Parr Mcknight Wealth Management Group LLC Trims Stock Holdings in Accenture PLC $ACN

Key Points

• Parr Mcknight Wealth Management Group LLC cut its Accenture stake by 31.1% in the fourth quarter, selling 5,452 shares and leaving it with 12,083 shares worth about $3.24 million.
• Accenture’s latest quarterly results beat expectations, with EPS of $2.93 on revenue of $18.04 billion, while revenue rose 7.8% year over year.
• Analysts remain generally positive despite recent price-target cuts: Accenture carries a Moderate Buy consensus rating and an average target price of $274.50.

Parr Mcknight Wealth Management Group LLC decreased its holdings in Accenture PLC (NYSE:ACN - Free Report) by 31.1% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 12,083 shares of the information technology services provider's stock after selling 5,452 shares during the period. Parr Mcknight Wealth Management Group LLC's holdings in Accenture were worth $3,242,000 at the end of the most recent reporting period.

Other large investors have also recently modified their holdings of the company. Brighton Jones LLC grew its stake in Accenture by 36.2% during the fourth quarter. Brighton Jones LLC now owns 18,438 shares of the information technology services provider's stock valued at $6,486,000 after acquiring an additional 4,905 shares in the last quarter. Sivia Capital Partners LLC grew its stake in Accenture by 46.9% during the second quarter. Sivia Capital Partners LLC now owns 2,066 shares of the information technology services provider's stock valued at $618,000 after acquiring an additional 660 shares in the last quarter. United Bank grew its stake in Accenture by 49.8% during the second quarter. United Bank now owns 3,639 shares of the information technology services provider's stock valued at $1,088,000 after acquiring an additional 1,209 shares in the last quarter. Bank of Nova Scotia grew its stake in Accenture by 23.0% during the second quarter. Bank of Nova Scotia now owns 828 shares of the information technology services provider's stock valued at $247,000 after acquiring an additional 155 shares in the last quarter. Finally, Main Street Financial Solutions LLC grew its stake in Accenture by 4.2% during the second quarter. Main Street Financial Solutions LLC now owns 1,767 shares of the information technology services provider's stock valued at $528,000 after acquiring an additional 72 shares in the last quarter. Hedge funds and other institutional investors own 75.14% of the company's stock.

Analysts Set New Price Targets

Several brokerages recently commented on ACN. Piper Sandler set a $282.00 price objective on shares of Accenture in a research note on Thursday, March 5th. TD Cowen reduced their price objective on shares of Accenture from $282.00 to $275.00 and set a "buy" rating for the company in a research note on Monday, March 16th. Robert W. Baird reduced their price objective on shares of Accenture from $330.00 to $265.00 and set an "outperform" rating for the company in a research note on Friday, March 20th. Mizuho cut their price target on shares of Accenture from $309.00 to $280.00 and set an "outperform" rating for the company in a research note on Monday, March 23rd. Finally, Royal Bank Of Canada cut their price target on shares of Accenture from $295.00 to $253.00 and set an "outperform" rating for the company in a research note on Friday, March 20th. Seventeen analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the stock. Based on data from MarketBeat.com, Accenture presently has a consensus rating of "Moderate Buy" and a consensus price target of $274.50.

Accenture Price Performance

ACN stock opened at $187.32 on Friday. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.34 and a quick ratio of 1.34. Accenture PLC has a one year low of $155.82 and a one year high of $321.77. The stock has a market cap of $124.65 billion, a PE ratio of 15.34, a P/E/G ratio of 1.78 and a beta of 1.08. The firm has a 50 day simple moving average of $185.71 and a two-hundred day simple moving average of $226.50.

Accenture (NYSE:ACN - Get Free Report) last released its quarterly earnings results on Friday, March 20th. The information technology services provider reported $2.93 EPS 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 analysts' expectations of $17.80 billion. During the same quarter in the previous year, the company earned $2.82 EPS. The business's quarterly revenue was up 7.8% compared to the same quarter last year. On average, analysts predict that Accenture PLC will post 13.87 EPS for the current fiscal year.

Accenture Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 15th. Stockholders of record on Thursday, April 9th were issued a $1.63 dividend. This represents a $6.52 dividend on an annualized basis and a dividend yield of 3.5%. The ex-dividend date was Thursday, April 9th. Accenture's payout ratio is presently 53.40%.

Insider Buying and Selling at Accenture

In other news, CEO Atsushi Egawa sold 4,872 shares of the business's stock in a transaction that occurred 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 completion of the sale, the chief executive officer directly owned 12,802 shares in the company, valued at approximately $2,267,746.28. The trade was a 27.57% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 0.02% of the company's stock.

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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