First Horizon Corp Boosts Stock Holdings in Accenture PLC $ACN

Key Points

• First Horizon Corp increased its stake in Accenture by 39.4% in Q4 to 71,044 shares, valued at about $19.06 million and representing 0.9% of its portfolio (the firm's 28th largest holding).
• Insiders have been selling: CEO Julie Spellman Sweet sold 6,057 shares and John F. Walsh sold 3,986 shares, with insiders disposing of 15,331 shares (~$4.05M) in the past 90 days; corporate insiders now own 0.02% of the stock.
• Accenture beat quarterly expectations (EPS $2.93 vs. $2.84; revenue $18.04B, up 7.8% YoY) and announced a quarterly dividend of $1.63 ($6.52 annualized, ~3.3% yield), ex-dividend April 9 and payable May 15.

First Horizon Corp raised its holdings in shares of Accenture PLC (NYSE:ACN - Free Report) by 39.4% during the fourth quarter, according to its most recent filing with the SEC. The firm owned 71,044 shares of the information technology services provider's stock after purchasing an additional 20,067 shares during the period. Accenture accounts for about 0.9% of First Horizon Corp's portfolio, making the stock its 28th largest position. First Horizon Corp's holdings in Accenture were worth $19,061,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Running Oak Capital LLC increased its position in Accenture by 14.3% during the 3rd quarter. Running Oak Capital LLC now owns 57,541 shares of the information technology services provider's stock valued at $14,190,000 after purchasing an additional 7,190 shares during the period. Weitz Investment Management Inc. raised its stake in Accenture by 28.8% in the third quarter. Weitz Investment Management Inc. now owns 160,550 shares of the information technology services provider's stock valued at $39,592,000 after buying an additional 35,900 shares during the last quarter. D.A. Davidson & CO. boosted its stake in Accenture by 17.4% in the 3rd quarter. D.A. Davidson & CO. now owns 258,599 shares of the information technology services provider's stock worth $63,771,000 after purchasing an additional 38,325 shares in the last quarter. Public Sector Pension Investment Board increased its position in shares of Accenture by 180.4% in the 3rd quarter. Public Sector Pension Investment Board now owns 404,680 shares of the information technology services provider's stock valued at $99,794,000 after acquiring an additional 260,357 shares during the period. Finally, Merit Financial Group LLC lifted its holdings in shares of Accenture by 25.5% during the third quarter. Merit Financial Group LLC now owns 22,401 shares of the information technology services provider's stock worth $5,524,000 after purchasing an additional 4,552 shares during the period. Hedge funds and other institutional investors own 75.14% of the company's stock.

Insider Buying and Selling

In related news, CEO Julie Spellman Sweet sold 6,057 shares of Accenture stock in a transaction on Tuesday, February 10th. The shares were sold at an average price of $241.23, for a total value of $1,461,130.11. Following the sale, the chief executive officer owned 15,255 shares of the company's stock, valued at approximately $3,679,963.65. This trade represents a 28.42% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO John F. Walsh sold 3,986 shares of the business's stock in a transaction on Tuesday, January 27th. The stock was sold at an average price of $276.38, for a total transaction of $1,101,650.68. Following the completion of the sale, the chief executive officer directly owned 27,221 shares of the company's stock, valued at approximately $7,523,339.98. The trade was a 12.77% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 15,331 shares of company stock valued at $4,048,871 in the last 90 days. Corporate insiders own 0.02% of the company's stock.

Accenture Stock Up 1.9%

ACN stock opened at $197.71 on Friday. Accenture PLC has a one year low of $177.50 and a one year high of $325.71. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.34 and a current ratio of 1.34. The firm's fifty day moving average is $204.18 and its 200 day moving average is $239.85. The firm has a market cap of $131.56 billion, a PE ratio of 16.19, a P/E/G ratio of 1.84 and a beta of 1.24.

Accenture (NYSE:ACN - Get Free Report) last issued its quarterly earnings data on Friday, March 20th. The information technology services provider reported $2.93 earnings per share for the quarter, topping analysts' consensus estimates of $2.84 by $0.09. Accenture had a net margin of 10.61% and a return on equity of 26.33%. The business had revenue of $18.04 billion during the quarter, compared to the consensus estimate of $17.80 billion. During the same quarter in the prior year, the firm posted $2.82 earnings per share. The company's revenue was up 7.8% compared to the same quarter last year. On average, research analysts forecast that Accenture PLC will post 12.73 EPS for the current year.

Accenture Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, May 15th. Shareholders of record on Thursday, April 9th will be issued a $1.63 dividend. This represents a $6.52 annualized dividend and a yield of 3.3%. The ex-dividend date of this dividend is Thursday, April 9th. Accenture's dividend payout ratio (DPR) is presently 53.40%.

Analysts Set New Price Targets

ACN has been the topic of a number of research reports. Guggenheim cut their price objective on shares of Accenture from $275.00 to $250.00 and set a "buy" rating on the stock in a research note on Friday, March 20th. Morgan Stanley lowered their price target on shares of Accenture from $320.00 to $240.00 and set an "overweight" rating on the stock in a report on Monday, March 16th. Piper Sandler set a $282.00 price target on Accenture in a research report on Thursday, March 5th. Argus decreased their price objective on Accenture from $370.00 to $335.00 and set a "buy" rating for the company in a report on Monday, December 29th. Finally, Deutsche Bank Aktiengesellschaft lowered their target price on Accenture from $280.00 to $230.00 and set a "hold" rating on the stock in a research note on Friday, March 6th. Seventeen analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $274.50.

About Accenture

Accenture is a global professional services company that provides a broad range of services and solutions in strategy, consulting, digital, technology and operations. The firm works with organizations across industries to design and implement business transformation programs, deploy and manage enterprise technology, optimize operations, and develop customer and digital experiences. Its offerings encompass management and technology consulting, systems integration, application and infrastructure services, cloud migration and managed services, as well as security and analytics capabilities.

The company delivers industry- and function-specific solutions, combining consulting expertise with proprietary tools, platforms and partnerships with major technology vendors.

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