On September 15, 2023, it was reported that Fulton Bank N.A. has increased its position in shares of Accenture plc (NYSE:ACN) by 10.5% during the second quarter. According to their recent filing with the Securities and Exchange Commission (SEC), the bank now owns 5,273 shares of Accenture’s stock after acquiring an additional 503 shares during the period. At the end of the most recent quarter, Fulton Bank N.A.’s holdings in Accenture were valued at $1,627,000.
Accenture announced its earnings results on June 22nd of this year. During the quarter, the information technology services provider reported earnings per share (EPS) of $3.19, surpassing the consensus estimate of $2.96 by $0.23. The company generated revenue of $16.56 billion for the quarter, slightly exceeding analysts’ estimates of $16.49 billion. Furthermore, Accenture achieved a return on equity of 30.47% and a net margin of 11.28%. Comparing to the same quarter last year, the firm’s revenue rose by 2.5%. In that previous quarter, Accenture earned $2.79 EPS.
Numerous analyst reports have discussed ACN’s performance as well. Piper Sandler upgraded their rating on Accenture from “underweight” to “neutral” and raised their price objective for the stock from $250.00 to $316.00 in a research note issued on June 14th. Conversely, Piper Jaffray Companies lowered their price objective on Accenture from $316.00 to $314.00 and maintained a “neutral” rating on the stock in a research note published on June 23rd.
On another note, StockNews.com upgraded Accenture from a “hold” rating to a “buy” rating based on their analysis provided in a research note on Monday. Additionally, Societe Generale raised their price target on Accenture from $314.00 to $373.00 and assigned the company a “buy” rating in a research note published on July 7th. Finally, Morgan Stanley raised their price objective for Accenture from $340.00 to $356.00 and gave the company an “overweight” rating in a research note released on Tuesday.
In total, six equities research analysts have rated the stock as a hold, while eleven have assigned it a buy rating. According to Bloomberg.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $335.25.
As per market trends and analyst reports, Accenture appears to be performing well financially, with consistent growth in revenue and positive earnings per share numbers reported for the previous quarter. The increase in Fulton Bank N.A.’s position further demonstrates confidence in the company’s prospects.
Please note that all mentioned information is based on data available as of September 15, 2023.
Updated on: 16/09/2023
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Cowen & Co.
Surinder Thind Thind
Accenture Attracts Attention from Hedge Funds and Institutional Investors
Accenture, a leading multinational professional services company, has recently attracted the attention of various hedge funds and institutional investors. A number of these investment firms have purchased and sold shares of Accenture, indicating an increasing interest in the company.
Strategic Investment Solutions Inc. IL was among the hedge funds that acquired a new position in Accenture during the first quarter of this year. Their investment in the company was valued at $28,000. Another firm, Barrett & Company Inc., also entered the scene by purchasing a stake in Accenture worth approximately $29,000 during the same period. It appears that both Strategic Investment Solutions Inc. IL and Barrett & Company Inc. recognized potential in Accenture’s prospects and decided to capitalize on it.
Furthermore, Sageworth Trust Co experienced tremendous growth in their position concerning Accenture shares during the first quarter of this year. The firm saw an astounding increase of 872.7% in their holdings, now owning 107 shares of Accenture’s stock valued at $31,000 after acquiring an additional 96 shares in the last quarter.
Guardian Wealth Advisors LLC is another notable player that bought shares of Accenture during this time frame. The firm invested approximately $32,000 to obtain a new position in the company. Elequin Securities LLC wraps up the list by acquiring a stake worth around $34,000 towards the end of last year.
Interestingly, about 70.42% of Accenture’s stock is currently owned by institutional investors and hedge funds such as these mentioned above. This level of ownership indicates a high degree of confidence in Accenture’s ability to deliver value to its shareholders.
In terms of insider transactions within Accenture, CAO Melissa A. Burgum sold 1,344 shares on June 26th at an average price of $300 per share for a total transaction value amounting to $403,200. Following this sale, Burgum now directly owns 10,506 shares of the company’s stock, representing a value of $3,151,800. The sale was made in accordance with SEC regulations and can be accessed through a hyperlink provided. Other executives within the company have also participated in stock sales. CEO Julie Spellman Sweet sold 2,930 shares on July 14th at an average price of $316.23 per share for a total value of $926,553.90.
These insider transactions provide insight into the company’s leadership and their confidence in its future performance. It is worth noting that insiders have collectively sold 25,774 shares valued at approximately $8,138,451 during the last quarter alone. However, it should be noted that these insider sales represent only 0.08% of Accenture’s overall stock ownership.
As of September 15th, Accenture’s stock opened at $316.66 per share. The company has shown consistency in its performance with a fifty-day simple moving average of $316.01 and a two hundred day simple moving average of $295.46. It is important to consider that Accenture’s stock has experienced both highs and lows over the past year, with its lowest point being recorded at $242.80 and its highest at $330.43.
Accenture currently boasts a market capitalization of approximately $210.47 billion and holds a favorable price-to-earnings ratio of 28.22 along with a PEG ratio of 2.68 – factors that attract investors seeking potential returns on their investments as they compare companies within the industry.
In conclusion, Accenture continues to be an attractive investment option for both hedge funds and institutional investors alike due to its strong market position and consistent performance record over time. Furthermore, the recent insider transactions provide valuable insights into the sentiment among company executives regarding its growth prospects going forward. As always, potential investors should conduct thorough research and analyze various factors before making any investment decisions.