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Cumberland Partners Ltd Grows Stock Position in Accenture PLC (NYSE:ACN)

Accenture logo with Computer and Technology background

Key Points

  • Cumberland Partners Ltd has increased its holdings in Accenture PLC by 58.9%, acquiring an additional 7,725 shares to reach a total of 20,850 shares valued at approximately $6.5 million.
  • Accenture recently reported earnings of $3.49 per share for the last quarter, surpassing estimates and showing a 7.7% year-over-year revenue growth, with total revenue reaching $17.73 billion.
  • The company declared a quarterly dividend of $1.48 per share, equating to an annual yield of 2.3%, which will be paid to shareholders on August 15th.
  • MarketBeat previews top five stocks to own in September.

Cumberland Partners Ltd lifted its stake in shares of Accenture PLC (NYSE:ACN - Free Report) by 58.9% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 20,850 shares of the information technology services provider's stock after acquiring an additional 7,725 shares during the quarter. Cumberland Partners Ltd's holdings in Accenture were worth $6,506,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also added to or reduced their stakes in the company. Brighton Jones LLC grew its stake in Accenture by 36.2% in the fourth quarter. Brighton Jones LLC now owns 18,438 shares of the information technology services provider's stock valued at $6,486,000 after acquiring an additional 4,905 shares during the period. Nicolet Advisory Services LLC grew its stake in Accenture by 20.3% in the fourth quarter. Nicolet Advisory Services LLC now owns 2,481 shares of the information technology services provider's stock valued at $868,000 after acquiring an additional 418 shares during the period. Westpac Banking Corp grew its stake in Accenture by 8.0% in the fourth quarter. Westpac Banking Corp now owns 1,827 shares of the information technology services provider's stock valued at $643,000 after acquiring an additional 136 shares during the period. World Investment Advisors grew its stake in Accenture by 23.6% in the fourth quarter. World Investment Advisors now owns 13,992 shares of the information technology services provider's stock valued at $4,922,000 after acquiring an additional 2,672 shares during the period. Finally, Arete Wealth Advisors LLC grew its stake in Accenture by 7.5% in the fourth quarter. Arete Wealth Advisors LLC now owns 1,882 shares of the information technology services provider's stock valued at $662,000 after acquiring an additional 131 shares during the period. Institutional investors and hedge funds own 75.14% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the company. Deutsche Bank Aktiengesellschaft assumed coverage on Accenture in a research report on Thursday, July 17th. They set a "hold" rating and a $290.00 target price on the stock. Morgan Stanley cut their target price on Accenture from $340.00 to $325.00 and set an "equal weight" rating on the stock in a research report on Tuesday, June 24th. Argus set a $370.00 target price on Accenture in a research report on Tuesday, June 24th. BMO Capital Markets cut their target price on Accenture from $355.00 to $325.00 and set a "market perform" rating on the stock in a research report on Monday, June 23rd. Finally, Hsbc Global Res raised Accenture to a "moderate sell" rating in a research report on Monday, July 28th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, fifteen have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $360.21.

Read Our Latest Stock Analysis on Accenture

Accenture Stock Down 4.5%

Accenture stock traded down $11.92 during mid-day trading on Friday, reaching $255.18. 6,041,752 shares of the company were exchanged, compared to its average volume of 3,832,535. The business has a fifty day moving average of $297.98 and a 200 day moving average of $319.10. 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 $159.83 billion, a P/E ratio of 20.32, a PEG ratio of 2.32 and a beta of 1.29. Accenture PLC has a 12-month low of $254.20 and a 12-month high of $398.35.

Accenture (NYSE:ACN - Get Free Report) last posted its earnings results on Friday, June 20th. The information technology services provider reported $3.49 earnings per share for the quarter, topping 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 company had revenue of $17.73 billion during the quarter, compared to analyst estimates of $17.26 billion. During the same quarter in the prior year, the business earned $3.13 earnings per share. Accenture's revenue was up 7.7% on a year-over-year basis. Research analysts anticipate that Accenture PLC will post 12.73 earnings per share for the current fiscal year.

Accenture Announces Dividend

The firm 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 dividend of $1.48 per share. This represents a $5.92 annualized dividend and a dividend yield of 2.3%. The ex-dividend date is Thursday, July 10th. Accenture's dividend payout ratio is currently 47.13%.

Insiders Place Their Bets

In related news, CEO Mauro Macchi sold 500 shares of the company's stock in a transaction on Friday, July 11th. The stock was sold at an average price of $282.34, for a total value of $141,170.00. Following the transaction, the chief executive officer directly owned 2,283 shares of the company's stock, valued at $644,582.22. This represents a 17.97% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Angela Beatty sold 203 shares of the firm's stock in a transaction on Friday, July 11th. The stock was sold at an average price of $282.34, for a total value of $57,315.02. Following the completion of the transaction, the insider owned 5,249 shares of the company's stock, valued at $1,482,002.66. This trade represents a 3.72% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 5,454 shares of company stock worth $1,646,780. 0.02% of the stock is currently owned by company insiders.

Accenture Profile

(Free Report)

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.

Further Reading

Institutional Ownership by Quarter for Accenture (NYSE:ACN)

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