Glenview Trust Co Lowers Stake in Accenture PLC $ACN

Key Points

• Glenview Trust Co cut its Accenture stake by 31.5% in the fourth quarter, selling 18,648 shares and ending with 40,459 shares valued at about $10.86 million.
• Accenture reported better-than-expected quarterly results, with EPS of $2.93 versus $2.84 expected and revenue of $18.04 billion, up 7.8% year over year.
• The company also paid a quarterly dividend of $1.63 per share and has a current annualized yield of about 3.6%; analysts currently rate the stock a Moderate Buy with a consensus target price of $274.50.

Glenview Trust Co lessened its position in shares of Accenture PLC (NYSE:ACN - Free Report) by 31.5% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 40,459 shares of the information technology services provider's stock after selling 18,648 shares during the period. Glenview Trust Co's holdings in Accenture were worth $10,855,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Triumph Capital Management purchased a new stake in shares of Accenture during the third quarter worth about $26,000. Board of the Pension Protection Fund bought a new stake in Accenture in the fourth quarter valued at about $27,000. Laurel Wealth Advisors LLC bought a new position in shares of Accenture during the fourth quarter valued at approximately $27,000. Private Wealth Management Group LLC grew its holdings in shares of Accenture by 96.4% during the fourth quarter. Private Wealth Management Group LLC now owns 108 shares of the information technology services provider's stock valued at $29,000 after purchasing an additional 53 shares during the last quarter. Finally, Steph & Co. grew its holdings in shares of Accenture by 107.5% during the fourth quarter. Steph & Co. now owns 110 shares of the information technology services provider's stock valued at $30,000 after purchasing an additional 57 shares during the last quarter. Institutional investors and hedge funds own 75.14% of the company's stock.

Insider Buying and Selling at Accenture

In other news, CEO Atsushi Egawa sold 4,872 shares of the company's stock in a transaction on Thursday, April 30th. The shares were sold at an average price of $177.14, for a total value of $863,026.08. Following the transaction, the chief executive officer directly owned 12,802 shares of the company's stock, valued at approximately $2,267,746.28. This represents a 27.57% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 0.02% of the company's stock.

Accenture Price Performance

Shares of NYSE:ACN opened at $179.36 on Monday. The company's fifty day moving average is $187.42 and its two-hundred day moving average is $228.65. The company has a quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 0.16. Accenture PLC has a 12-month low of $155.82 and a 12-month high of $321.77. The company has a market cap of $119.35 billion, a P/E ratio of 14.69, a price-to-earnings-growth ratio of 1.70 and a beta of 1.08.

Accenture (NYSE:ACN - Get Free Report) last posted its quarterly earnings results 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 for the quarter, compared to the consensus estimate of $17.80 billion. During the same period in the prior year, the business posted $2.82 earnings per share. Accenture's revenue for the quarter was up 7.8% compared to the same quarter last year. Equities analysts expect that Accenture PLC will post 13.87 earnings per share for the current fiscal year.

Accenture Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, May 15th. Stockholders of record on Thursday, April 9th were paid a $1.63 dividend. The ex-dividend date of this dividend was Thursday, April 9th. This represents a $6.52 dividend on an annualized basis and a dividend yield of 3.6%. Accenture's dividend payout ratio is 53.40%.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on ACN shares. Guggenheim reduced their price objective on Accenture from $275.00 to $250.00 and set a "buy" rating for the company in a research report on Friday, March 20th. Truist Financial cut their target price on Accenture from $317.00 to $260.00 and set a "buy" rating for the company in a research report on Tuesday, March 10th. JPMorgan Chase & Co. increased their price objective on Accenture from $243.00 to $247.00 and gave the company an "overweight" rating in a research report on Friday, March 20th. Morgan Stanley cut their price objective on Accenture from $320.00 to $240.00 and set an "overweight" rating for the company in a research report on Monday, March 16th. Finally, TD Cowen cut their price objective on Accenture from $282.00 to $275.00 and set a "buy" rating for the company in a research report on Monday, March 16th. Seventeen analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the company's stock. According to MarketBeat, Accenture currently has an average rating of "Moderate Buy" and a consensus target price of $274.50.

Accenture Company Profile

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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