Pegasus Asset Management Inc. Has $6.50 Million Stock Position in Accenture plc (NYSE:ACN)

Pegasus Asset Management Inc. lowered its stake in Accenture plc (NYSE:ACN) by 0.5% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 18,475 shares of the information technology services provider’s stock after selling 88 shares during the quarter. Accenture makes up approximately 2.5% of Pegasus Asset Management Inc.’s investment portfolio, making the stock its 15th largest position. Pegasus Asset Management Inc.’s holdings in Accenture were worth $6,499,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. Swedbank AB raised its holdings in Accenture by 16.6% in the 3rd quarter. Swedbank AB now owns 2,551,679 shares of the information technology services provider’s stock valued at $901,967,000 after buying an additional 363,401 shares during the last quarter. Allspring Global Investments Holdings LLC raised its stake in shares of Accenture by 10.9% during the third quarter. Allspring Global Investments Holdings LLC now owns 202,330 shares of the information technology services provider’s stock valued at $71,520,000 after acquiring an additional 19,958 shares during the last quarter. Whittier Trust Co. of Nevada Inc. grew its stake in shares of Accenture by 19.2% in the third quarter. Whittier Trust Co. of Nevada Inc. now owns 14,994 shares of the information technology services provider’s stock worth $5,300,000 after purchasing an additional 2,419 shares during the last quarter. Community Financial Services Group LLC increased its holdings in Accenture by 1.0% in the third quarter. Community Financial Services Group LLC now owns 5,095 shares of the information technology services provider’s stock valued at $1,801,000 after purchasing an additional 48 shares during the period. Finally, Telos Capital Management Inc. bought a new position in Accenture during the 3rd quarter worth $2,609,000. 75.14% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of equities analysts recently commented on the company. Robert W. Baird reaffirmed a “neutral” rating and issued a $370.00 price objective on shares of Accenture in a research note on Tuesday, December 3rd. Wolfe Research raised shares of Accenture from a “peer perform” rating to an “outperform” rating and set a $425.00 price objective on the stock in a research note on Wednesday, January 8th. Piper Sandler boosted their price target on shares of Accenture from $422.00 to $429.00 and gave the stock an “overweight” rating in a report on Thursday, December 19th. The Goldman Sachs Group upgraded Accenture from a “neutral” rating to a “buy” rating and boosted their target price for the company from $370.00 to $420.00 in a research note on Friday, December 6th. Finally, UBS Group lifted their price target on Accenture from $450.00 to $455.00 and gave the company a “buy” rating in a research report on Friday, December 20th. Eight investment analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $387.22.

Insider Transactions at Accenture

In other news, CEO Julie Spellman Sweet sold 8,793 shares of Accenture stock in a transaction that occurred on Wednesday, February 5th. The shares were sold at an average price of $394.47, for a total value of $3,468,574.71. Following the completion of the sale, the chief executive officer now directly owns 11,858 shares in the company, valued at $4,677,625.26. The trade was a 42.58 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CAO Melissa A. Burgum sold 232 shares of the firm’s stock in a transaction that occurred on Wednesday, February 5th. The stock was sold at an average price of $394.46, for a total transaction of $91,514.72. Following the completion of the sale, the chief accounting officer now owns 8,915 shares in the company, valued at $3,516,610.90. This represents a 2.54 % 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 quarter. 0.02% of the stock is currently owned by insiders.

Accenture Trading Down 0.2 %

Accenture stock opened at $387.12 on Wednesday. Accenture plc has a 12 month low of $278.69 and a 12 month high of $398.35. The company has a current ratio of 1.47, a quick ratio of 1.47 and a debt-to-equity ratio of 0.17. The business’s fifty day simple moving average is $366.33 and its two-hundred day simple moving average is $355.32. The company has a market capitalization of $242.26 billion, a price-to-earnings ratio of 32.48, a price-to-earnings-growth ratio of 3.44 and a beta of 1.24.

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

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.