Accenture plc (NYSE:ACN) Position Increased by State of Michigan Retirement System

State of Michigan Retirement System raised its holdings in shares of Accenture plc (NYSE:ACN) by 0.1% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 182,238 shares of the information technology services provider’s stock after purchasing an additional 100 shares during the quarter. State of Michigan Retirement System’s holdings in Accenture were worth $64,110,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in ACN. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in shares of Accenture by 378.9% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,491,736 shares of the information technology services provider’s stock valued at $1,941,219,000 after acquiring an additional 4,345,039 shares in the last quarter. Swedbank AB lifted its position in shares of Accenture by 47.5% in the 4th quarter. Swedbank AB now owns 3,763,690 shares of the information technology services provider’s stock valued at $1,324,029,000 after acquiring an additional 1,212,011 shares in the last quarter. Proficio Capital Partners LLC lifted its position in shares of Accenture by 51,837.3% in the 4th quarter. Proficio Capital Partners LLC now owns 860,601 shares of the information technology services provider’s stock valued at $302,751,000 after acquiring an additional 858,944 shares in the last quarter. Assenagon Asset Management S.A. lifted its position in shares of Accenture by 2,666.5% in the 4th quarter. Assenagon Asset Management S.A. now owns 715,219 shares of the information technology services provider’s stock valued at $251,607,000 after acquiring an additional 689,366 shares in the last quarter. Finally, Holocene Advisors LP purchased a new stake in shares of Accenture in the 3rd quarter valued at approximately $204,895,000. Hedge funds and other institutional investors own 75.14% of the company’s stock.

Insiders Place Their Bets

In related news, insider Angela Beatty sold 375 shares of Accenture stock in a transaction dated Monday, December 23rd. The shares were sold at an average price of $358.50, for a total transaction of $134,437.50. Following the completion of the transaction, the insider now directly owns 5,149 shares of the company’s stock, valued at $1,845,916.50. This trade represents a 6.79 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CAO Melissa A. Burgum sold 1,487 shares of Accenture stock in a transaction dated Tuesday, January 21st. The shares were sold at an average price of $354.54, for a total transaction of $527,200.98. Following the transaction, the chief accounting officer now directly owns 9,247 shares of the company’s stock, valued at $3,278,431.38. This represents a 13.85 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 22,280 shares of company stock worth $8,316,190 in the last ninety days. Insiders own 0.02% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have issued reports on ACN. Robert W. Baird reiterated a “neutral” rating and issued a $370.00 target price on shares of Accenture in a research report on Tuesday, December 3rd. The Goldman Sachs Group upgraded shares of Accenture from a “neutral” rating to a “buy” rating and increased their target price for the stock from $370.00 to $420.00 in a research report on Friday, December 6th. Morgan Stanley increased their target price on shares of Accenture from $335.00 to $380.00 and gave the stock an “equal weight” rating in a research report on Friday, January 31st. BMO Capital Markets increased their target price on shares of Accenture from $390.00 to $425.00 and gave the stock a “market perform” rating in a research report on Friday, December 20th. Finally, UBS Group increased their target price on shares of Accenture from $450.00 to $455.00 and gave the stock a “buy” rating in a research report on Friday, December 20th. Eight analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $388.96.

Accenture Stock Performance

NYSE:ACN opened at $344.57 on Tuesday. The company has a current ratio of 1.47, a quick ratio of 1.47 and a debt-to-equity ratio of 0.17. The firm has a market capitalization of $215.63 billion, a PE ratio of 28.91, a PEG ratio of 3.23 and a beta of 1.24. The firm’s fifty day simple moving average is $366.99 and its 200 day simple moving average is $358.24. Accenture plc has a 1 year low of $278.69 and a 1 year high of $398.35.

Accenture (NYSE:ACN) last posted its quarterly earnings results on Thursday, December 19th. The information technology services provider reported $3.59 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.43 by $0.16. The company had revenue of $17.69 billion for the quarter, compared to analyst estimates of $17.15 billion. Accenture had a net margin of 11.41% and a return on equity of 26.91%. The business’s quarterly revenue was up 9.0% on a year-over-year basis. During the same period last year, the business posted $3.27 EPS. On average, sell-side analysts anticipate that Accenture plc will post 12.73 EPS for the current year.

Accenture Profile

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.