HB Wealth Management Increases Stake in Accenture plc (NYSE:ACN)

HB Wealth Management LLC has increased its shareholdings in Accenture plc (NYSE:ACN) by 1.6% as reported in their most recent Form 13F filing with the Securities and Exchange Commission. After acquiring an additional 2,014 shares during the fourth quarter, the fund now owns a total of 124,831 shares of Accenture, which is a leading provider of information technology services. This investment in Accenture represents about 0.4% of HB Wealth Management LLC's entire portfolio, making Accenture its 27th largest holding. As of the end of the latest reporting period, the value of their holdings in Accenture reached approximately $43.92 million.

Institutional Activity

In addition to HB Wealth Management, several other institutional investors have also engaged in buying or selling shares of Accenture recently. For instance, Edgestream Partners L.P. initiated a new position in Accenture valued at around $1.52 million during the second quarter, while XTX Topco Ltd acquired shares worth about $1.99 million. Intech Investment Management LLC increased its stake by 13.8%, owning 41,701 shares with a total value of $12.65 million after acquiring 5,045 additional shares during the same period. Similarly, Brighton Jones LLC increased its investment in Accenture by 4.6%, owning 18,957 shares valued at $5.75 million after buying 840 shares. Additionally, Clifford Group LLC raised its position in Accenture by 9.0% and now holds 2,286 shares valued at $694,000. Notably, institutional investors collectively own about 75.14% of Accenture’s stock.

Analyst Ratings

Several equity analysts have made comments regarding Accenture’s stock. Wolfe Research upgraded Accenture from a "peer perform" rating to an "outperform" rating and set a target price of $425.00. Royal Bank of Canada also raised their price target from $377.00 to $389.00 while maintaining an "outperform" rating. BMO Capital Markets elevated their price target to $425.00 from $390.00 with a "market perform" rating. Meanwhile, Piper Sandler Companies reiterated a "neutral" rating and set a price objective of $329.00. Furthermore, StockNews.com upgraded Accenture's rating from "hold" to "buy." Overall, eight analysts rated the stock as a hold while sixteen analysts provided a buy rating. According to MarketBeat.com, the consensus rating for Accenture is a "Moderate Buy" with an average price target of $385.04.

Current Stock Performance

On Friday, Accenture shares traded up 0.5%, reaching a price of $352.33. The trading volume during the day was 4,061,199 shares, exceeding the average volume of 2,320,392. The stock has a 50-day moving average price of $357.65 and a 200-day moving average price of $345.02. Accenture's financial ratios include a quick ratio of 1.47, a current ratio also at 1.47, and a debt-to-equity ratio of 0.17. In the past year, Accenture's stock reached a low of $278.69 and a high of $387.51, and the company boasts a market capitalization of $220.49 billion along with a PE ratio of 29.56.

Earnings Report

Accenture’s latest quarterly earnings report, released on December 19, indicated that the company earned $3.59 per share, surpassing the consensus estimate of $3.43 by $0.16. The latest earnings reflect a return on equity of 26.91% and a net margin of 11.41%. Company revenue for that quarter totaled $17.69 billion, compared to an expected revenue of $17.15 billion. The year-over-year revenue growth was recorded at 9.0%, when the firm had reported earnings of $3.27 per share the previous year. Analysts forecast that Accenture plc will achieve earnings per share of $12.69 for the current year.

Dividend and Share Repurchase Initiative

Recently, Accenture announced a quarterly dividend of $1.48 per share, set to be paid on February 14. Shareholders on record as of January 16 will receive the dividend, which translates to an annualized dividend of $5.92 and a yield of 1.68%. The ex-dividend date is also January 16. Additionally, Accenture's Board of Directors approved a share repurchase program allowing the company to repurchase up to $4 billion of its shares, equating to roughly 1.8% of its stock. This type of initiative is often seen as a sign that a company believes its shares are undervalued.

Insider Transactions

In related news, insider Angela Beatty sold 375 shares on December 23 at an average price of $358.50, totaling $134,437.50. Post-sale, Beatty holds about 5,149 shares valued at around $1.85 million, reflecting a 6.79% decrease in her ownership. This transaction was reported in a filing with the Securities and Exchange Commission. Additionally, CEO Ryoji Sekido sold 3,191 shares on November 4 at an average price of $343.70, worth $1,096,746.70. After this transaction, Sekido owns just 6 shares valued at approximately $2,062.20, marking a 99.81% decline in his ownership. Over the past 90 days, insiders have sold a total of 26,125 shares valued at $9.57 million, with insiders owning a mere 0.02% of the company’s stock.

Company Overview

Accenture plc is a global professional services company that provides a broad range of services, including strategy and consulting, digital transformation, technology services, and operations management. Its offerings span across various sectors and encompass application and intelligent automation services, data management, and analytics, allowing clients to adopt innovative technological solutions.

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