Intrust Bank NA has decreased its stake in Accenture PLC (NYSE: ACN) by 8.8% during the second quarter of 2023, according to a recent Form 13F filing with the U.S. Securities and Exchange Commission (SEC). The institutional investor now holds 6,050 shares of the information technology services provider, having sold 587 shares during this period. As of the latest filing, Intrust Bank NA’s holdings in Accenture are valued at approximately $1.81 million.
Several other institutional investors have also adjusted their positions in Accenture recently. C WorldWide Group Holding A S increased its stake by 35.9% during the same quarter, acquiring an additional 2,151 shares and bringing its total to 8,148 shares, valued at $2.43 million. Similarly, Truist Financial Corp raised its position by 7.0%, now owning 436,202 shares worth approximately $130.38 million after acquiring an additional 28,685 shares.
Redwood Investments LLC and PDS Planning Inc. also reported increases in their holdings. Redwood Investments boosted its stake by 6.2%, now holding 22,087 shares valued at $6.89 million, while PDS Planning grew its position by 34.7%, acquiring 1,044 shares for a total of 4,055 shares valued at $1.21 million. Mirae Asset Global Investments Co. Ltd. increased its stake by 6.4%, now owning 70,887 shares worth $21.19 million. Institutional investors collectively own 75.14% of Accenture’s stock.
Accenture Stock Overview
Accenture’s stock opened at $245.29 on Monday, with a fifty-two week low of $229.40 and a high of $398.35. The company boasts a market capitalization of $161.52 billion, a price-to-earnings (P/E) ratio of 20.19, and a price-to-earnings-growth (PEG) ratio of 2.16. Its debt-to-equity ratio stands at 0.16, with both the quick ratio and current ratio at 1.42.
Accenture also recently announced an increase in its quarterly dividend, which was paid on November 14, 2023. Shareholders on record as of October 10, 2023 received a dividend of $1.63, reflecting an annualized dividend of $6.52 and a yield of 2.7%. This is an increase from the previous quarterly dividend of $1.48. The company’s dividend payout ratio is 53.66%.
Analyst Ratings and Insider Activity
Wall Street analysts have shared mixed opinions on Accenture’s stock. Wall Street Zen recently downgraded the company from a “buy” rating to a “hold” rating. BNP Paribas Exane reduced its price target from $300.00 to $255.00 while maintaining a “neutral” rating. HSBC Global Research also downgraded their outlook, adjusting their price target from $240.00 to $215.00. Currently, one analyst rates the stock as a Strong Buy, fifteen as Buy, eleven as Hold, and one as Sell, resulting in an average rating of “Moderate Buy” with a target price of $294.25 according to MarketBeat data.
In recent insider trading, CEO Ryoji Sekido sold 2,500 shares on October 22, 2023, at an average price of $249.47, totaling $623,675. Following this transaction, Sekido’s ownership decreased significantly. Additionally, CEO Julie Spellman Sweet sold 9,000 shares on the same date, earning $2,246,130 and reducing her ownership by 27.68%.
In the past 90 days, insiders have sold a total of 33,319 shares valued at approximately $8.34 million. Currently, insiders own only 0.02% of Accenture’s stock.
Accenture PLC is a leading professional services company that provides strategy and consulting, technology and operations services, as well as industry-specific solutions globally. The company offers a wide range of services, including application management, data analytics, and sustainability services, positioning itself as a key player in the information technology sector.
