Cabot Wealth Management Inc. Has $10.44 Million Stock Position in Accenture PLC (NYSE:ACN)

Cabot Wealth Management Inc. increased its position in Accenture PLC (NYSE:ACN - Free Report) by 2.9% during the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 33,441 shares of the information technology services provider's stock after buying an additional 955 shares during the period. Cabot Wealth Management Inc.'s holdings in Accenture were worth $10,435,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in ACN. FPC Investment Advisory Inc. boosted its position in Accenture by 62.2% during the fourth quarter. FPC Investment Advisory Inc. now owns 73 shares of the information technology services provider's stock worth $28,000 after purchasing an additional 28 shares during the period. Kohmann Bosshard Financial Services LLC bought a new stake in Accenture during the fourth quarter worth approximately $30,000. Mpwm Advisory Solutions LLC bought a new stake in Accenture during the fourth quarter worth approximately $30,000. Park Square Financial Group LLC bought a new stake in Accenture during the fourth quarter worth approximately $31,000. Finally, Promus Capital LLC bought a new stake in Accenture during the fourth quarter worth approximately $34,000. Institutional investors and hedge funds own 75.14% of the company's stock.

Accenture Stock Performance

ACN stock traded down $20.72 during midday trading on Friday, hitting $285.66. The stock had a trading volume of 11,638,670 shares, compared to its average volume of 2,930,074. The firm has a market capitalization of $178.92 billion, a price-to-earnings ratio of 22.74, a P/E/G ratio of 2.85 and a beta of 1.33. Accenture PLC has a 52 week low of $273.19 and a 52 week high of $398.35. The stock has a 50-day simple moving average of $306.98 and a 200 day simple moving average of $333.68. The company has a current ratio of 1.46, a quick ratio of 1.48 and a debt-to-equity ratio of 0.16.

Accenture (NYSE:ACN - Get Free Report) last released its quarterly earnings data on Friday, June 20th. The information technology services provider reported $3.49 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.32 by $0.17. Accenture had a return on equity of 26.55% and a net margin of 11.61%. The firm had revenue of $17.73 billion during the quarter, compared to analyst estimates of $17.26 billion. During the same period in the prior year, the company posted $3.13 earnings per share. The business's revenue for the quarter was up 7.7% compared to the same quarter last year. As a group, equities research analysts anticipate 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. Shareholders of record on Thursday, July 10th will be paid a dividend of $1.48 per share. This represents a $5.92 annualized dividend and a yield of 2.07%. Accenture's dividend payout ratio is currently 48.89%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on ACN shares. UBS Group reaffirmed a "buy" rating and set a $395.00 target price (up previously from $390.00) on shares of Accenture in a research report on Thursday, May 22nd. JPMorgan Chase & Co. increased their price objective on Accenture from $349.00 to $353.00 and gave the company an "overweight" rating in a research report on Monday, June 16th. Morgan Stanley reduced their price objective on Accenture from $372.00 to $340.00 and set an "equal weight" rating for the company in a research report on Thursday, June 12th. Guggenheim reduced their price objective on Accenture from $400.00 to $395.00 and set a "buy" rating for the company in a research report on Friday, March 21st. Finally, Benchmark reissued a "mixed" rating on shares of Accenture in a research report on Friday. Seven analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Accenture presently has a consensus rating of "Moderate Buy" and an average target price of $380.00.

Insiders Place Their Bets

In other news, insider Angela Beatty sold 169 shares of the firm's stock in a transaction on Friday, April 11th. The stock was sold at an average price of $281.90, for a total value of $47,641.10. Following the completion of the sale, the insider now directly owns 5,364 shares in the company, valued at approximately $1,512,111.60. This trade represents a 3.05% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, General Counsel Joel Unruch sold 3,563 shares of the firm's stock in a transaction on Friday, April 11th. The shares were sold at an average price of $281.78, for a total value of $1,003,982.14. Following the completion of the sale, the general counsel now owns 17,237 shares of the company's stock, valued at approximately $4,857,041.86. This trade represents a 17.13% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 8,516 shares of company stock worth $2,507,366 over the last three months. 0.02% of the stock is currently owned by corporate insiders.

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.