Cyndeo Wealth Partners LLC Reduces Holdings in Accenture plc (NYSE:ACN)

Cyndeo Wealth Partners LLC trimmed its holdings in shares of Accenture plc (NYSE:ACN) by 28.7% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 20,184 shares of the information technology services provider’s stock after selling 8,134 shares during the period. Cyndeo Wealth Partners LLC’s holdings in Accenture were worth $6,298,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the business. Visionary Wealth Advisors increased its stake in shares of Accenture by 3.5% during the 4th quarter. Visionary Wealth Advisors now owns 778 shares of the information technology services provider’s stock worth $274,000 after purchasing an additional 26 shares in the last quarter. Vivaldi Capital Management LP grew its stake in Accenture by 3.6% in the 4th quarter. Vivaldi Capital Management LP now owns 782 shares of the information technology services provider’s stock worth $292,000 after acquiring an additional 27 shares during the period. FPC Investment Advisory Inc. grew its stake in Accenture by 62.2% in the 4th quarter. FPC Investment Advisory Inc. now owns 73 shares of the information technology services provider’s stock worth $28,000 after acquiring an additional 28 shares during the period. New England Professional Planning Group Inc. grew its stake in Accenture by 4.6% in the 4th quarter. New England Professional Planning Group Inc. now owns 655 shares of the information technology services provider’s stock worth $230,000 after acquiring an additional 29 shares during the period. Finally, Nemes Rush Group LLC grew its stake in Accenture by 7.5% in the 4th quarter. Nemes Rush Group LLC now owns 418 shares of the information technology services provider’s stock worth $147,000 after acquiring an additional 29 shares during the period. 75.14% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

ACN has been the subject of several recent analyst reports. Piper Sandler lowered their target price on shares of Accenture from $364.00 to $355.00 and set an “overweight” rating for the company in a research note on Wednesday, April 16th. BMO Capital Markets lifted their target price on shares of Accenture to $355.00 and gave the stock a “hold” rating in a research note on Wednesday, March 26th. Stifel Nicolaus lowered their price objective on shares of Accenture from $390.00 to $380.00 and set a “buy” rating for the company in a research note on Wednesday, February 26th. Robert W. Baird raised shares of Accenture from a “neutral” rating to an “outperform” rating and set a $390.00 price objective for the company in a research note on Monday, March 17th. Finally, Barclays lowered their price objective on shares of Accenture from $415.00 to $390.00 and set an “overweight” rating for the company in a research note on Monday, March 24th. Seven equities research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $382.15.

Accenture Stock Performance

NYSE:ACN opened at $311.37 on Monday. 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 firm has a market capitalization of $195.02 billion, a price-to-earnings ratio of 26.12, a PEG ratio of 3.23 and a beta of 1.33. The firm’s fifty day simple moving average is $305.50 and its 200 day simple moving average is $335.40. Accenture plc has a twelve month low of $275.01 and a twelve month high of $398.35.

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

Accenture Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, May 15th. Shareholders of record on Thursday, April 10th were issued a $1.48 dividend. The ex-dividend date was Thursday, April 10th. This represents a $5.92 dividend on an annualized basis and a yield of 1.90%. Accenture’s dividend payout ratio is currently 48.89%.

Insiders Place Their Bets

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