Sage Mountain Advisors LLC Cuts Stake in Accenture PLC (NYSE:ACN)
by Michael Walen · The Markets DailySage Mountain Advisors LLC lowered its stake in Accenture PLC (NYSE:ACN – Free Report) by 25.7% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 4,705 shares of the information technology services provider’s stock after selling 1,629 shares during the quarter. Sage Mountain Advisors LLC’s holdings in Accenture were worth $1,468,000 as of its most recent filing with the SEC.
Several other hedge funds have also modified their holdings of the stock. Mpwm Advisory Solutions LLC acquired a new stake in Accenture in the fourth quarter valued at approximately $30,000. Park Square Financial Group LLC purchased a new position in shares of Accenture in the fourth quarter valued at $31,000. Inlight Wealth Management LLC purchased a new stake in Accenture during the 1st quarter worth $32,000. Capital A Wealth Management LLC purchased a new stake in Accenture during the 4th quarter worth $34,000. Finally, Mountain Hill Investment Partners Corp. acquired a new position in Accenture in the 4th quarter worth $35,000. 75.14% of the stock is currently owned by hedge funds and other institutional investors.
Accenture Trading Down 0.4%
Shares of NYSE:ACN opened at $279.80 on Tuesday. The company has a quick ratio of 1.46, a current ratio of 1.46 and a debt-to-equity ratio of 0.16. The company’s 50-day moving average price is $308.44 and its 200 day moving average price is $326.35. The company has a market cap of $175.25 billion, a PE ratio of 22.28, a P/E/G ratio of 2.64 and a beta of 1.29. Accenture PLC has a fifty-two week low of $273.19 and a fifty-two week high of $398.35.
Accenture (NYSE:ACN – Get Free Report) last announced its earnings results on Friday, June 20th. The information technology services provider reported $3.49 earnings per share for the quarter, beating the consensus estimate of $3.32 by $0.17. Accenture had a return on equity of 26.55% and a net margin of 11.61%. 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 previous year, the business earned $3.13 EPS. The firm’s revenue for the quarter was up 7.7% on a year-over-year basis. Sell-side analysts anticipate that Accenture PLC will post 12.73 earnings per share for the current year.
Accenture Dividend Announcement
The business also recently announced a quarterly dividend, which will be paid on Friday, August 15th. Investors of record on Thursday, July 10th will be given a $1.48 dividend. The ex-dividend date of this dividend is Thursday, July 10th. This represents a $5.92 dividend on an annualized basis and a yield of 2.12%. Accenture’s dividend payout ratio is presently 47.13%.
Insider Activity at Accenture
In other Accenture news, insider Angela Beatty sold 203 shares of the company’s stock in a transaction that occurred on Friday, July 11th. The stock was sold at an average price of $282.34, for a total value of $57,315.02. Following the completion of the sale, the insider directly owned 5,249 shares in the company, valued at $1,482,002.66. This represents a 3.72% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Julie Spellman Sweet sold 2,251 shares of the stock in a transaction on Friday, July 11th. The shares were sold at an average price of $282.45, for a total value of $635,794.95. Following the transaction, the chief executive officer directly owned 8,109 shares of the company’s stock, valued at approximately $2,290,387.05. The trade was a 21.73% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 5,454 shares of company stock worth $1,646,780 in the last 90 days. Corporate insiders own 0.02% of the company’s stock.
Analyst Ratings Changes
A number of analysts have recently issued reports on the company. Morgan Stanley dropped their target price on Accenture from $340.00 to $325.00 and set an “equal weight” rating on the stock in a research report on Tuesday, June 24th. UBS Group restated a “buy” rating and set a $395.00 price objective (up from $390.00) on shares of Accenture in a report on Thursday, May 22nd. Guggenheim reduced their target price on Accenture from $360.00 to $335.00 and set a “buy” rating for the company in a research note on Monday, June 23rd. Benchmark reissued a “mixed” rating on shares of Accenture in a research report on Friday, June 20th. Finally, JPMorgan Chase & Co. upped their price target on shares of Accenture from $349.00 to $353.00 and gave the company an “overweight” rating in a report on Monday, June 16th. Seven research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $370.71.
Read Our Latest Stock Analysis on Accenture
Accenture Company Profile
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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