Palumbo Wealth Management LLC Grows Position in Accenture plc (NYSE:ACN)

Palumbo Wealth Management LLC raised its stake in shares of Accenture plc (NYSE:ACN) by 13.5% during the 4th quarter, according to its most recent filing with the SEC. The firm owned 8,075 shares of the information technology services provider’s stock after acquiring an additional 963 shares during the period. Accenture makes up approximately 1.1% of Palumbo Wealth Management LLC’s holdings, making the stock its 22nd biggest position. Palumbo Wealth Management LLC’s holdings in Accenture were worth $2,841,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Morse Asset Management Inc bought a new position in Accenture during the third quarter valued at approximately $25,000. MidAtlantic Capital Management Inc. purchased a new stake in Accenture during the 3rd quarter valued at $30,000. POM Investment Strategies LLC boosted its stake in shares of Accenture by 64.2% in the 4th quarter. POM Investment Strategies LLC now owns 87 shares of the information technology services provider’s stock worth $31,000 after buying an additional 34 shares during the last quarter. Retirement Wealth Solutions LLC bought a new stake in shares of Accenture in the fourth quarter worth $34,000. Finally, Mowery & Schoenfeld Wealth Management LLC increased its position in Accenture by 607.1% during the third quarter. Mowery & Schoenfeld Wealth Management LLC now owns 99 shares of the information technology services provider’s stock valued at $35,000 after acquiring an additional 85 shares during the last quarter. Hedge funds and other institutional investors own 75.14% of the company’s stock.

Accenture Stock Down 0.4 %

Shares of ACN stock opened at $387.99 on Friday. The stock has a market cap of $242.80 billion, a P/E ratio of 32.55, a PEG ratio of 3.44 and a beta of 1.24. The company’s fifty day simple moving average is $365.29 and its two-hundred day simple moving average is $354.11. The company has a quick ratio of 1.47, a current ratio of 1.47 and a debt-to-equity ratio of 0.17. Accenture plc has a 52 week low of $278.69 and a 52 week high of $398.35.

Accenture (NYSE:ACN) last announced its quarterly earnings results on Thursday, December 19th. The information technology services provider reported $3.59 EPS for the quarter, beating analysts’ consensus estimates of $3.43 by $0.16. Accenture had a return on equity of 26.91% and a net margin of 11.41%. The company had revenue of $17.69 billion during the quarter, compared to analyst estimates of $17.15 billion. During the same period in the prior year, the company earned $3.27 earnings per share. The firm’s revenue was up 9.0% on a year-over-year basis. Analysts predict that Accenture plc will post 12.73 EPS for the current fiscal year.

Accenture Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, February 14th. Investors of record on Thursday, January 16th were given a $1.48 dividend. This represents a $5.92 annualized dividend and a yield of 1.53%. The ex-dividend date was Thursday, January 16th. Accenture’s dividend payout ratio is presently 49.66%.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on ACN shares. Wolfe Research upgraded Accenture from a “peer perform” rating to an “outperform” rating and set a $425.00 price target for the company in a research note on Wednesday, January 8th. Robert W. Baird reaffirmed a “neutral” rating and set a $370.00 target price on shares of Accenture in a report on Tuesday, December 3rd. The Goldman Sachs Group raised shares of Accenture from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $370.00 to $420.00 in a research report on Friday, December 6th. Jefferies Financial Group decreased their target price on Accenture from $385.00 to $355.00 and set a “hold” rating on the stock in a report on Tuesday, January 21st. Finally, UBS Group upped their price target on Accenture from $450.00 to $455.00 and gave the stock a “buy” rating in a research report on Friday, December 20th. Eight research analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $387.22.

Insider Buying and Selling at Accenture

In other news, CFO Angie Y. Park sold 685 shares of the firm’s stock in a transaction that occurred on Friday, January 17th. The stock was sold at an average price of $354.38, for a total value of $242,750.30. Following the completion of the sale, the chief financial officer now directly owns 8,674 shares of the company’s stock, valued at $3,073,892.12. This trade represents a 7.32 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Angela Beatty sold 375 shares of the business’s stock in a transaction that occurred on Monday, December 23rd. The shares were sold at an average price of $358.50, for a total value of $134,437.50. Following the transaction, the insider now directly owns 5,149 shares in the company, valued at approximately $1,845,916.50. This represents a 6.79 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 22,280 shares of company stock worth $8,316,190 over the last 90 days. 0.02% of the stock is owned by insiders.

About Accenture

Accenture plc, a professional services company, provides strategy and consulting, industry X, song, and technology and operation services worldwide. The company offers application services, including agile transformation, DevOps, application modernization, enterprise architecture, software and quality engineering, data management; intelligent automation comprising robotic process automation, natural language processing, and virtual agents; and application management services, as well as software engineering services; strategy and consulting services; data and analytics strategy, data discovery and augmentation, data management and beyond, data democratization, and industrialized solutions comprising turnkey analytics and artificial intelligence (AI) solutions; metaverse; and sustainability services.