Pinnacle Investment Management Ltd Acquires New Holdings in Accenture plc (NYSE:ACN)

Pinnacle Investment Management Ltd purchased a new stake in shares of Accenture plc (NYSE:ACN) during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 750 shares of the information technology services provider’s stock, valued at approximately $264,000. Accenture comprises approximately 0.2% of Pinnacle Investment Management Ltd’s investment portfolio, making the stock its 19th largest holding.

A number of other institutional investors also recently modified their holdings of ACN. Baldwin Wealth Partners LLC MA lifted its position in Accenture by 6.5% during the 4th quarter. Baldwin Wealth Partners LLC MA now owns 63,429 shares of the information technology services provider’s stock worth $22,314,000 after acquiring an additional 3,883 shares during the last quarter. Davidson Trust Co. boosted its stake in Accenture by 7.4% during the 4th quarter. Davidson Trust Co. now owns 2,307 shares of the information technology services provider’s stock valued at $812,000 after purchasing an additional 158 shares during the period. China Universal Asset Management Co. Ltd. grew its holdings in Accenture by 37.5% in the 4th quarter. China Universal Asset Management Co. Ltd. now owns 3,094 shares of the information technology services provider’s stock valued at $1,088,000 after buying an additional 843 shares during the last quarter. SteelPeak Wealth LLC increased its position in Accenture by 127.1% in the 4th quarter. SteelPeak Wealth LLC now owns 2,323 shares of the information technology services provider’s stock worth $817,000 after buying an additional 1,300 shares during the period. Finally, Capital Research Global Investors boosted its position in shares of Accenture by 16.8% in the fourth quarter. Capital Research Global Investors now owns 12,295,748 shares of the information technology services provider’s stock valued at $4,325,526,000 after acquiring an additional 1,770,024 shares during the period. Institutional investors own 75.14% of the company’s stock.

Accenture Trading Up 0.1%

Shares of ACN stock opened at $319.70 on Wednesday. The company has a quick ratio of 1.47, a current ratio of 1.47 and a debt-to-equity ratio of 0.17. The company has a market capitalization of $200.24 billion, a P/E ratio of 26.82, a P/E/G ratio of 3.23 and a beta of 1.35. Accenture plc has a 12-month low of $275.01 and a 12-month high of $398.35. The firm has a 50-day moving average price of $302.57 and a 200 day moving average price of $340.82.

Accenture (NYSE:ACN) last posted its earnings results on Thursday, March 20th. The information technology services provider reported $2.82 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.81 by $0.01. The company had revenue of $16.70 billion during the quarter, compared to analysts’ expectations of $16.64 billion. Accenture had a net margin of 11.41% and a return on equity of 26.91%. Accenture’s quarterly revenue was up 5.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.77 earnings per share. Research analysts forecast that Accenture plc will post 12.73 earnings per share for the current fiscal year.

Accenture Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, May 15th. Stockholders of record on Thursday, April 10th were paid a $1.48 dividend. The ex-dividend date of this dividend was Thursday, April 10th. This represents a $5.92 dividend on an annualized basis and a dividend yield of 1.85%. Accenture’s dividend payout ratio (DPR) is presently 48.89%.

Analyst Ratings Changes

A number of equities analysts recently issued reports on the stock. Robert W. Baird raised shares of Accenture from a “neutral” rating to an “outperform” rating and set a $390.00 target price on the stock in a research report on Monday, March 17th. Royal Bank of Canada cut their price objective on shares of Accenture from $399.00 to $392.00 and set an “outperform” rating for the company in a research report on Friday, March 21st. 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 research report on Tuesday, January 21st. Barclays cut their price target on Accenture from $415.00 to $390.00 and set an “overweight” rating for the company in a report on Monday, March 24th. Finally, Baird R W upgraded Accenture from a “hold” rating to a “strong-buy” rating in a research report on Monday, March 17th. Seven analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $381.76.

Insider Activity at Accenture

In related news, COO John F. Walsh sold 2,500 shares of the business’s stock in a transaction that occurred on Tuesday, May 13th. The shares were sold at an average price of $325.00, for a total value of $812,500.00. Following the completion of the transaction, the chief operating officer now owns 15,882 shares in the company, valued at $5,161,650. The trade was a 13.60% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Julie Spellman Sweet sold 2,284 shares of the company’s stock in a transaction on Friday, April 11th. The stock was sold at an average price of $281.63, for a total value of $643,242.92. Following the transaction, the chief executive officer now directly owns 9,965 shares in the company, valued at approximately $2,806,442.95. This represents a 18.65% decrease in their position. The disclosure for this sale can be found here. Insiders sold 8,516 shares of company stock valued at $2,507,366 over the last ninety days. 0.02% of the stock is owned by insiders.

Accenture 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.