Revolve Wealth Partners Decreases Stake in Accenture by 21.3%

Revolve Wealth Partners LLC has reduced its investment in Accenture PLC, a leading information technology services provider, by 21.3% during the second quarter of 2023. According to HoldingsChannel.com, the institutional investor sold 195 shares, bringing its total holdings to 719 shares, valued at approximately $215,000 at the end of the quarter.

This adjustment in their portfolio comes amidst a series of changes by other institutional investors and hedge funds regarding their positions in Accenture. For instance, Vanguard Group Inc. increased its stake by 5.7% during the first quarter, now owning 63,814,234 shares valued at nearly $19.9 billion. Similarly, Price T Rowe Associates Inc. MD raised its position by an impressive 63.9%, acquiring an additional 3,490,569 shares, which brings its total to 8,953,621 shares valued at approximately $2.79 billion.

Goldman Sachs Group Inc. also increased its holdings in Accenture by 3.5%, now owning 6,766,369 shares valued at around $2.11 billion. UBS Asset Management and Charles Schwab Investment Management Inc. made similar moves, increasing their stakes by 2.1% and 3.3%, respectively.

Analyst Ratings and Price Performance

Accenture has drawn attention from Wall Street analysts, with several reports indicating a mixed outlook. Wolfe Research recently lowered its price target from $290.00 to $285.00, maintaining an “outperform” rating. Meanwhile, BNP Paribas Exane adjusted its target from $300.00 to $255.00, assigning a “neutral” rating. Royal Bank of Canada similarly decreased its target from $372.00 to $285.00 while retaining an “outperform” rating.

The Goldman Sachs Group also adjusted its price target, reducing it from $370.00 to $330.00, while still issuing a “buy” rating. Currently, consensus from analysts suggests a “Moderate Buy” rating, with an average price target set at $300.22.

On September 25, 2023, Accenture reported its latest quarterly earnings, revealing earnings per share (EPS) of $3.03, surpassing the consensus estimate of $2.98. The company achieved a revenue of $17.60 billion, exceeding expectations of $17.34 billion. This marked a year-over-year revenue increase of 7.3%.

Dividend Increase and Future Guidance

In addition to its financial performance, Accenture announced a quarterly dividend of $1.63 per share, to be paid on November 14, 2023, to stockholders recorded by October 10, 2023. This adjustment reflects an increase from the previous dividend of $1.48 and indicates an annualized dividend of $6.52 with a dividend yield of 2.7%.

Accenture’s dividend payout ratio stands at 53.66%. The firm has also set its fiscal year 2026 guidance at an EPS range of $13.190 to $13.570.

With a market capitalization of $152.92 billion, Accenture’s stock continues to demonstrate resilience. The stock recently opened at $244.15, with a current ratio of 1.42 and a quick ratio of 1.46. Over the past year, it has fluctuated between a low of $229.40 and a high of $398.35.

Investors are closely monitoring these developments as Accenture PLC navigates the competitive landscape of technology services, supported by strong institutional backing and positive financial indicators.