Wedge Capital Management L L P NC Increases Stake in Accenture plc (NYSE:ACN)

Wedge Capital Management L L P NC boosted its stake in shares of Accenture plc (NYSE:ACN) by 0.4% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 211,190 shares of the information technology services provider’s stock after acquiring an additional 819 shares during the quarter. Accenture accounts for 0.9% of Wedge Capital Management L L P NC’s holdings, making the stock its 16th largest position. Wedge Capital Management L L P NC’s holdings in Accenture were worth $67,564,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently made changes to their positions in the stock. State Street Corp grew its holdings in Accenture by 0.6% in the second quarter. State Street Corp now owns 25,327,745 shares of the information technology services provider’s stock valued at $7,466,412,000 after purchasing an additional 157,577 shares during the period. FMR LLC grew its holdings in Accenture by 9.1% in the second quarter. FMR LLC now owns 12,279,859 shares of the information technology services provider’s stock valued at $3,619,980,000 after purchasing an additional 1,020,098 shares during the period. Geode Capital Management LLC grew its holdings in Accenture by 3.3% in the second quarter. Geode Capital Management LLC now owns 10,181,463 shares of the information technology services provider’s stock valued at $2,992,899,000 after purchasing an additional 323,633 shares during the period. Polen Capital Management LLC grew its holdings in Accenture by 3.8% in the second quarter. Polen Capital Management LLC now owns 8,238,617 shares of the information technology services provider’s stock valued at $2,428,662,000 after purchasing an additional 303,763 shares during the period. Finally, Lazard Asset Management LLC grew its holdings in Accenture by 1.3% in the second quarter. Lazard Asset Management LLC now owns 4,357,048 shares of the information technology services provider’s stock valued at $1,284,413,000 after purchasing an additional 55,738 shares during the period. Institutional investors own 73.00% of the company’s stock.

In related news, CEO Julie Spellman Sweet sold 5,602 shares of the business’s stock in a transaction on Monday, November 1st. The stock was sold at an average price of $354.33, for a total value of $1,984,956.66. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider James O. Etheredge sold 1,966 shares of the business’s stock in a transaction on Monday, October 25th. The shares were sold at an average price of $356.11, for a total value of $700,112.26. The disclosure for this sale can be found here. Insiders sold a total of 27,219 shares of company stock worth $9,512,564 in the last quarter. Company insiders own 0.07% of the company’s stock.

Several analysts have commented on ACN shares. Deutsche Bank Aktiengesellschaft raised their price objective on Accenture from $310.00 to $395.00 and gave the company a “buy” rating in a report on Thursday, September 16th. Robert W. Baird reaffirmed a “hold” rating on shares of Accenture in a research note on Sunday, September 19th. Zacks Investment Research raised Accenture from a “hold” rating to a “buy” rating and set a $374.00 price target on the stock in a research note on Wednesday, October 27th. Moffett Nathanson raised Accenture from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $338.06 to $405.00 in a research note on Wednesday, September 22nd. They noted that the move was a valuation call. Finally, Piper Sandler lifted their price target on Accenture from $302.00 to $354.00 and gave the stock a “neutral” rating in a research note on Friday, September 24th. Five research analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Buy” and a consensus price target of $356.59.

NYSE:ACN traded up $1.67 on Thursday, reaching $362.37. The company’s stock had a trading volume of 2,191,459 shares, compared to its average volume of 1,931,097. Accenture plc has a 12-month low of $241.73 and a 12-month high of $374.92. The firm has a market cap of $229.07 billion, a price-to-earnings ratio of 39.60, a price-to-earnings-growth ratio of 3.65 and a beta of 1.13. The stock has a 50 day moving average price of $347.66 and a 200 day moving average price of $321.90.

Accenture (NYSE:ACN) last posted its earnings results on Wednesday, September 22nd. The information technology services provider reported $2.20 EPS for the quarter, beating the Zacks’ consensus estimate of $2.19 by $0.01. Accenture had a return on equity of 29.50% and a net margin of 11.69%. The company had revenue of $13.42 billion for the quarter, compared to the consensus estimate of $13.42 billion. During the same quarter in the previous year, the business earned $1.70 earnings per share. The company’s revenue for the quarter was up 23.8% on a year-over-year basis. Research analysts anticipate that Accenture plc will post 10.12 earnings per share for the current fiscal year.

Accenture declared that its board has approved a stock buyback program on Thursday, September 23rd that authorizes the company to buyback $3.00 billion in shares. This buyback authorization authorizes the information technology services provider to repurchase up to 1.5% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board of directors believes its stock is undervalued.

The firm also recently announced a quarterly dividend, which was paid on Monday, November 15th. Shareholders of record on Thursday, October 14th were given a $0.97 dividend. The ex-dividend date was Wednesday, October 13th. This represents a $3.88 dividend on an annualized basis and a yield of 1.07%. This is an increase from Accenture’s previous quarterly dividend of $0.88. Accenture’s payout ratio is currently 42.40%.

Accenture Profile

Accenture Plc engages in the provision of management consulting, technology, and outsourcing services. It operates through the following geographical segments: North America, Europe and Growth Markets. The company was founded in 1989 and is headquartered in Dublin, Ireland.

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Institutional Ownership by Quarter for Accenture (NYSE:ACN)

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