.81.

Accenture (NYSE:ACN - Get Free Report) last announced its earnings results on Friday, June 20th. The information technology services provider reported $3.49 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $3.32 by $0.17. Accenture had a return on equity of 26.55% and a net margin of 11.61%. The business had revenue of $17.73 billion for the quarter, compared to analyst estimates of $17.26 billion. During the same quarter last year, the firm earned $3.13 EPS. Accenture's revenue for the quarter was up 7.7% compared to the same quarter last year. As a group, sell-side analysts forecast that Accenture PLC will post 12.73 earnings per share for the current year.

Accenture Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 15th. Stockholders of record on Thursday, July 10th will be issued a $1.48 dividend. This represents a $5.92 annualized dividend and a dividend yield of 2.01%. The ex-dividend date is Thursday, July 10th. Accenture's payout ratio is 47.13%.

Insider Activity at Accenture

In other news, CEO Julie Spellman Sweet sold 2,284 shares of the company's stock in a transaction dated Friday, April 11th. The shares were sold at an average price of $281.63, for a total value of $643,242.92. Following the sale, the chief executive officer now directly owns 9,965 shares of the company's stock, valued at approximately $2,806,442.95. This represents a 18.65% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO John F. Walsh sold 2,500 shares of Accenture stock in a transaction dated Tuesday, May 13th. The stock was sold at an average price of $325.00, for a total value of $812,500.00. Following the transaction, the chief operating officer now owns 15,882 shares of the company's stock, valued at $5,161,650. The trade was a 13.60% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 8,516 shares of company stock valued at $2,507,366. 0.02% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on ACN. Stifel Nicolaus lowered their price target on Accenture from $390.00 to $380.00 and set a "buy" rating on the stock in a research report on Wednesday, February 26th. JPMorgan Chase & Co. lifted their target price on shares of Accenture from $349.00 to $353.00 and gave the company an "overweight" rating in a research note on Monday, June 16th. Baird R W upgraded Accenture from a "hold" rating to a "strong-buy" rating in a research report on Monday, March 17th. Robert W. Baird upgraded Accenture from a "neutral" rating to an "outperform" rating and set a $390.00 target price for the company in a research note on Monday, March 17th. Finally, Barclays decreased their price target on shares of Accenture from $390.00 to $360.00 and set an "overweight" rating on the stock in a research note on Monday. Seven research analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Accenture presently has a consensus rating of "Moderate Buy" and a consensus target price of $370.75.

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.