Intrust Bank NA has decreased its stake in Accenture PLC (NYSE: ACN) by 8.8% during the second quarter of 2023, according to its recent Form 13F filing with the U.S. Securities and Exchange Commission (SEC). The institutional investor now holds 6,050 shares of Accenture, valued at approximately $1.81 million, following the sale of 587 shares during this period.
Other institutional investors have also made significant adjustments to their holdings in Accenture. For instance, C WorldWide Group Holding A S increased its stake by 35.9%, acquiring an additional 2,151 shares, bringing its total to 8,148 shares valued at $2.44 million. Similarly, Truist Financial Corp raised its position by 7%, now owning 436,202 shares worth $130.38 million after acquiring 28,685 shares. Redwood Investments LLC and PDS Planning Inc also made notable increases during the same quarter, enhancing their positions by 6.2% and 34.7%, respectively.
Institutional investors collectively own 75.14% of Accenture’s stock, highlighting the significant interest in the company.
Accenture’s Stock Performance and Dividend Announcement
As of the latest trading session, Accenture stock opened at $245.29. The stock has experienced a fifty-two week range, with a low of $229.40 and a high of $398.35. The company’s market capitalization stands at $161.52 billion, with a price-to-earnings (P/E) ratio of 20.19 and a price-to-earnings-growth ratio of 2.16. Accenture also reported a quarterly dividend of $1.63, an increase from the previous $1.48, with an annualized yield of 2.7%. This dividend was paid on November 14, 2023, to shareholders recorded by October 10, 2023.
Analyst Ratings and Insider Transactions
Several analysts have provided insights into Accenture’s stock, with mixed ratings emerging. Wall Street Zen downgraded Accenture from a “buy” to a “hold” rating. Meanwhile, BNP Paribas Exane reduced its price target from $300.00 to $255.00, maintaining a “neutral” stance. Other analysts have also adjusted their ratings, reflecting a nuanced outlook on the stock, which currently holds an average rating of “Moderate Buy” with a price target of $294.25.
In related news, CEO Ryoji Sekido sold 2,500 shares on October 22, 2023, at an average price of $249.47, totaling $623,675. Following this transaction, Sekido’s direct ownership decreased significantly. Additionally, CEO Julie Spellman Sweet sold 9,000 shares on the same day for approximately $2.25 million, representing a notable reduction in her holdings.
These transactions, alongside the recent adjustments by institutional investors, underscore the dynamic nature of investment in Accenture PLC, as the company continues to navigate a competitive landscape in the technology and consulting sectors.
