Pinnacle Financial Partners Inc Acquires 207 Shares of Accenture plc (NYSE:ACN)

by · The Cerbat Gem

Pinnacle Financial Partners Inc increased its holdings in Accenture plc (NYSE:ACN – Free Report) by 3.3% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 6,438 shares of the information technology services provider’s stock after buying an additional 207 shares during the quarter. Pinnacle Financial Partners Inc’s holdings in Accenture were worth $2,276,000 at the end of the most recent reporting period.

A number of other institutional investors also recently added to or reduced their stakes in the stock. MQS Management LLC bought a new stake in Accenture during the 3rd quarter worth approximately $1,040,000. Simmons Bank grew its holdings in shares of Accenture by 0.9% during the third quarter. Simmons Bank now owns 11,651 shares of the information technology services provider’s stock worth $4,118,000 after purchasing an additional 99 shares during the last quarter. Souders Financial Advisors acquired a new stake in shares of Accenture in the third quarter valued at $263,000. Bancreek Capital Management LP lifted its position in Accenture by 11.5% during the 3rd quarter. Bancreek Capital Management LP now owns 20,529 shares of the information technology services provider’s stock worth $7,257,000 after buying an additional 2,122 shares in the last quarter. Finally, Victory Capital Management Inc. grew its holdings in Accenture by 8.9% during the 3rd quarter. Victory Capital Management Inc. now owns 375,945 shares of the information technology services provider’s stock worth $132,889,000 after acquiring an additional 30,725 shares during the last quarter. 75.14% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts have recently commented on the stock. TD Cowen raised shares of Accenture from a “hold” rating to a “buy” rating and increased their price target for the company from $321.00 to $400.00 in a research note on Monday, September 30th. JPMorgan Chase & Co. decreased their price objective on Accenture from $376.00 to $370.00 and set an “overweight” rating on the stock in a research report on Tuesday, September 24th. Citigroup raised their price target on Accenture from $350.00 to $405.00 and gave the company a “buy” rating in a report on Tuesday, September 17th. Piper Sandler raised Accenture from a “neutral” rating to an “overweight” rating and boosted their price objective for the stock from $329.00 to $395.00 in a report on Thursday, September 26th. Finally, BNP Paribas lowered shares of Accenture from an “outperform” rating to a “neutral” rating and set a $375.00 target price on the stock. in a research note on Wednesday, October 30th. Ten analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Accenture currently has an average rating of “Moderate Buy” and a consensus price target of $368.23.

Read Our Latest Research Report on ACN

Accenture Price Performance

ACN opened at $370.34 on Thursday. The company has a market capitalization of $231.52 billion, a price-to-earnings ratio of 32.40, a P/E/G ratio of 3.15 and a beta of 1.25. The business’s 50-day moving average price is $354.32 and its two-hundred day moving average price is $326.17. Accenture plc has a 1 year low of $278.69 and a 1 year high of $387.51.

Accenture (NYSE:ACN – Get Free Report) last released its quarterly earnings results on Thursday, September 26th. The information technology services provider reported $2.79 earnings per share for the quarter, topping analysts’ consensus estimates of $2.78 by $0.01. The firm had revenue of $16.41 billion during the quarter, compared to the consensus estimate of $16.37 billion. Accenture had a return on equity of 26.83% and a net margin of 11.20%. The business’s revenue was up 2.6% on a year-over-year basis. During the same quarter in the prior year, the firm posted $2.71 EPS. Sell-side analysts anticipate that Accenture plc will post 12.77 earnings per share for the current fiscal year.

Accenture Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Investors of record on Thursday, October 10th will be given a $1.48 dividend. The ex-dividend date is Thursday, October 10th. This represents a $5.92 dividend on an annualized basis and a dividend yield of 1.60%. This is an increase from Accenture’s previous quarterly dividend of $1.29. Accenture’s payout ratio is currently 51.79%.

Accenture announced that its Board of Directors has initiated a share repurchase program on Thursday, September 26th that permits the company to buyback $4.00 billion in shares. This buyback authorization permits the information technology services provider to buy up to 1.8% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s leadership believes its stock is undervalued.

Insider Activity at Accenture

In other news, COO John F. Walsh sold 5,000 shares of the company’s stock in a transaction that occurred on Thursday, October 17th. The stock was sold at an average price of $373.24, for a total transaction of $1,866,200.00. Following the sale, the chief operating officer now owns 17,593 shares in the company, valued at $6,566,411.32. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. In other Accenture news, COO John F. Walsh sold 5,000 shares of the business’s stock in a transaction that occurred on Thursday, October 17th. The stock was sold at an average price of $373.24, for a total transaction of $1,866,200.00. Following the transaction, the chief operating officer now owns 17,593 shares of the company’s stock, valued at $6,566,411.32. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Ryoji Sekido sold 3,191 shares of the business’s stock in a transaction that occurred on Monday, November 4th. The stock was sold at an average price of $343.70, for a total value of $1,096,746.70. Following the transaction, the chief executive officer now directly owns 6 shares in the company, valued at $2,062.20. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 36,298 shares of company stock valued at $13,372,661. Insiders own 0.07% of the company’s stock.

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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