Highland Capital Management LLC has significantly boosted its investment in Accenture PLC, raising its stake by an impressive 393.5% during the third quarter of 2023. According to the firm’s recent 13F filing with the Securities and Exchange Commission, Highland Capital now holds 19,088 shares of Accenture, having acquired an additional 15,220 shares during this period. The value of Highland Capital’s holdings in the global consulting and technology services provider stands at approximately $4.7 million.
Other institutional investors have also adjusted their positions in Accenture. For instance, Vanguard Group Inc. increased its ownership by 2.1% in the second quarter, now owning 65,129,782 shares valued at about $19.47 billion. Similarly, State Street Corp. enhanced its stake by 1.2%, bringing its total to 28,016,605 shares worth around $8.37 billion. Additionally, Geode Capital Management LLC raised its holdings by 1.1%, while Massachusetts Financial Services Co. MA increased its investment by 0.6%. Collectively, institutional investors and hedge funds own approximately 75.14% of Accenture’s stock.
In related news, Accenture’s CEO, Ryoji Sekido, sold 2,500 shares on October 22, 2023, at an average price of $249.47, totaling $623,675. This transaction reduced his holdings to 1,390 shares, currently valued at about $346,763.30. Similarly, insider Manish Sharma sold 6,902 shares on the same day, receiving approximately $1.73 million. Following this sale, Sharma retains 1,860 shares of the company. Over the past 90 days, insiders have sold a total of 33,319 shares valued at around $8.34 million, with corporate insiders owning only 0.02% of the stock.
Accenture’s Financial Performance and Dividends
Accenture recently reported its quarterly earnings, announcing a profit of $3.94 per share for the quarter ending December 18, 2023. This surpassed analysts’ expectations, which had estimated earnings of $3.73 per share. The company achieved a return on equity of 26.65% and a net margin of 10.76%. Revenue reached $18.74 billion, exceeding predictions of $18.51 billion. This marks a 5.7% year-over-year increase, compared to earnings of $3.59 per share during the same quarter the previous year.
Accenture has also announced a quarterly dividend of $1.63 per share, payable on February 13, 2024. Shareholders of record on January 13, 2024, will receive this dividend, which represents an annualized total of $6.52 and a yield of 2.4%. The company’s current dividend payout ratio is 53.88%.
Analysts Adjust Price Targets for Accenture
Several research firms have recently provided updated evaluations of Accenture stock. BNP Paribas Exane lowered its price target from $300.00 to $255.00, assigning a “neutral” rating. In contrast, HSBC raised its target from $215.00 to $235.00. Robert W. Baird adjusted its target from $350.00 to $330.00, maintaining an “outperform” rating. Meanwhile, UBS Group set a price objective of $320.00. Dbs Bank upgraded its rating from “hold” to “moderate buy.”
Currently, one analyst rates the stock as a “Strong Buy,” while fifteen recommend a “Buy,” eleven suggest a “Hold,” and one advises a “Sell.” According to data from MarketBeat, Accenture holds a consensus rating of “Moderate Buy” with a target price averaging $298.29.
Accenture PLC is a prominent global professional services company providing a wide range of services in strategy, consulting, digital, technology, and operations. The firm collaborates with organizations across various industries to implement transformative business programs, manage enterprise technology, optimize operations, and enhance customer experiences. Its offerings include management and technology consulting, systems integration, application and infrastructure services, cloud migration, and managed services.
