Ashton Thomas Private Wealth LLC has reduced its stake in Accenture PLC (NYSE: ACN) by 10.1% during the third quarter of 2023. According to Holdings Channel, the firm now holds 23,972 shares of the information technology services provider, down from its previous total after selling 2,690 shares. At the end of this quarter, the value of Ashton Thomas Private Wealth’s holdings amounted to approximately $5,912,000.
Other institutional investors have also adjusted their positions in Accenture. For instance, Penserra Capital Management LLC increased its stake by 38.6%, acquiring an additional 26,316 shares during the same period. This brings its total ownership to 94,420 shares, valued at around $23,283,000. Similarly, Strengthening Families & Communities LLC raised its holdings by 1.8%, while Physician Wealth Advisors Inc. significantly boosted its position by 317.4%.
The data indicates that hedge funds and institutional investors collectively own 75.14% of Accenture’s stock, showcasing a robust interest in the company’s performance.
Insider Trading Activity
In addition to institutional movements, insider trading has also been notable. Julie Spellman Sweet, the CEO of Accenture, sold 1,694 shares on January 14, 2024, at an average price of $288.30, resulting in a total transaction value of $488,380.20. Following this sale, her remaining shares are valued at approximately $10,766,851.80, reflecting a 4.34% decrease in her position.
Another significant transaction involved Melissa A. Burgum, the Chief Accounting Officer, who sold 3,588 shares on January 26, 2024, at an average price of $281.01, totalling $1,008,263.88. After this transaction, Burgum owns 8,179 shares, valued at about $2,298,380.79, marking a decrease of 30.49% in her stake. Over the past 90 days, insiders have collectively sold 16,017 shares of Accenture, amounting to $4,505,916.
Recent Financial Performance and Analyst Ratings
Accenture recently reported its earnings for the last quarter, revealing an earnings per share (EPS) of $3.94, surpassing analysts’ expectations of $3.73 by $0.21. The company’s revenue reached $18.74 billion, exceeding projected figures of $18.51 billion, with a net margin of 10.76% and a return on equity of 26.65%. This performance reflects a revenue increase of 5.7% compared to the same quarter in the previous year.
Accenture has set its fiscal year 2026 guidance at an EPS of 13.520-13.900. Analysts project an average EPS of 12.73 for the current fiscal year.
The company also announced a quarterly dividend of $1.63, set to be paid on February 13, 2024, to shareholders recorded by January 13, 2024. This dividend represents an annualized total of $6.52, yielding 2.7% for shareholders, with a dividend payout ratio of 53.88%.
Research analysts have varied opinions on Accenture’s stock. Jefferies Financial Group raised its price objective from $270.00 to $280.00, designating the stock as a “hold.” Meanwhile, HSBC increased its target from $215.00 to $235.00, and Truist Financial commenced coverage with a “buy” rating, setting a target price of $317.00. Overall, the consensus rating for Accenture is a “Moderate Buy,” with a target price averaging $298.38.
Accenture continues to demonstrate strong performance in the global market, providing a range of professional services in strategy, consulting, digital, and technology. As the company prepares for future growth, the interest from both institutional investors and insiders highlights its strategic importance in the technology sector.
