Edge Capital Group LLC Increases Position in Accenture plc (NYSE:ACN)

Edge Capital Group LLC raised its position in Accenture plc (NYSE:ACN) by 6.8% in the 2nd quarter, according to its most recent filing with the SEC. The firm owned 14,856 shares of the information technology services provider’s stock after acquiring an additional 941 shares during the period. Edge Capital Group LLC’s holdings in Accenture were worth $4,507,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. EverSource Wealth Advisors LLC increased its position in shares of Accenture by 15.1% in the second quarter. EverSource Wealth Advisors LLC now owns 4,493 shares of the information technology services provider’s stock valued at $1,485,000 after buying an additional 589 shares in the last quarter. Epoch Investment Partners Inc. grew its stake in shares of Accenture by 3.3% during the 2nd quarter. Epoch Investment Partners Inc. now owns 297,771 shares of the information technology services provider’s stock valued at $90,347,000 after buying an additional 9,458 shares during the period. 1832 Asset Management L.P. raised its holdings in shares of Accenture by 251.3% in the 2nd quarter. 1832 Asset Management L.P. now owns 995,896 shares of the information technology services provider’s stock worth $302,165,000 after purchasing an additional 712,400 shares during the period. Heron Bay Capital Management boosted its position in Accenture by 6.2% during the 2nd quarter. Heron Bay Capital Management now owns 1,742 shares of the information technology services provider’s stock worth $529,000 after purchasing an additional 102 shares during the period. Finally, Mount Yale Investment Advisors LLC boosted its holdings in Accenture by 32.8% in the 2nd quarter. Mount Yale Investment Advisors LLC now owns 20,277 shares of the information technology services provider’s stock worth $6,152,000 after acquiring an additional 5,013 shares during the period. 75.14% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Accenture

In related news, CFO Kathleen R. Mcclure sold 3,000 shares of the company’s stock in a transaction on Friday, July 12th. The shares were sold at an average price of $309.22, for a total transaction of $927,660.00. Following the completion of the transaction, the chief financial officer now directly owns 40,070 shares in the company, valued at approximately $12,390,445.40. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In related news, CFO Kathleen R. Mcclure sold 3,000 shares of the firm’s stock in a transaction on Friday, July 12th. The stock was sold at an average price of $309.22, for a total value of $927,660.00. Following the completion of the transaction, the chief financial officer now directly owns 40,070 shares of the company’s stock, valued at $12,390,445.40. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Ellyn Shook sold 5,000 shares of the company’s stock in a transaction dated Tuesday, July 23rd. The shares were sold at an average price of $329.82, for a total transaction of $1,649,100.00. Following the completion of the sale, the insider now directly owns 8,989 shares in the company, valued at approximately $2,964,751.98. The disclosure for this sale can be found here. Insiders sold 21,421 shares of company stock worth $6,912,635 over the last ninety days. Company insiders own 0.07% of the company’s stock.

Wall Street Analyst Weigh In

ACN has been the topic of several analyst reports. Wedbush dropped their price objective on Accenture from $400.00 to $350.00 and set an “outperform” rating on the stock in a report on Wednesday, June 12th. Piper Sandler increased their price objective on shares of Accenture from $320.00 to $329.00 and gave the stock a “neutral” rating in a research note on Friday. Morgan Stanley cut shares of Accenture from an “overweight” rating to an “equal weight” rating and dropped their price objective for the stock from $382.00 to $300.00 in a report on Wednesday, June 26th. Bank of America decreased their price target on Accenture from $419.00 to $365.00 and set a “buy” rating for the company in a research note on Wednesday, June 5th. Finally, BMO Capital Markets dropped their target price on Accenture from $375.00 to $350.00 and set a “market perform” rating on the stock in a report on Friday, June 21st. Eleven analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. According to data from MarketBeat.com, Accenture currently has a consensus rating of “Moderate Buy” and a consensus price target of $356.41.

Accenture Trading Up 0.3 %

NYSE ACN opened at $336.22 on Friday. The firm’s fifty day simple moving average is $332.01 and its 200-day simple moving average is $322.06. Accenture plc has a 1-year low of $278.69 and a 1-year high of $387.51. The company has a market capitalization of $210.71 billion, a PE ratio of 30.79, a price-to-earnings-growth ratio of 3.82 and a beta of 1.24.

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

About Accenture

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.