Riverpoint Wealth Management Holdings LLC Sells 9,003 Shares of Accenture PLC $ACN

Key Points

• Riverpoint Wealth Management cut its Accenture stake sharply in the fourth quarter, selling 9,003 shares and reducing its holdings by 72.9% to 3,350 shares valued at about $899,000.
• Accenture’s latest quarterly results beat expectations, with EPS of $2.93 versus $2.84 expected and revenue of $18.04 billion versus $17.80 billion expected, while revenue rose 7.8% year over year.
• Analyst sentiment remains constructive overall, with 17 Buy ratings and 10 Hold ratings and a consensus price target of $274.50, despite several firms trimming their targets recently.

Riverpoint Wealth Management Holdings LLC lessened its holdings in Accenture PLC (NYSE:ACN - Free Report) by 72.9% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,350 shares of the information technology services provider's stock after selling 9,003 shares during the quarter. Riverpoint Wealth Management Holdings LLC's holdings in Accenture were worth $899,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of the business. Triumph Capital Management bought a new stake in shares of Accenture in the 3rd quarter valued at about $26,000. Board of the Pension Protection Fund bought a new stake in shares of Accenture in the 4th quarter valued at about $27,000. Laurel Wealth Advisors LLC bought a new stake in shares of Accenture in the 4th quarter valued at about $27,000. Private Wealth Management Group LLC grew its position in shares of Accenture by 96.4% in the 4th quarter. Private Wealth Management Group LLC now owns 108 shares of the information technology services provider's stock valued at $29,000 after buying an additional 53 shares during the last quarter. Finally, Steph & Co. grew its position in shares of Accenture by 107.5% in the 4th quarter. Steph & Co. now owns 110 shares of the information technology services provider's stock valued at $30,000 after buying an additional 57 shares during the last quarter. Institutional investors own 75.14% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts have commented on ACN shares. Piper Sandler set a $282.00 price target on Accenture in a research report on Thursday, March 5th. JPMorgan Chase & Co. upped their price target on Accenture from $243.00 to $247.00 and gave the company an "overweight" rating in a research report on Friday, March 20th. Royal Bank Of Canada reduced their price target on Accenture from $295.00 to $253.00 and set an "outperform" rating on the stock in a research report on Friday, March 20th. UBS Group reaffirmed a "buy" rating on shares of Accenture in a research report on Tuesday, March 17th. Finally, BMO Capital Markets cut their price target on shares of Accenture from $300.00 to $230.00 and set a "market perform" rating on the stock in a research report on Friday, March 20th. Seventeen analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $274.50.

Accenture Stock Performance

Shares of ACN opened at $187.32 on Friday. The company has a current ratio of 1.34, a quick ratio of 1.34 and a debt-to-equity ratio of 0.16. The stock has a market capitalization of $124.65 billion, a P/E ratio of 15.34, a price-to-earnings-growth ratio of 1.78 and a beta of 1.08. The firm's fifty day simple moving average is $185.71 and its two-hundred day simple moving average is $226.50. Accenture PLC has a 12 month low of $155.82 and a 12 month high of $321.77.

Accenture (NYSE:ACN - Get Free Report) last issued its quarterly earnings results on Friday, March 20th. The information technology services provider reported $2.93 EPS for the quarter, beating analysts' consensus estimates of $2.84 by $0.09. The business had revenue of $18.04 billion for the quarter, compared to analysts' expectations of $17.80 billion. Accenture had a net margin of 10.61% and a return on equity of 26.33%. The business's quarterly revenue was up 7.8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $2.82 earnings per share. As a group, analysts predict that Accenture PLC will post 13.87 EPS for the current year.

Accenture Dividend Announcement

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

Insider Activity

In other news, CEO Atsushi Egawa sold 4,872 shares of the stock in a transaction dated Thursday, April 30th. The shares were sold at an average price of $177.14, for a total transaction of $863,026.08. Following the transaction, the chief executive officer owned 12,802 shares of the company's stock, valued at $2,267,746.28. This represents a 27.57% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.02% of the stock is owned by company insiders.

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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