Chesapeake Wealth Management Cuts Stock Position in Accenture plc (NYSE:ACN)

Chesapeake Wealth Management trimmed its holdings in shares of Accenture plc (NYSE:ACN) by 1.3% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 6,978 shares of the information technology services provider’s stock after selling 92 shares during the period. Chesapeake Wealth Management’s holdings in Accenture were worth $2,117,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently added to or reduced their stakes in the stock. Annapolis Financial Services LLC grew its stake in shares of Accenture by 507.7% in the first quarter. Annapolis Financial Services LLC now owns 79 shares of the information technology services provider’s stock valued at $27,000 after buying an additional 66 shares in the last quarter. Ables Iannone Moore & Associates Inc. purchased a new position in Accenture in the 4th quarter worth approximately $29,000. Atwood & Palmer Inc. grew its position in Accenture by 214.8% in the first quarter. Atwood & Palmer Inc. now owns 85 shares of the information technology services provider’s stock valued at $29,000 after acquiring an additional 58 shares in the last quarter. Unique Wealth Strategies LLC purchased a new stake in shares of Accenture during the second quarter valued at approximately $26,000. Finally, Grayhawk Investment Strategies Inc. purchased a new position in shares of Accenture in the fourth quarter valued at $35,000. 75.14% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, CEO Julie Spellman Sweet sold 3,776 shares of the stock in a transaction dated Friday, July 12th. The shares were sold at an average price of $309.05, for a total value of $1,166,972.80. Following the sale, the chief executive officer now owns 11,819 shares of the company’s stock, valued at approximately $3,652,661.95. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In related news, CEO Julie Spellman Sweet sold 3,776 shares of the firm’s stock in a transaction that occurred on Friday, July 12th. The stock was sold at an average price of $309.05, for a total value of $1,166,972.80. Following the sale, the chief executive officer now directly owns 11,819 shares in the company, valued at approximately $3,652,661.95. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Ellyn Shook sold 5,000 shares of the business’s stock in a transaction on Tuesday, July 23rd. The stock was sold at an average price of $329.82, for a total value of $1,649,100.00. Following the transaction, the insider now owns 8,989 shares of the company’s stock, valued at approximately $2,964,751.98. The disclosure for this sale can be found here. Over the last quarter, insiders sold 21,421 shares of company stock valued at $6,912,635. 0.07% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

ACN has been the topic of several analyst reports. Wedbush dropped 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. The Goldman Sachs Group initiated coverage on Accenture in a research note on Monday, June 24th. They issued a “neutral” rating and a $335.00 price target on the stock. Mizuho raised their price objective on Accenture from $352.00 to $365.00 and gave the company an “outperform” rating in a research note on Wednesday. Barclays cut their target price on Accenture from $390.00 to $350.00 and set an “overweight” rating on the stock in a research report on Monday, June 17th. Finally, JPMorgan Chase & Co. raised their price target on shares of Accenture from $330.00 to $376.00 and gave the stock an “overweight” rating in a research report on Friday, September 6th. Eleven equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $356.41.

Accenture Stock Up 0.3 %

Shares of ACN stock opened at $336.22 on Friday. The business has a 50 day moving average of $332.01 and a two-hundred day moving average of $322.44. The company has a market cap of $210.71 billion, a P/E ratio of 30.79, a PEG ratio of 3.82 and a beta of 1.24. Accenture plc has a 52 week low of $278.69 and a 52 week high of $387.51.

Accenture (NYSE:ACN) last issued its quarterly earnings data on Thursday, June 20th. The information technology services provider reported $3.13 EPS for the quarter, missing analysts’ consensus estimates of $3.15 by ($0.02). The company had revenue of $16.47 billion for the quarter, compared to the consensus estimate of $16.55 billion. Accenture had a return on equity of 27.48% and a net margin of 10.79%. Accenture’s quarterly revenue was down .6% compared to the same quarter last year. During the same quarter in the previous year, the company earned $3.19 earnings per share. Analysts expect that Accenture plc will post 11.95 EPS for the current fiscal 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.