AssuredPartners Reduces Stake in Accenture by 12.5% in Q2

AssuredPartners Investment Advisors LLC has reduced its stake in Accenture PLC (NYSE: ACN) by 12.5% during the second quarter of 2023, according to a report from Holdings Channel. Following the sale of 133 shares, AssuredPartners now holds a total of 932 shares in the global information technology services provider, valued at approximately $279,000 based on its most recent filing with the U.S. Securities and Exchange Commission.

Several other institutional investors also adjusted their positions in Accenture during the same period. For instance, Truist Financial Corp increased its holdings by 7.0%, acquiring an additional 28,685 shares. This brings Truist’s total shares to 436,202, valued at around $130.4 million. Similarly, Redwood Investments LLC boosted its investment by 6.2%, now owning 22,087 shares worth about $6.9 million.

Lipe & Dalton made a notable increase in its stake by 2,087.4%, acquiring an additional 4,801 shares to reach a total of 5,031 shares, valued at $1.57 million. PDS Planning Inc also saw substantial growth, increasing its position by 34.7% to own 4,055 shares worth approximately $1.21 million. Meanwhile, Mirae Asset Global Investments Co. Ltd. raised its holdings by 6.4%, now owning 70,887 shares valued at $21.2 million. Altogether, institutional investors and hedge funds control 75.14% of Accenture’s stock.

Accenture’s Financial Performance and Dividend Announcement

As of the last trading session, shares of Accenture opened at $238.46. The company currently maintains a quick ratio of 1.46, a current ratio of 1.42, and a debt-to-equity ratio of 0.16. Accenture has experienced a twelve-month low of $229.40 and a high of $398.35. Its market capitalization stands at approximately $157.02 billion, with a price-to-earnings (P/E) ratio of 19.63 and a price-to-earnings-growth ratio of 2.04.

On November 14, 2023, Accenture will pay a quarterly dividend of $1.63 per share to stockholders of record as of October 10, 2023. This marks an increase from the previous dividend of $1.48 per share, translating to an annualized dividend of $6.52 and a dividend yield of 2.7%. The current payout ratio is 53.66%, indicating a commitment to returning value to shareholders.

Market Analysts Provide Insights

Market analysts have weighed in on Accenture’s stock performance. Evercore ISI set a price target of $280.00 in its recent report. In contrast, Deutsche Bank Aktiengesellschaft lowered its target from $260.00 to $235.00, maintaining a “hold” rating. Cowen reiterated a “buy” rating, while Jefferies Financial Group also affirmed a “hold” rating. HSBC took a more conservative view, reducing its price objective from $240.00 to $215.00.

The overall sentiment shows that one analyst has assigned a “Strong Buy” rating, while fourteen analysts recommend a buy, ten suggest holding, and one has issued a sell rating. According to MarketBeat data, Accenture holds an average rating of “Moderate Buy” with a consensus target price of $300.22.

Accenture PLC continues to be a significant player in the professional services sector, providing a wide range of strategy and consulting, technology, and operations services globally. As the company navigates market fluctuations, the recent adjustments by institutional investors highlight ongoing interest from the financial sector.