Mackenzie Financial Corp Has $366.23 Million Stock Position in Accenture PLC (NYSE:ACN)

Key Points

• Mackenzie Financial Corp reduced its stake in Accenture PLC by 34.6%, owning 1,173,652 shares valued at approximately $366.23 million after selling a significant number of shares in the first quarter.
• Accenture recently reported earnings of $3.49 per share, exceeding expectations, with quarterly revenue of $17.73 billion representing a 7.7% year-over-year increase.
• The company announced a quarterly dividend of $1.48 per share, which will be paid on August 15th, yielding an annualized dividend of 2.09%.

Mackenzie Financial Corp reduced its stake in shares of Accenture PLC (NYSE:ACN - Free Report) by 34.6% in the first quarter, according to its most recent filing with the SEC. The institutional investor owned 1,173,652 shares of the information technology services provider's stock after selling 621,692 shares during the period. Mackenzie Financial Corp owned about 0.19% of Accenture worth $366,226,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Mpwm Advisory Solutions LLC bought a new stake in Accenture during the 4th quarter worth approximately $30,000. Park Square Financial Group LLC bought a new stake in Accenture during the 4th quarter worth approximately $31,000. Capital A Wealth Management LLC bought a new stake in Accenture during the 4th quarter worth approximately $34,000. Inlight Wealth Management LLC bought a new stake in Accenture during the 1st quarter worth approximately $32,000. Finally, Navigoe LLC bought a new stake in Accenture during the 4th quarter worth approximately $37,000. 75.14% of the stock is owned by institutional investors.

Accenture Trading Up 0.5%

NYSE:ACN opened at $283.10 on Monday. The company has a market cap of $177.31 billion, a P/E ratio of 22.54, a P/E/G ratio of 2.68 and a beta of 1.29. The stock's fifty day moving average price is $302.60 and its two-hundred day moving average price is $321.87. Accenture PLC has a 1 year low of $273.19 and a 1 year high of $398.35. 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 (NYSE:ACN - Get Free Report) last posted its earnings results on Friday, June 20th. The information technology services provider reported $3.49 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.32 by $0.17. The firm had revenue of $17.73 billion for 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 quarter in the prior year, the business posted $3.13 earnings per share. As a group, analysts expect that Accenture PLC will post 12.73 EPS for the current year.

Accenture Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, August 15th. Shareholders of record on Thursday, July 10th will be given a dividend of $1.48 per share. The ex-dividend date of this dividend is Thursday, July 10th. This represents a $5.92 annualized dividend and a dividend yield of 2.09%. Accenture's dividend payout ratio is currently 47.13%.

Insiders Place Their Bets

In related news, CEO Julie Spellman Sweet sold 2,251 shares of the stock in a transaction on Friday, July 11th. The stock was sold at an average price of $282.45, for a total value of $635,794.95. Following the sale, the chief executive officer owned 8,109 shares in the company, valued at approximately $2,290,387.05. This trade represents a 21.73% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, COO John F. Walsh sold 2,500 shares of the stock in a transaction on Tuesday, May 13th. The stock was sold at an average price of $325.00, for a total value of $812,500.00. Following the completion of the sale, the chief operating officer 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. Over the last ninety days, insiders have sold 5,454 shares of company stock worth $1,646,780. 0.02% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

ACN has been the subject of a number of recent research reports. Deutsche Bank Aktiengesellschaft started coverage on Accenture in a report on Thursday, July 17th. They set a "hold" rating and a $290.00 price objective for the company. Morgan Stanley reduced their target price on Accenture from $340.00 to $325.00 and set an "equal weight" rating for the company in a report on Tuesday, June 24th. Evercore ISI started coverage on Accenture in a report on Thursday, July 17th. They issued an "outperform" rating and a $330.00 target price for the company. Piper Sandler reduced their target price on Accenture from $364.00 to $355.00 and set an "overweight" rating for the company in a report on Wednesday, April 16th. Finally, Barclays reduced their target price on Accenture from $390.00 to $360.00 and set an "overweight" rating for the company in a report on Monday, June 23rd. Eight analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $365.43.

About Accenture

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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