King Wealth Management Group Makes New Investment in Accenture PLC (NYSE:ACN)

Key Points

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King Wealth Management Group purchased a new position in shares of Accenture PLC (NYSE:ACN - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 1,032 shares of the information technology services provider's stock, valued at approximately $322,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Mpwm Advisory Solutions LLC bought a new stake in Accenture during the fourth quarter worth about $30,000. Park Square Financial Group LLC bought a new position in Accenture during the 4th quarter valued at about $31,000. Inlight Wealth Management LLC purchased a new position in shares of Accenture during the first quarter valued at approximately $32,000. Capital A Wealth Management LLC purchased a new stake in Accenture in the fourth quarter worth approximately $34,000. Finally, Navigoe LLC bought a new stake in Accenture in the 4th quarter worth approximately $37,000. 75.14% of the stock is owned by institutional investors.

Accenture Price Performance

Shares of ACN stock traded down $11.92 on Friday, reaching $255.18. The company's stock had a trading volume of 6,041,752 shares, compared to its average volume of 3,530,415. The company has a market capitalization of $159.83 billion, a price-to-earnings ratio of 20.32, a price-to-earnings-growth ratio of 2.32 and a beta of 1.29. The stock's fifty day simple moving average is $297.98 and its 200-day simple moving average is $319.33. The company has a current ratio of 1.46, a quick ratio of 1.46 and a debt-to-equity ratio of 0.16. Accenture PLC has a 1 year low of $254.20 and a 1 year high of $398.35.

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

Accenture Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, August 15th. Stockholders of record on Thursday, July 10th will be paid a $1.48 dividend. The ex-dividend date of this dividend is Thursday, July 10th. This represents a $5.92 annualized dividend and a dividend yield of 2.3%. Accenture's dividend payout ratio is currently 47.13%.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on ACN shares. Deutsche Bank Aktiengesellschaft started coverage on Accenture in a research note on Thursday, July 17th. They issued a "hold" rating and a $290.00 price target on the stock. Barclays cut their price target on Accenture from $390.00 to $360.00 and set an "overweight" rating for the company in a research note on Monday, June 23rd. Piper Sandler lowered their price objective on shares of Accenture from $364.00 to $355.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 16th. Morgan Stanley cut their target price on shares of Accenture from $340.00 to $325.00 and set an "equal weight" rating for the company in a research report on Tuesday, June 24th. Finally, Hsbc Global Res upgraded shares of Accenture to a "moderate sell" rating in a research report on Monday, July 28th. One analyst has rated the stock with a sell rating, eight have given a hold rating, fifteen have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $360.21.

Insider Activity

In other news, insider Angela Beatty sold 203 shares of the 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 sale, the insider directly owned 5,249 shares in the company, valued at approximately $1,482,002.66. This represents a 3.72% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, COO John F. Walsh sold 2,500 shares of the company's stock in a transaction on Tuesday, May 13th. The shares were sold at an average price of $325.00, for a total value of $812,500.00. Following the completion of the transaction, the chief operating officer directly owned 15,882 shares in the company, valued at $5,161,650. This trade represents a 13.60% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 5,454 shares of company stock worth $1,646,780. Insiders own 0.02% of the company's stock.

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.