Ninety One North America Reduces Accenture Stake by 95.8%

Ninety One North America Inc. has drastically reduced its stake in Accenture PLC, cutting its position by an astonishing 95.8% during the third quarter of 2023. According to a recent 13F filing with the Securities and Exchange Commission (SEC), the institutional investor now holds just 4,655 shares of Accenture, down from 107,481 shares sold in the last quarter. This reduction brings the total value of Ninety One North America’s holdings in Accenture to approximately $1.15 million.

Several other institutional investors have also adjusted their positions in Accenture. For instance, Global Retirement Partners LLC acquired a new stake valued at about $2.66 million in the second quarter. Similarly, C WorldWide Group Holding A S increased its holdings by 35.9%, owning 8,148 shares worth $2.43 million after acquiring an additional 2,151 shares.

In addition, Truist Financial Corp raised its stake by 7.0% in the same period, bringing its total shares to 436,202, valued at $130.38 million. Significant increases were also seen from Norges Bank, which purchased a new position worth $2.22 billion, and Redwood Investments LLC, which lifted its holdings by 6.2% to 22,087 shares, worth $6.89 million. Institutional investors now collectively hold approximately 75.14% of Accenture’s stock.

Accenture’s Performance and Dividend Announcement

On Thursday, shares of Accenture PLC (NYSE: ACN) opened at $268.44. The stock has a 50-day simple moving average of $257.22 and a 200-day moving average of $261.10. Over the past year, shares have fluctuated between a low of $229.40 and a high of $398.35. Accenture boasts a market capitalization of $165.25 billion with a P/E ratio of 22.19 and a P/E/G ratio of 2.60.

Accenture has also announced a quarterly dividend of $1.63 per share, payable on February 13, 2024, to shareholders of record as of January 13, 2024. This equates to an annualized dividend of $6.52 and a yield of 2.4%. The company’s dividend payout ratio stands at 53.88%.

Analysts Adjust Price Targets for Accenture

Recent commentary from analysts has led to adjustments in Accenture’s price targets. Morgan Stanley has lowered its target from $325.00 to $271.00, maintaining an “equal weight” rating. Stifel Nicolaus has adjusted its price objective down from $355.00 to $315.00 while keeping a “buy” rating.

Additionally, Argus revised its target from $370.00 to $335.00 and retains a “buy” rating. Meanwhile, Cowen reaffirmed a “buy” rating, while Wall Street Zen downgraded the stock from “buy” to “hold.” Overall, analysts have given Accenture a consensus rating of “Moderate Buy” with a price target of $296.83.

Insider trading activity has also been notable, with CEO Ryoji Sekido selling 2,500 shares on October 22 at an average price of $249.47. This transaction totaled $623,675.00, reducing Sekido’s holdings to 1,390 shares. Similarly, insider Manish Sharma sold 6,902 shares on the same day for $1.73 million, leaving him with 1,860 shares.

In total, insiders have sold 33,319 shares over the past ninety days, valued at approximately $8.34 million. Currently, insiders own just 0.02% of Accenture’s stock.

About Accenture

Accenture is a leading global professional services company, offering a wide range of services in strategy, consulting, digital, technology, and operations. The firm partners with organizations across various sectors to implement business transformation programs, manage enterprise technology, and enhance customer experiences. Accenture’s diverse offerings include management and technology consulting, systems integration, cloud migration, and security solutions, making it a key player in the professional services landscape.