MBB Public Markets I LLC, an investment firm, has significantly increased its holdings in Accenture plc during the second quarter, according to the company’s recent Form 13F filing with the Securities and Exchange Commission. The fund now owns 44,818 shares of Accenture’s stock, representing a growth of 1,431.7% after acquiring an additional 41,892 shares during the period. The total value of MBB Public Markets I LLC’s holdings in Accenture is estimated to be $13,598,000.
Other institutional investors, including Vanguard Group Inc., Massachusetts Financial Services Co. MA, Capital Research Global Investors, Lazard Asset Management LLC, and Mitsubishi UFJ Asset Management Co. Ltd., have also made modifications to their holdings of Accenture.
Several research firms have recently provided their ratings and price targets for Accenture. Morgan Stanley downgraded the stock from “overweight” to “equal weight” and lowered the price objective from $382.00 to $300.00. Stifel Nicolaus decreased their price target from $395.00 to $340.00 but maintained a “buy” rating. BMO Capital Markets dropped their target price from $375.00 to $350.00 and assigned a “market perform” rating. Jefferies Financial Group also reduced their target price from $340.00 to $275.00 and maintained a “hold” rating. On the other hand, Piper Sandler upgraded Accenture from “neutral” to “overweight” and raised their target price from $329.00 to $395.00.
As of the latest filing, Accenture’s stock opened at $355.81. The company’s 52-week range is between $278.69 and $387.51. Accenture has a market capitalization of $222.98 billion, a price-to-earnings ratio of 32.58, a price-to-earnings-growth ratio of 3.69, and a beta of 1.24.
In recent insider activity, Ellyn Shook, an insider at Accenture, sold 5,000 shares of the company’s stock at an average price of $329.82, totaling $1,649,100. Following the transaction, Shook now holds 8,989 shares valued at approximately $2,964,751.98. General Counsel Joel Unruch also sold 8,145 shares at an average price of $331.05, amounting to $2,696,402.25. Unruch now owns 22,849 shares valued at around $7,564,161.45. In total, insiders have sold 21,421 shares worth $6,912,635, representing 0.07% of the company’s stock.
Accenture recently announced that its Board of Directors has approved a stock buyback plan, authorizing the repurchase of $4.00 billion in shares. This move indicates that the company’s board believes its shares are undervalued.