Sumitomo Mitsui DS Asset Management Company Ltd Acquires 20,986 Shares of Accenture PLC $ACN

Key Points

• Sumitomo Mitsui DS Asset Management increased its Accenture stake by 13.7% in the third quarter, adding 20,986 shares to own 173,781 shares valued at approximately $31.9 million. Institutional investors and hedge funds collectively own 75.14% of the company.
• Accenture exceeded quarterly expectations, reporting $3.29 in earnings per share and $18.68 billion in revenue, with revenue up 6.2% year over year. The company also authorized a $2 billion share buyback and raised its quarterly dividend to $1.71 per share.
• Analyst sentiment remains mixed, with a consensus “Hold” rating and an average price target of $219.26; 11 analysts rate the stock Buy, 14 Hold, and two Sell.

Sumitomo Mitsui DS Asset Management Company Ltd grew its stake in shares of Accenture PLC (NYSE:ACN - Free Report) by 13.7% in the third quarter, according to the company in its most recent filing with the SEC. The firm owned 173,781 shares of the information technology services provider's stock after acquiring an additional 20,986 shares during the quarter. Sumitomo Mitsui DS Asset Management Company Ltd's holdings in Accenture were worth $31,866,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of ACN. IMG Wealth Management Inc. raised its stake in Accenture by 134.8% in the first quarter. IMG Wealth Management Inc. now owns 155 shares of the information technology services provider's stock valued at $31,000 after purchasing an additional 89 shares in the last quarter. Whipplewood Advisors LLC grew its stake in Accenture by 57.9% during the first quarter. Whipplewood Advisors LLC now owns 210 shares of the information technology services provider's stock worth $42,000 after buying an additional 77 shares in the last quarter. Dogwood Wealth Management LLC grew its stake in Accenture by 147.1% during the second quarter. Dogwood Wealth Management LLC now owns 215 shares of the information technology services provider's stock worth $27,000 after buying an additional 128 shares in the last quarter. Kennebec Savings Bank increased its holdings in Accenture by 38.0% in the 1st quarter. Kennebec Savings Bank now owns 218 shares of the information technology services provider's stock valued at $43,000 after buying an additional 60 shares during the period. Finally, Global Assets Advisory LLC bought a new position in Accenture in the 1st quarter valued at about $44,000. 75.14% of the stock is owned by institutional investors and hedge funds.

Accenture Stock Performance

Accenture stock opened at $237.07 on Tuesday. The company has a quick ratio of 1.34, a current ratio of 1.43 and a debt-to-equity ratio of 0.31. The stock has a market cap of $158.32 billion, a PE ratio of 17.48, a P/E/G ratio of 1.89 and a beta of 1.11. Accenture PLC has a 12-month low of $118.15 and a 12-month high of $291.09. The business's 50-day moving average price is $190.56 and its two-hundred day moving average price is $174.65.

Accenture (NYSE:ACN - Get Free Report) last posted its earnings results on Thursday, October 1st. The information technology services provider reported $3.29 EPS for the quarter, topping analysts' consensus estimates of $3.18 by $0.11. The firm had revenue of $18.68 billion during the quarter, compared to analysts' expectations of $18.03 billion. Accenture had a net margin of 11.28% and a return on equity of 26.53%. The business's revenue for the quarter was up 6.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned $3.03 earnings per share. Accenture has set its FY 2027 guidance at 14.390-14.810 EPS. As a group, analysts expect that Accenture PLC will post 14.68 earnings per share for the current fiscal year.

Accenture announced that its board has authorized a stock buyback plan on Tuesday, June 23rd that permits the company to buy back $2.00 billion in outstanding shares. This buyback authorization permits the information technology services provider to reacquire up to 2.4% of its stock through open market purchases. Share buyback plans are typically an indication that the company's board of directors believes its shares are undervalued.

Accenture Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 13th. Investors of record on Tuesday, October 13th will be given a dividend of $1.71 per share. The ex-dividend date is Tuesday, October 13th. This represents a $6.84 dividend on an annualized basis and a yield of 2.9%. This is a positive change from Accenture's previous quarterly dividend of $1.63. Accenture's dividend payout ratio is currently 50.44%.

Insider Buying and Selling

In other Accenture news, COO Catherine Hogan sold 1,320 shares of the firm's stock in a transaction that occurred on Thursday, October 8th. The shares were sold at an average price of $200.00, for a total value of $264,000.00. Following the sale, the chief operating officer owned 12,556 shares in the company, valued at $2,511,200. This trade represents a 9.51% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, General Counsel Joel Unruch sold 10,498 shares of the business's stock in a transaction on Thursday, July 30th. The stock was sold at an average price of $162.98, for a total transaction of $1,710,964.04. Following the sale, the general counsel directly owned 17,735 shares in the company, valued at approximately $2,890,450.30. The trade was a 37.18% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have sold 12,518 shares of company stock valued at $2,124,932. 0.02% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of analysts have recently weighed in on ACN shares. Wells Fargo & Company reaffirmed a "reduce" rating on shares of Accenture in a report on Friday, October 2nd. JPMorgan Chase & Co. increased their price target on shares of Accenture from $179.00 to $200.00 and gave the stock an "overweight" rating in a research report on Friday, September 25th. Citigroup lifted their price objective on shares of Accenture from $135.00 to $190.00 and gave the company a "neutral" rating in a research note on Monday, August 24th. Truist Financial boosted their price objective on shares of Accenture from $150.00 to $220.00 and gave the company a "hold" rating in a research report on Friday, October 2nd. Finally, BNP Paribas Exane cut their target price on Accenture from $180.00 to $130.00 and set a "neutral" rating for the company in a research note on Friday, June 26th. Eleven analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $219.26.

Accenture Company Profile

Accenture plc is a global professional services company that helps organizations transform their businesses through consulting, technology and managed services. Its work spans strategy and consulting, technology implementation, operations, and interactive customer experiences.

The company provides services in areas including cloud computing, artificial intelligence, cybersecurity, data and analytics, digital engineering, enterprise software, systems integration and business process outsourcing.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.