HBK Sorce Advisory LLC Cuts Holdings in Accenture PLC (NYSE:ACN)

HBK Sorce Advisory LLC decreased its holdings in Accenture PLC (NYSE:ACN - Free Report) by 5.0% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 28,191 shares of the information technology services provider's stock after selling 1,474 shares during the period. HBK Sorce Advisory LLC's holdings in Accenture were worth $8,797,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Kohmann Bosshard Financial Services LLC purchased a new position in shares of Accenture during the fourth quarter valued at $30,000. Mpwm Advisory Solutions LLC acquired a new stake in Accenture in the fourth quarter worth about $30,000. Park Square Financial Group LLC acquired a new stake in Accenture in the fourth quarter worth about $31,000. Inlight Wealth Management LLC acquired a new stake in Accenture in the first quarter worth about $32,000. Finally, Promus Capital LLC acquired a new stake in Accenture in the fourth quarter worth about $34,000. 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 2,284 shares of the stock in a transaction dated Friday, April 11th. The stock was sold at an average price of $281.63, for a total transaction of $643,242.92. Following the transaction, the chief executive officer now owns 9,965 shares of the company's stock, valued at approximately $2,806,442.95. This represents a 18.65% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Angela Beatty sold 169 shares of the stock in a transaction dated Friday, April 11th. The stock was sold at an average price of $281.90, for a total value of $47,641.10. Following the transaction, the insider now directly owns 5,364 shares in the company, valued at approximately $1,512,111.60. The trade was a 3.05% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 8,516 shares of company stock worth $2,507,366. 0.02% of the stock is owned by corporate insiders.

Accenture Price Performance

Shares of ACN stock traded down $0.82 during trading hours on Friday, hitting $295.26. 4,159,093 shares of the company's stock were exchanged, compared to its average volume of 2,942,878. The company has a quick ratio of 1.48, a current ratio of 1.46 and a debt-to-equity ratio of 0.16. The firm has a market cap of $184.93 billion, a P/E ratio of 23.51, a P/E/G ratio of 2.90 and a beta of 1.33. The firm has a 50 day moving average of $308.04 and a two-hundred day moving average of $331.64. Accenture PLC has a fifty-two week low of $273.19 and a fifty-two week high of $398.35.

Accenture (NYSE:ACN - Get Free Report) last announced its earnings results on Friday, June 20th. The information technology services provider reported $3.49 earnings per share for the quarter, topping the consensus estimate of $3.32 by $0.17. The business had revenue of $17.73 billion during the quarter, compared to the consensus estimate of $17.26 billion. Accenture had a return on equity of 26.55% and a net margin of 11.61%. The business's quarterly revenue was up 7.7% on a year-over-year basis. During the same period in the prior year, the company posted $3.13 EPS. Sell-side analysts forecast that Accenture PLC will post 12.73 EPS for the current year.

Accenture Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, August 15th. Investors of record on Thursday, July 10th will be given a dividend of $1.48 per share. This represents a $5.92 annualized dividend and a dividend yield of 2.01%. The ex-dividend date is Thursday, July 10th. Accenture's payout ratio is 47.13%.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on ACN. Mizuho set a $348.00 price target on Accenture and gave the stock an "outperform" rating in a report on Tuesday. JPMorgan Chase & Co. raised their price target on Accenture from $349.00 to $353.00 and gave the stock an "overweight" rating in a report on Monday, June 16th. Wall Street Zen downgraded Accenture from a "buy" rating to a "hold" rating in a report on Tuesday, March 11th. UBS Group reaffirmed a "buy" rating and set a $395.00 target price (up previously from $390.00) on shares of Accenture in a report on Thursday, May 22nd. Finally, Baird R W raised Accenture from a "hold" rating to a "strong-buy" rating in a report on Monday, March 17th. Seven research 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. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $370.71.

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.