On May 20th, 2023, the world-renowned financial institution Sandy Spring Bank announced that it had increased its position in Accenture plc (NYSE:ACN) by 1.7% in the fourth quarter. As of its most recent filing with the Securities & Exchange Commission, Sandy Spring Bank now owns 41,121 shares of Accenture worth $10,973,000 after purchasing an additional 670 shares during the period.
This news came shortly after Accenture declared a quarterly dividend, which was paid to investors on May 15th. Those who were listed as investors of record on April 13th saw a dividend payout of $1.12 per share. At this rate, Accenture pays out $4.48 annually and boasts a yield of 1.55%. The ex-dividend date for this particular dividend was April 12th.
The current payout ratio for Accenture is reported to be 41.25%, indicating that the company has struck an appropriate balance between reinvesting profits back into the business and providing dividends for shareholders.
A number of equities research analysts have recently weighed in on Accenture’s stock ratings and outlooks. StockNews.com began coverage on shares of Accenture by issuing a “buy” rating for the company in Thursday’s research report. Meanwhile, Citigroup has increased their price objective on shares of Accenture from $300 to $310 while giving the company a “buy” rating on Friday March 24th.
JPMorgan Chase & Co. also raised their target price for shares on Accenture from $311 to $314 while giving it an “overweight” rating around that same time frame in March as well; while Edward Jones earlier this month significantly upgraded its rating from hold to buy on Wednesday April 5th.
However, not every analyst appeared fully enthusiastic about ACN’S stock performances; firm Morgan Stanley actually decreased their price objective for shares of Accenture from $340 to $325 while giving the company an “overweight” rating in a research note that was released on March 15th. Two equities research analysts even rated ACN’s stock with a sell rating, while six other analysts assigned it as a hold and thirteen others have pushed buy recommendations.
Currently, data sourced from Bloomberg states that Accenture has a consensus rating of “Moderate Buy” with a consensus target price of $314 – leaving investors and shareholders poised to evaluate the company’s financial performance over the coming months.
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Hedge Funds Increase Investments in Accenture, Despite Executive Sales
Accenture, the global leader in professional services and technology consulting, has recently seen a surge in hedge fund investments. UBS Asset Management Americas Inc. increased its stake by 41.6% during the third quarter, now owning over 5 million shares worth $1.4 billion. Renaissance Technologies LLC also purchased a new stake during this same period valued at $318 million. First Trust Advisors LP grew its stake by a massive 872.1% during the fourth quarter, while Vanguard Group Inc. lifted its holdings by 1.4% during the third quarter and Two Sigma Investments LP lifted its holdings by an astounding 2,831.4%.
In other news, Accenture CEO Julie Spellman Sweet sold almost 3,000 shares of company stock on April 14th at an average price of $280 per share, bringing her total holdings to just over 24,000 shares worth approximately $6.8 million. Similarly, General Counsel Joel Unruch sold around 500 shares on April 21st at an average price of $276 per share.
Despite these sales and changes in hedge fund investments, Accenture’s recent quarterly dividend remained strong at $1.12 per share and was paid on May 15th for investors of record as of April 13th.
The company’s stock is currently trading around $289 per share with a market capitalization of approximately $182 billion and a price-to-earnings ratio of 26.47.
In March, Accenture reported earnings per share (EPS) of $2.69 for the quarter – beating analysts’ estimates – on revenue totaling $15.81 billion for the same period.
This influx of investment from hedge funds may be a signal that they view Accenture as poised for continued growth and success in the future, despite minor fluctuations in shareholder activity and sale of company stock by executives.
