Mechanics Financial Corp Sells 65 Shares of Accenture PLC (NYSE:ACN)

by · The Cerbat Gem

Mechanics Financial Corp lessened its holdings in Accenture PLC (NYSE:ACN – Free Report) by 2.1% during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 3,076 shares of the information technology services provider’s stock after selling 65 shares during the period. Mechanics Financial Corp’s holdings in Accenture were worth $960,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Norges Bank bought a new stake in Accenture in the fourth quarter worth $2,351,683,000. GAMMA Investing LLC increased its position in Accenture by 30,256.8% in the first quarter. GAMMA Investing LLC now owns 3,421,519 shares of the information technology services provider’s stock worth $1,067,651,000 after purchasing an additional 3,410,248 shares during the last quarter. Wellington Management Group LLP increased its position in Accenture by 22.8% in the fourth quarter. Wellington Management Group LLP now owns 12,175,518 shares of the information technology services provider’s stock worth $4,283,225,000 after purchasing an additional 2,260,740 shares during the last quarter. Capital Research Global Investors increased its position in Accenture by 16.8% in the fourth quarter. Capital Research Global Investors now owns 12,295,748 shares of the information technology services provider’s stock worth $4,325,526,000 after purchasing an additional 1,770,024 shares during the last quarter. Finally, Northern Trust Corp increased its position in Accenture by 10.7% in the fourth quarter. Northern Trust Corp now owns 7,582,344 shares of the information technology services provider’s stock worth $2,667,393,000 after purchasing an additional 732,769 shares during the last quarter. Institutional investors own 75.14% of the company’s stock.

Insider Activity at Accenture

In other Accenture news, CEO Julie Spellman Sweet sold 2,251 shares of the firm’s stock in a transaction that occurred on Friday, July 11th. The shares were sold at an average price of $282.45, for a total transaction of $635,794.95. Following the completion of the transaction, the chief executive officer directly owned 8,109 shares of the company’s stock, valued at approximately $2,290,387.05. This trade represents a 21.73% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, COO John F. Walsh sold 2,500 shares of the firm’s stock in a transaction that occurred on Tuesday, May 13th. The stock was sold at an average price of $325.00, for a total transaction of $812,500.00. Following the transaction, the chief operating officer directly owned 15,882 shares of the company’s stock, valued at $5,161,650. This represents a 13.60% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 5,454 shares of company stock worth $1,646,780. 0.02% of the stock is owned by insiders.

Accenture Stock Performance

ACN stock opened at $276.21 on Wednesday. Accenture PLC has a one year low of $273.19 and a one year high of $398.35. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.46 and a current ratio of 1.46. The firm has a market cap of $173.00 billion, a price-to-earnings ratio of 21.99, a PEG ratio of 2.63 and a beta of 1.29. The firm has a 50-day simple moving average of $307.88 and a two-hundred day simple moving average of $326.01.

Accenture (NYSE:ACN – Get Free Report) last posted its quarterly earnings data on Friday, June 20th. The information technology services provider reported $3.49 earnings per share (EPS) for the quarter, beating the consensus estimate 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 for the quarter, compared to the consensus estimate of $17.26 billion. During the same quarter in the prior year, the company posted $3.13 earnings per share. The company’s revenue for the quarter was up 7.7% compared to the same quarter last year. On average, equities analysts forecast that Accenture PLC will post 12.73 EPS for the current fiscal year.

Accenture Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 15th. Stockholders of record on Thursday, July 10th will be issued 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 2.14%. Accenture’s dividend payout ratio (DPR) is currently 47.13%.

Analyst Upgrades and Downgrades

Several research firms have commented on ACN. Barclays dropped their price objective on shares of Accenture from $390.00 to $360.00 and set an “overweight” rating for the company in a research note on Monday, June 23rd. JPMorgan Chase & Co. lifted their price objective on shares of Accenture from $349.00 to $353.00 and gave the stock an “overweight” rating in a research note on Monday, June 16th. Mizuho set a $348.00 price target on shares of Accenture and gave the stock an “outperform” rating in a report on Tuesday, June 24th. UBS Group restated a “buy” rating and issued a $395.00 price target (up from $390.00) on shares of Accenture in a report on Thursday, May 22nd. Finally, Guggenheim cut their price target on shares of Accenture from $360.00 to $335.00 and set a “buy” rating on the stock in a report on Monday, June 23rd. Seven research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Accenture currently has a consensus rating of “Moderate Buy” and an average price target of $370.71.

Read Our Latest Stock Analysis on ACN

Accenture Company Profile

(Free Report)

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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