Channel Wealth LLC Purchases 4,935 Shares of Accenture PLC $ACN

Key Points

• Channel Wealth LLC increased its holdings in Accenture PLC by 53.2%, owning 14,205 shares valued at $4,246,000, making Accenture its 25th largest holding.
• Several other institutional investors such as Vanguard Group and Price T Rowe Associates have also raised their stakes in Accenture, reflecting strong interest in the company's stock.
• Accenture recently reported earnings of $3.49 per share, surpassing estimates, with a revenue of $17.73 billion, indicating a 7.7% year-over-year growth.

Channel Wealth LLC boosted its stake in shares of Accenture PLC (NYSE:ACN - Free Report) by 53.2% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 14,205 shares of the information technology services provider's stock after purchasing an additional 4,935 shares during the quarter. Accenture comprises 1.2% of Channel Wealth LLC's holdings, making the stock its 25th largest holding. Channel Wealth LLC's holdings in Accenture were worth $4,246,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also made changes to their positions in the company. Price T Rowe Associates Inc. MD lifted its stake in shares of Accenture by 63.9% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 8,953,621 shares of the information technology services provider's stock valued at $2,793,889,000 after purchasing an additional 3,490,569 shares during the last quarter. Vanguard Group Inc. lifted its holdings in shares of Accenture by 5.7% in the 1st quarter. Vanguard Group Inc. now owns 63,814,234 shares of the information technology services provider's stock valued at $19,912,594,000 after buying an additional 3,419,577 shares during the period. GAMMA Investing LLC increased its stake in Accenture by 30,256.8% in the 1st quarter. GAMMA Investing LLC now owns 3,421,519 shares of the information technology services provider's stock valued at $1,067,651,000 after purchasing an additional 3,410,248 shares in the last quarter. Pacer Advisors Inc. increased its position in Accenture by 2,782.1% during the first quarter. Pacer Advisors Inc. now owns 1,445,281 shares of the information technology services provider's stock worth $450,985,000 after buying an additional 1,395,135 shares in the last quarter. Finally, Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in Accenture during the fourth quarter worth $225,217,000. 75.14% of the stock is currently owned by hedge funds and other institutional investors.

Accenture Stock Performance

ACN traded up $1.10 on Friday, hitting $240.65. The company's stock had a trading volume of 11,449,719 shares, compared to its average volume of 3,980,534. The company's 50 day simple moving average is $257.73 and its 200-day simple moving average is $289.38. The company has a quick ratio of 1.46, a current ratio of 1.46 and a debt-to-equity ratio of 0.16. Accenture PLC has a 12 month low of $234.18 and a 12 month high of $398.35. The firm has a market cap of $150.73 billion, a P/E ratio of 19.16, a price-to-earnings-growth ratio of 2.07 and a beta of 1.29.

Accenture (NYSE:ACN - Get Free Report) last issued its earnings results on Friday, June 20th. The information technology services provider reported $3.49 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.32 by $0.17. The firm had revenue of $17.73 billion for the quarter, compared to the consensus estimate of $17.26 billion. Accenture had a net margin of 11.61% and a return on equity of 26.55%. The business's revenue was up 7.7% on a year-over-year basis. During the same quarter in the prior year, the firm posted $3.13 earnings per share. Analysts forecast that Accenture PLC will post 12.73 EPS for the current year.

Analyst Ratings Changes

Several analysts have issued reports on the company. Susquehanna cut their price objective on Accenture from $330.00 to $270.00 and set a "neutral" rating on the stock in a research note on Thursday. Evercore ISI initiated coverage on shares of Accenture in a research note on Thursday, July 17th. They issued an "outperform" rating and a $330.00 price target for the company. Benchmark reaffirmed a "mixed" rating on shares of Accenture in a research note on Friday, June 20th. Guggenheim decreased their target price on shares of Accenture from $335.00 to $305.00 and set a "buy" rating on the stock in a research note on Wednesday. Finally, Robert W. Baird reduced their target price on shares of Accenture from $372.00 to $350.00 and set an "outperform" rating for the company in a report on Tuesday, September 16th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, eight have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $335.39.

Insider Buying and Selling at Accenture

In related news, insider Angela Beatty sold 203 shares of the firm's stock in a transaction that occurred on Friday, July 11th. The shares were sold at an average price of $282.34, for a total transaction of $57,315.02. Following the sale, the insider owned 5,249 shares in the company, valued at approximately $1,482,002.66. This trade represents a 3.72% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Julie Spellman Sweet sold 2,251 shares of the company's stock in a transaction dated Friday, July 11th. The shares were sold at an average price of $282.45, for a total transaction of $635,794.95. Following the completion of the sale, the chief executive officer owned 8,109 shares in the company, valued at approximately $2,290,387.05. This trade represents a 21.73% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 2,954 shares of company stock worth $834,280. Company insiders own 0.02% of the company's stock.

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.