Silvercrest Asset Management Group LLC Has $48.15 Million Stock Position in Accenture plc (NYSE:ACN)

Silvercrest Asset Management Group LLC cut its holdings in shares of Accenture plc (NYSE:ACN) by 23.7% in the first quarter, HoldingsChannel reports. The fund owned 138,928 shares of the information technology services provider’s stock after selling 43,124 shares during the quarter. Silvercrest Asset Management Group LLC’s holdings in Accenture were worth $48,154,000 as of its most recent SEC filing.

A number of other large investors also recently made changes to their positions in ACN. McKinley Carter Wealth Services Inc. boosted its holdings in Accenture by 7.4% in the 4th quarter. McKinley Carter Wealth Services Inc. now owns 29,204 shares of the information technology services provider’s stock valued at $10,248,000 after purchasing an additional 2,008 shares during the period. TrinityPoint Wealth LLC increased its stake in Accenture by 3.6% during the fourth quarter. TrinityPoint Wealth LLC now owns 3,646 shares of the information technology services provider’s stock valued at $1,279,000 after acquiring an additional 125 shares during the period. Buckingham Capital Management Inc. raised its holdings in Accenture by 3.4% in the 4th quarter. Buckingham Capital Management Inc. now owns 27,559 shares of the information technology services provider’s stock valued at $9,671,000 after acquiring an additional 900 shares in the last quarter. Redwood Investments LLC grew its holdings in shares of Accenture by 8.3% during the 4th quarter. Redwood Investments LLC now owns 20,227 shares of the information technology services provider’s stock worth $7,098,000 after purchasing an additional 1,542 shares in the last quarter. Finally, Focus Financial Network Inc. ADV bought a new stake in shares of Accenture during the fourth quarter valued at approximately $4,594,000. Institutional investors and hedge funds own 75.14% of the company’s stock.

Analyst Upgrades and Downgrades

ACN has been the topic of a number of recent research reports. Wedbush decreased their price target on shares of Accenture from $400.00 to $350.00 and set an “outperform” rating on the stock in a research note on Wednesday, June 12th. Morgan Stanley cut shares of Accenture from an “overweight” rating to an “equal weight” rating and lowered their target price for the company from $382.00 to $300.00 in a research note on Wednesday, June 26th. Piper Sandler Companies cut their price target on shares of Accenture from $379.00 to $320.00 and set a “neutral” rating for the company in a research note on Monday, June 17th. TD Cowen lowered their price objective on Accenture from $294.00 to $293.00 and set a “hold” rating on the stock in a research note on Friday, June 21st. Finally, Deutsche Bank Aktiengesellschaft cut Accenture from a “buy” rating to a “hold” rating and lowered their price target for the company from $409.00 to $295.00 in a research report on Wednesday, May 15th. Eleven research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat, Accenture currently has a consensus rating of “Moderate Buy” and a consensus target price of $351.82.

Accenture Stock Performance

Accenture stock traded up $1.25 during mid-day trading on Tuesday, reaching $327.45. The company’s stock had a trading volume of 703,113 shares, compared to its average volume of 2,922,458. The company has a market capitalization of $205.21 billion, a P/E ratio of 30.00, a PEG ratio of 3.66 and a beta of 1.23. The firm’s fifty day moving average price is $303.51 and its two-hundred day moving average price is $331.52. Accenture plc has a 12-month low of $278.69 and a 12-month high of $387.51.

Accenture (NYSE:ACN) last announced its quarterly earnings results on Thursday, June 20th. The information technology services provider reported $3.13 EPS for the quarter, missing the consensus estimate of $3.15 by ($0.02). Accenture had a net margin of 10.79% and a return on equity of 27.48%. The firm had revenue of $16.47 billion during the quarter, compared to the consensus estimate of $16.55 billion. During the same period in the previous year, the business earned $3.19 earnings per share. The firm’s revenue for the quarter was down .6% on a year-over-year basis. On average, research analysts predict that Accenture plc will post 11.95 EPS for the current fiscal year.

Accenture Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, August 15th. Stockholders of record on Thursday, July 11th will be issued a dividend of $1.29 per share. This represents a $5.16 annualized dividend and a dividend yield of 1.58%. The ex-dividend date of this dividend is Thursday, July 11th. Accenture’s payout ratio is 47.25%.

Insider Buying and Selling

In other Accenture news, insider Ellyn Shook sold 5,000 shares of the business’s stock in a transaction that occurred on Tuesday, July 23rd. The shares were sold at an average price of $329.82, for a total value of $1,649,100.00. Following the completion of the transaction, the insider now owns 8,989 shares of the company’s stock, valued at approximately $2,964,751.98. The transaction was disclosed in a filing with the SEC, which is available through this link. In other Accenture news, insider Ellyn Shook sold 5,000 shares of Accenture stock in a transaction dated Tuesday, July 23rd. The stock was sold at an average price of $329.82, for a total transaction of $1,649,100.00. Following the completion of the sale, the insider now owns 8,989 shares of the company’s stock, valued at $2,964,751.98. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Kathleen R. Mcclure sold 1,500 shares of the company’s stock in a transaction dated Monday, July 15th. The stock was sold at an average price of $315.00, for a total value of $472,500.00. Following the completion of the transaction, the chief financial officer now owns 38,570 shares of the company’s stock, valued at $12,149,550. The disclosure for this sale can be found here. Over the last three months, insiders have sold 21,421 shares of company stock worth $6,912,635. Insiders own 0.07% of the company’s stock.

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.