Elmwood Wealth Management Inc. Buys 91 Shares of Accenture plc (NYSE:ACN)

by · The Markets Daily

Elmwood Wealth Management Inc. grew its position in Accenture plc (NYSE:ACN – Free Report) by 4.7% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 2,047 shares of the information technology services provider’s stock after purchasing an additional 91 shares during the quarter. Elmwood Wealth Management Inc.’s holdings in Accenture were worth $724,000 as of its most recent SEC filing.

Other large investors also recently made changes to their positions in the company. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp increased its position in Accenture by 18.7% during the 2nd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 172,199 shares of the information technology services provider’s stock worth $52,247,000 after buying an additional 27,168 shares during the period. New Mexico Educational Retirement Board boosted its holdings in Accenture by 11.9% in the 1st quarter. New Mexico Educational Retirement Board now owns 36,750 shares of the information technology services provider’s stock valued at $12,393,000 after purchasing an additional 3,900 shares during the period. Allspring Global Investments Holdings LLC grew its position in shares of Accenture by 13.3% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 183,446 shares of the information technology services provider’s stock worth $63,584,000 after purchasing an additional 21,516 shares in the last quarter. M&G Plc bought a new position in shares of Accenture during the first quarter worth approximately $19,007,000. Finally, First Long Island Investors LLC raised its position in shares of Accenture by 27.8% in the first quarter. First Long Island Investors LLC now owns 65,717 shares of the information technology services provider’s stock valued at $22,778,000 after buying an additional 14,283 shares in the last quarter. Institutional investors own 75.14% of the company’s stock.

Accenture Trading Up 0.4 %

ACN traded up $1.34 during trading on Monday, reaching $362.08. 620,551 shares of the company’s stock were exchanged, compared to its average volume of 2,741,703. Accenture plc has a one year low of $278.69 and a one year high of $387.51. The firm has a fifty day moving average price of $339.97 and a two-hundred day moving average price of $320.48. The stock has a market capitalization of $226.91 billion, a PE ratio of 33.03, a price-to-earnings-growth ratio of 3.47 and a beta of 1.25.

Accenture (NYSE:ACN – Get Free Report) last issued its quarterly earnings data on Thursday, September 26th. The information technology services provider reported $2.79 earnings per share for the quarter, topping the consensus estimate of $2.78 by $0.01. The company had revenue of $16.41 billion for the quarter, compared to analysts’ expectations of $16.37 billion. Accenture had a net margin of 11.20% and a return on equity of 26.83%. Accenture’s revenue for the quarter was up 2.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.71 earnings per share. Sell-side analysts expect that Accenture plc will post 12.79 earnings per share for the current year.

Accenture Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Thursday, October 10th will be given a dividend of $1.48 per share. This represents a $5.92 dividend on an annualized basis and a dividend yield of 1.63%. This is an increase from Accenture’s previous quarterly dividend of $1.29. The ex-dividend date of this dividend is Thursday, October 10th. Accenture’s dividend payout ratio (DPR) is 54.21%.

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

Analyst Upgrades and Downgrades

ACN has been the topic of a number of recent research reports. Morgan Stanley lowered Accenture from an “overweight” rating to an “equal weight” rating and lowered their price objective for the stock from $382.00 to $300.00 in a research note on Wednesday, June 26th. Mizuho raised their price target on Accenture from $352.00 to $365.00 and gave the stock an “outperform” rating in a research report on Wednesday, September 18th. Robert W. Baird upped their price objective on shares of Accenture from $350.00 to $370.00 and gave the stock a “neutral” rating in a research report on Friday, September 27th. UBS Group raised their target price on shares of Accenture from $400.00 to $415.00 and gave the company a “buy” rating in a report on Friday, September 27th. Finally, Piper Sandler raised shares of Accenture from a “neutral” rating to an “overweight” rating and upped their price target for the stock from $329.00 to $395.00 in a report on Thursday, September 26th. Eight analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. According to data from MarketBeat, Accenture presently has a consensus rating of “Moderate Buy” and a consensus price target of $371.18.

View Our Latest Stock Report on Accenture

Insider Activity at Accenture

In other Accenture news, General Counsel Joel Unruch sold 8,145 shares of the firm’s stock in a transaction that occurred on Monday, July 22nd. The shares were sold at an average price of $331.05, for a total transaction of $2,696,402.25. Following the completion of the transaction, the general counsel now owns 22,849 shares in the company, valued at approximately $7,564,161.45. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, insider Ellyn Shook sold 5,000 shares of the firm’s stock in a transaction that occurred on Tuesday, July 23rd. The stock was sold at an average price of $329.82, for a total transaction of $1,649,100.00. Following the completion of the sale, the insider now owns 8,989 shares of the company’s stock, valued at $2,964,751.98. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, General Counsel Joel Unruch sold 8,145 shares of the business’s stock in a transaction that occurred on Monday, July 22nd. The shares were sold at an average price of $331.05, for a total value of $2,696,402.25. Following the completion of the transaction, the general counsel now directly owns 22,849 shares in the company, valued at approximately $7,564,161.45. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.07% of the stock is currently owned by company insiders.

About Accenture

(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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