AssuredPartners Reduces Stake in Accenture by 12.5% Amid Market Adjustments

AssuredPartners Investment Advisors LLC has reduced its stake in Accenture PLC (NYSE: ACN) by 12.5%, as reported in Holdings Channel. During the second quarter of 2023, the firm sold 133 shares, bringing its total holdings to 932 shares. This adjustment values AssuredPartners’ investment in Accenture at approximately $279,000, based on the most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recalibrated their positions in Accenture recently. Truist Financial Corp increased its holdings by 7.0%, acquiring an additional 28,685 shares during the same quarter. This brings Truist’s total to 436,202 shares, valued at around $130.38 million. Similarly, Redwood Investments LLC raised its stake by 6.2% in the first quarter, now holding 22,087 shares worth approximately $6.89 million.

Another notable increase comes from Lipe & Dalton, which expanded its position by an impressive 2,087.4%, acquiring 4,801 shares and now owning a total of 5,031 shares, valued at $1.57 million. PDS Planning Inc also grew its stake by 34.7% in the second quarter, now holding 4,055 shares worth about $1.21 million. Mirae Asset Global Investments Co. Ltd. added 4,281 shares to its holdings, representing a 6.4% increase, with a total value of $21.19 million.

Institutional investors and hedge funds collectively own 75.14% of Accenture’s stock, reflecting strong institutional confidence in the company.

Accenture’s Financial Performance

As of the latest trading session, shares of Accenture opened at $238.46. The company exhibits solid financial ratios, with a quick ratio of 1.46 and a current ratio of 1.42. Accenture’s debt-to-equity ratio stands at a low 0.16, indicating a manageable level of debt. Over the past year, the stock has seen a low of $229.40 and a high of $398.35, with a market capitalization of $157.02 billion.

Accenture’s price-to-earnings (P/E) ratio is 19.63, and its price-to-earnings-growth (PEG) ratio is 2.04. The company has a beta of 1.28, reflecting its volatility compared to the broader market. Its 50-day moving average is $246.78, while the 200-day moving average is $279.16.

Dividend Announcement and Analyst Ratings

In a positive development for shareholders, Accenture has announced a quarterly dividend of $1.63 per share, payable on November 14, 2023. This dividend will be distributed to stockholders on record as of October 10, 2023. The new dividend represents an increase from the previous quarterly dividend of $1.48 and translates to an annualized dividend of $6.52 with a yield of 2.7%. The payout ratio currently stands at 53.66%.

Analysts have recently weighed in on Accenture’s stock, with varied opinions reflected in their ratings. Evercore ISI set a price objective of $280.00, while Deutsche Bank Aktiengesellschaft lowered its target from $260.00 to $235.00 and maintained a “hold” rating. Cowen reiterated a “buy” rating, and Jefferies Financial Group also restated a “hold” rating. Furthermore, HSBC adjusted its price target downwards from $240.00 to $215.00.

Overall, one research analyst has given Accenture a “Strong Buy” rating, while fourteen analysts have issued a “Buy” rating and ten have recommended a “Hold.” The consensus target price stands at $300.22, indicating a generally positive outlook among analysts.

Accenture PLC, a leading professional services company, continues to provide a wide range of services including strategy and consulting, technology, and operations across various sectors globally. As the market evolves, the adjustments by institutional investors and the announcement of increased dividends highlight ongoing confidence in Accenture’s growth trajectory.