Logan Capital Management Inc. has recently reduced its stake in Accenture PLC (NYSE: ACN) by 7.8% during the second quarter, as noted in their latest filing with the Securities and Exchange Commission (SEC). Following the sale of 4,523 shares, the firm now holds 53,364 shares, valued at approximately $15,950,000.
In addition to Logan Capital’s moves, several institutional investors and hedge funds have adjusted their investments in Accenture. Truist Financial Corp increased its holdings by 7.0% in the second quarter, now owning 436,202 shares worth $130,376,000 after acquiring an extra 28,685 shares. Redwood Investments LLC raised its position in Accenture by 6.2% in the first quarter, holding 22,087 shares valued at $6,892,000. Lipe & Dalton significantly boosted their stake by 2,087.4% in the first quarter, owning 5,031 shares worth $1,570,000 following the acquisition of 4,801 additional shares. PDS Planning Inc. also increased its shares by 34.7% in the second quarter, and Mirae Asset Global Investments Co. Ltd. raised its holdings by 6.4% during the same period. Overall, institutional investors control 75.14% of Accenture’s stock.
Accenture’s stock opened at $251.03 on Tuesday, reflecting a market capitalization of $165.29 billion. The company’s current Price-to-Earnings (P/E) ratio stands at 20.66 and has shown resilience with a low of $229.40 and a high of $398.35 over the past year. Most recently, the company reported a strong quarterly earnings performance. For the quarter ending September 25, Accenture recorded earnings per share (EPS) of $3.03, surpassing the consensus estimate of $2.98. Additionally, quarterly revenue reached $17.60 billion, exceeding projections and indicating a revenue growth of 7.3% year-over-year.
Furthermore, Accenture has announced an increase in its quarterly dividend, which will be paid on November 14. Shareholders on record as of October 10 will receive $1.63 per share, up from the previous $1.48, translating to an annual dividend yield of 2.6%.
Market analysts have been busy evaluating Accenture’s stock, with Guggenheim recently lowering their price target from $305.00 to $285.00 while maintaining a “buy” rating. Other firms have adjusted their price objectives, reflecting varied outlooks on the company’s performance but generally maintaining a consensus rating of “Moderate Buy” and an average price target of $297.48.
In the realm of insider trading, CEO Ryoji Sekido and CEO Julie Spellman Sweet executed sales of their shares, with Sekido selling 2,500 shares for approximately $623,675, while Sweet sold 9,000 shares valued at $2,246,130. These transactions have resulted in notable decreases in their stock ownership.
Accenture continues to provide a wide range of professional services including strategy and consulting, technology and operations, and is recognized for its comprehensive application and data management services that cater to various industry needs.