AssuredPartners Reduces Accenture Stake as Investors Adjust Holdings

AssuredPartners Investment Advisors LLC has reduced its stake in Accenture PLC (NYSE: ACN) by 12.5% during the second quarter of 2023, according to a report from Holdings Channel. The firm now owns 932 shares of the information technology services provider after selling 133 shares, with a total value of approximately $279,000 based on its latest SEC filing.

Other institutional investors have also adjusted their positions in Accenture recently. Truist Financial Corp increased its holdings by 7.0%, acquiring an additional 28,685 shares to reach a total of 436,202 shares valued at $130.38 million. Similarly, Redwood Investments LLC raised its stake by 6.2%, now owning 22,087 shares worth $6.89 million after purchasing 1,287 shares in the last quarter.

Moreover, Lipe & Dalton made a significant increase of 2,087.4% in its position, accumulating 5,031 shares valued at $1.57 million after acquiring 4,801 shares. PDS Planning Inc also expanded its holdings by 34.7% in the second quarter, now owning 4,055 shares worth $1.21 million following an additional purchase of 1,044 shares.

Finally, Mirae Asset Global Investments Co. Ltd. raised its position by 6.4%, owning 70,887 shares valued at $21.19 million after acquiring 4,281 shares. Collectively, institutional investors and hedge funds now own approximately 75.14% of Accenture’s stock.

Accenture’s Financial Performance and Dividend Announcement

As of the latest trading session, shares of Accenture opened at $238.46. The company maintains a quick ratio of 1.46, a current ratio of 1.42, and a debt-to-equity ratio of 0.16. Over the past year, Accenture’s stock has fluctuated between a low of $229.40 and a high of $398.35, with a market capitalization of $157.02 billion and a P/E ratio of 19.63.

Accenture recently announced a quarterly dividend of $1.63 per share, which will be distributed to shareholders on November 14, 2023. Shareholders of record on October 10, 2023 will be eligible to receive this dividend, marking an increase from the previous quarterly dividend of $1.48. The annualized dividend now totals $6.52, representing a yield of 2.7% and a payout ratio of 53.66%.

Analysts’ Perspectives on Accenture

Investment analysts have shared mixed sentiments regarding Accenture’s stock. Evercore ISI set a price target of $280.00, while Deutsche Bank Aktiengesellschaft lowered its target from $260.00 to $235.00, maintaining a “hold” rating. Cowen reiterated a “buy” rating, and Jefferies Financial Group also restated a “hold” rating. HSBC adjusted its price objective down to $215.00.

Overall, one analyst has rated the stock as a Strong Buy, fourteen have given it a Buy rating, ten have issued a Hold rating, and one has assigned a Sell rating. According to data from MarketBeat, Accenture currently holds an average rating of “Moderate Buy” with a consensus target price of $300.22.

Accenture PLC is a leading professional services company that provides strategy and consulting, technology and operations services, and industry-specific solutions globally. With a wide range of services including application management, intelligent automation, data analytics, and sustainability consulting, Accenture continues to maintain a significant presence in the information technology sector.

For further updates on institutional holdings, investors can visit HoldingsChannel.com to access the latest 13F filings and insider trades related to Accenture PLC.