Fifth Third Bancorp Trims Position in Accenture PLC $ACN

Key Points

• Fifth Third Bancorp reduced its stake in Accenture PLC by 2.9%, owning approximately 369,590 shares valued at $110.47 million after selling 11,130 shares in the second quarter.
• Accenture's stock experienced a 2.0% decline, with shares opening at $235.20, and its market cap currently stands at $147.32 billion.
• Recent analyst ratings show mixed sentiments for Accenture, with price targets being cut by Barclays and Stifel Nicolaus, while the consensus rating remains a "Moderate Buy" with a target price of $329.52.

Fifth Third Bancorp lessened its stake in shares of Accenture PLC (NYSE:ACN - Free Report) by 2.9% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 369,590 shares of the information technology services provider's stock after selling 11,130 shares during the quarter. Fifth Third Bancorp owned about 0.06% of Accenture worth $110,467,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the stock. Sheets Smith Wealth Management grew its holdings in Accenture by 0.8% during the 2nd quarter. Sheets Smith Wealth Management now owns 19,075 shares of the information technology services provider's stock valued at $5,701,000 after buying an additional 143 shares in the last quarter. Town & Country Bank & Trust CO dba First Bankers Trust CO grew its holdings in shares of Accenture by 5.2% during the second quarter. Town & Country Bank & Trust CO dba First Bankers Trust CO now owns 9,263 shares of the information technology services provider's stock worth $2,769,000 after purchasing an additional 461 shares in the last quarter. Bfsg LLC grew its holdings in shares of Accenture by 2.9% during the second quarter. Bfsg LLC now owns 18,906 shares of the information technology services provider's stock worth $5,651,000 after purchasing an additional 528 shares in the last quarter. Alpha Omega Wealth Management LLC grew its holdings in shares of Accenture by 1.3% during the second quarter. Alpha Omega Wealth Management LLC now owns 5,812 shares of the information technology services provider's stock worth $1,737,000 after purchasing an additional 77 shares in the last quarter. Finally, Wealth Advisory Solutions LLC grew its holdings in shares of Accenture by 1.9% during the second quarter. Wealth Advisory Solutions LLC now owns 14,258 shares of the information technology services provider's stock worth $4,262,000 after purchasing an additional 265 shares in the last quarter. Hedge funds and other institutional investors own 75.14% of the company's stock.

Accenture Stock Down 2.0%

Shares of ACN opened at $235.20 on Wednesday. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.46 and a quick ratio of 1.46. Accenture PLC has a 1 year low of $234.10 and a 1 year high of $398.35. The stock has a 50 day simple moving average of $256.10 and a two-hundred day simple moving average of $287.94. The firm has a market cap of $147.32 billion, a P/E ratio of 18.73, a P/E/G ratio of 2.07 and a beta of 1.29.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on ACN. Barclays cut 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. Stifel Nicolaus cut their price objective on Accenture from $355.00 to $315.00 and set a "buy" rating for the company in a report on Tuesday, September 16th. Evercore ISI assumed coverage on Accenture in a report on Thursday, July 17th. They set an "outperform" rating and a $330.00 price objective for the company. TD Cowen cut their target price on Accenture from $342.00 to $313.00 and set a "buy" rating for the company in a research note on Tuesday, September 9th. Finally, Rothschild Redb lowered Accenture from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, September 3rd. One analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, eight have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, Accenture presently has a consensus rating of "Moderate Buy" and a consensus target price of $329.52.

Insider Buying and Selling at Accenture

In other Accenture news, insider Angela Beatty sold 203 shares of the business's stock in a transaction that occurred 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 sale, the insider owned 5,249 shares in the company, valued at approximately $1,482,002.66. The trade was a 3.72% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Julie Spellman Sweet sold 2,251 shares of the business's stock in a transaction that occurred on Friday, July 11th. The shares were sold at an average price of $282.45, for a total value of $635,794.95. Following the completion of the sale, the chief executive officer owned 8,109 shares of the company's stock, valued at $2,290,387.05. The trade was a 21.73% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 2,954 shares of company stock worth $834,280. 0.02% of the stock is currently owned by insiders.

Accenture 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.

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