Assetmark Inc. Has $17.24 Million Stock Holdings in Accenture PLC (NYSE:ACN)

Key Points

• Assetmark Inc. reduced its holdings in Accenture PLC by 26.2% in Q1, totaling $17.24 million in value.
• Several large investors, including Cetera Investment Advisers and Carnegie Investment Counsel, have increased their stakes in Accenture recently, indicating growing institutional interest.
• Accenture announced a quarterly dividend of $1.48, representing a 2.09% dividend yield, highlighting the company's commitment to returning value to shareholders.

Assetmark Inc. decreased its stake in shares of Accenture PLC (NYSE:ACN - Free Report) by 26.2% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 55,259 shares of the information technology services provider's stock after selling 19,636 shares during the quarter. Assetmark Inc.'s holdings in Accenture were worth $17,243,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in the business. Lipe & Dalton increased its position in Accenture by 2,087.4% in the 1st quarter. Lipe & Dalton now owns 5,031 shares of the information technology services provider's stock valued at $1,570,000 after buying an additional 4,801 shares in the last quarter. Capital Research Global Investors grew its holdings in Accenture by 16.8% during the 4th quarter. Capital Research Global Investors now owns 12,295,748 shares of the information technology services provider's stock valued at $4,325,526,000 after buying an additional 1,770,024 shares in the last quarter. Alteri Wealth LLC bought a new stake in Accenture during the fourth quarter valued at $321,000. United Bank purchased a new position in shares of Accenture during the 1st quarter valued at about $758,000. Finally, Exchange Traded Concepts LLC raised its holdings in shares of Accenture by 62.2% during the first quarter. Exchange Traded Concepts LLC now owns 905 shares of the information technology services provider's stock valued at $282,000 after acquiring an additional 347 shares in the last quarter. 75.14% of the stock is owned by institutional investors and hedge funds.

Accenture Trading Down 0.8%

NYSE:ACN traded down $2.29 on Wednesday, reaching $276.61. The company's stock had a trading volume of 880,027 shares, compared to its average volume of 3,349,164. The business's 50-day moving average price is $300.93 and its two-hundred day moving average price is $321.07. Accenture PLC has a 1-year low of $273.19 and a 1-year high of $398.35. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.46 and a current ratio of 1.46. The firm has a market cap of $173.25 billion, a PE ratio of 22.02, a PEG ratio of 2.62 and a beta of 1.29.

Accenture (NYSE:ACN - Get Free Report) last posted its quarterly earnings data on Friday, June 20th. The information technology services provider reported $3.49 EPS for the quarter, beating the consensus estimate of $3.32 by $0.17. The business had revenue of $17.73 billion for the quarter, compared to analysts' expectations of $17.26 billion. Accenture had a net margin of 11.61% and a return on equity of 26.55%. The firm's revenue was up 7.7% compared to the same quarter last year. During the same period in the previous year, the firm posted $3.13 EPS. Equities research analysts anticipate that Accenture PLC will post 12.73 earnings per share for the current fiscal year.

Accenture Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 15th. Stockholders of record on Thursday, July 10th will be paid a dividend of $1.48 per share. The ex-dividend date is Thursday, July 10th. This represents a $5.92 annualized dividend and a dividend yield of 2.14%. Accenture's dividend payout ratio is presently 47.13%.

Insider Activity

In other news, insider Angela Beatty sold 203 shares of the firm's stock in a transaction that occurred on Friday, July 11th. The shares were sold at an average price of $282.34, for a total value of $57,315.02. Following the sale, the insider directly owned 5,249 shares in the company, valued at approximately $1,482,002.66. This trade represents a 3.72% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, COO John F. Walsh sold 2,500 shares of the stock in a transaction on Tuesday, May 13th. The shares were sold at an average price of $325.00, for a total value of $812,500.00. Following the completion of the sale, the chief operating officer owned 15,882 shares of the company's stock, valued at $5,161,650. The trade was a 13.60% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 5,454 shares of company stock valued at $1,646,780. Company insiders own 0.02% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts recently commented on the company. Barclays reduced their price objective on Accenture from $390.00 to $360.00 and set an "overweight" rating for the company in a report on Monday, June 23rd. Benchmark reiterated a "mixed" rating on shares of Accenture in a report on Friday, June 20th. Piper Sandler cut their target price on shares of Accenture from $364.00 to $355.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 16th. UBS Group reaffirmed a "buy" rating and set a $395.00 price objective (up previously from $390.00) on shares of Accenture in a research report on Thursday, May 22nd. Finally, Argus set a $370.00 price objective on Accenture in a report on Tuesday, June 24th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, fifteen have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $360.21.

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.