Redmont Wealth Advisors LLC Invests $68,000 in Accenture plc (NYSE:ACN)

Redmont Wealth Advisors LLC bought a new position in shares of Accenture plc (NYSE:ACN) in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 196 shares of the information technology services provider’s stock, valued at approximately $68,000.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Vanguard Group Inc. raised its stake in Accenture by 0.3% in the third quarter. Vanguard Group Inc. now owns 58,434,025 shares of the information technology services provider’s stock valued at $17,945,673,000 after purchasing an additional 184,541 shares in the last quarter. Wellington Management Group LLP raised its stake in Accenture by 7.0% in the third quarter. Wellington Management Group LLP now owns 11,034,666 shares of the information technology services provider’s stock valued at $3,388,856,000 after purchasing an additional 720,647 shares in the last quarter. Capital Research Global Investors raised its stake in Accenture by 1.9% in the fourth quarter. Capital Research Global Investors now owns 8,479,430 shares of the information technology services provider’s stock valued at $2,975,517,000 after purchasing an additional 159,696 shares in the last quarter. Norges Bank acquired a new position in Accenture in the fourth quarter valued at about $2,061,490,000. Finally, Charles Schwab Investment Management Inc. raised its stake in Accenture by 1.6% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 4,466,684 shares of the information technology services provider’s stock valued at $1,556,676,000 after purchasing an additional 68,635 shares in the last quarter. Institutional investors and hedge funds own 75.14% of the company’s stock.

Insider Transactions at Accenture

In other news, insider Ellyn Shook sold 5,000 shares of the stock in a transaction on Thursday, April 25th. The stock was sold at an average price of $307.22, for a total transaction of $1,536,100.00. Following the completion of the transaction, the insider now owns 13,699 shares in the company, valued at approximately $4,208,606.78. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Accenture news, General Counsel Joel Unruch sold 4,333 shares of the firm’s stock in a transaction dated Friday, April 19th. The stock was sold at an average price of $316.12, for a total value of $1,369,747.96. Following the completion of the transaction, the general counsel now owns 30,702 shares in the company, valued at approximately $9,705,516.24. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Ellyn Shook sold 5,000 shares of the firm’s stock in a transaction dated Thursday, April 25th. The stock was sold at an average price of $307.22, for a total value of $1,536,100.00. Following the completion of the transaction, the insider now owns 13,699 shares of the company’s stock, valued at approximately $4,208,606.78. The disclosure for this sale can be found here. In the last 90 days, insiders sold 20,083 shares of company stock worth $6,302,285. 0.07% of the stock is owned by company insiders.

Accenture Stock Performance

NYSE:ACN traded up $1.92 during trading on Wednesday, reaching $305.75. The company’s stock had a trading volume of 1,751,182 shares, compared to its average volume of 2,899,779. The firm has a market cap of $191.61 billion, a price-to-earnings ratio of 27.97, a price-to-earnings-growth ratio of 3.38 and a beta of 1.23. The firm has a 50 day moving average of $299.60 and a 200-day moving average of $335.48. Accenture plc has a 12 month low of $278.69 and a 12 month high of $387.51.

Accenture (NYSE:ACN) last announced its quarterly earnings data on Thursday, June 20th. The information technology services provider reported $3.13 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.15 by ($0.02). The business had revenue of $16.47 billion during the quarter, compared to the consensus estimate of $16.55 billion. Accenture had a net margin of 10.79% and a return on equity of 27.48%. The firm’s revenue for the quarter was down .6% compared to the same quarter last year. During the same quarter last year, the company earned $3.19 EPS. Equities research analysts forecast that Accenture plc will post 11.95 earnings per share for the current fiscal year.

Accenture Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, August 15th. Stockholders of record on Thursday, July 11th will be paid a dividend of $1.29 per share. The ex-dividend date of this dividend is Thursday, July 11th. This represents a $5.16 annualized dividend and a dividend yield of 1.69%. Accenture’s payout ratio is 47.25%.

Wall Street Analysts Forecast Growth

Several brokerages have commented on ACN. Citigroup lowered their target price on Accenture from $430.00 to $400.00 and set a “buy” rating for the company in a research note on Friday, March 22nd. Guggenheim restated a “buy” rating and set a $395.00 price target on shares of Accenture in a report on Friday, May 24th. Piper Sandler Companies reduced their price target on Accenture from $379.00 to $320.00 and set a “neutral” rating on the stock in a report on Monday, June 17th. TD Cowen reduced their price target on Accenture from $294.00 to $293.00 and set a “hold” rating on the stock in a report on Friday, June 21st. Finally, Royal Bank of Canada upped their target price on Accenture from $374.00 to $381.00 and gave the company an “outperform” rating in a report on Friday, March 22nd. Twelve investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $352.74.

Accenture Company Profile

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.