NorthCrest Asset Manangement LLC Acquires 3,240 Shares of Accenture PLC $ACN

Key Points

• NorthCrest Asset Management LLC increased its stake in Accenture PLC by 36.7%, acquiring an additional 3,240 shares, bringing its total holdings to 12,070 shares valued at approximately $3.68 million.
• Accenture reported a 7.7% year-over-year revenue increase of $17.73 billion for its latest quarter, with an EPS of $3.49, exceeding analysts' expectations.
• Institutional investors hold a significant portion of Accenture's stock, with a combined ownership of 75.14%, highlighting strong institutional interest in the company's shares.

NorthCrest Asset Manangement LLC raised its holdings in shares of Accenture PLC (NYSE:ACN - Free Report) by 36.7% in the 2nd quarter, according to its most recent 13F filing with the SEC. The fund owned 12,070 shares of the information technology services provider's stock after acquiring an additional 3,240 shares during the period. NorthCrest Asset Manangement LLC's holdings in Accenture were worth $3,679,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Visionary Wealth Advisors raised its position in shares of Accenture by 3.5% during the 4th quarter. Visionary Wealth Advisors now owns 778 shares of the information technology services provider's stock valued at $274,000 after acquiring an additional 26 shares during the last quarter. Viawealth LLC raised its position in shares of Accenture by 2.6% during the 1st quarter. Viawealth LLC now owns 1,307 shares of the information technology services provider's stock valued at $408,000 after acquiring an additional 33 shares during the last quarter. Aprio Wealth Management LLC grew its holdings in shares of Accenture by 2.1% in the 1st quarter. Aprio Wealth Management LLC now owns 1,640 shares of the information technology services provider's stock valued at $512,000 after buying an additional 33 shares during the period. First National Advisers LLC grew its holdings in shares of Accenture by 0.4% in the 1st quarter. First National Advisers LLC now owns 9,420 shares of the information technology services provider's stock valued at $2,939,000 after buying an additional 34 shares during the period. Finally, TCTC Holdings LLC grew its holdings in shares of Accenture by 14.5% in the 1st quarter. TCTC Holdings LLC now owns 269 shares of the information technology services provider's stock valued at $84,000 after buying an additional 34 shares during the period. Institutional investors own 75.14% of the company's stock.

Accenture Price Performance

Shares of NYSE ACN opened at $239.59 on Friday. The firm has a market cap of $150.06 billion, a PE ratio of 19.08, a PEG ratio of 2.08 and a beta of 1.29. The company has a current ratio of 1.46, a quick ratio of 1.46 and a debt-to-equity ratio of 0.16. Accenture PLC has a 1-year low of $235.83 and a 1-year high of $398.35. The company has a fifty day moving average price of $258.54 and a 200 day moving average price of $290.52.

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

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on ACN. BMO Capital Markets decreased their price target on shares of Accenture from $355.00 to $325.00 and set a "market perform" rating for the company in a report on Monday, June 23rd. Morgan Stanley decreased their price target on shares of Accenture from $325.00 to $271.00 and set an "equal weight" rating for the company in a report on Tuesday, September 9th. Susquehanna decreased their price target on shares of Accenture from $330.00 to $270.00 and set a "neutral" rating for the company in a report on Thursday. UBS Group reissued a "buy" rating and issued a $395.00 price target (up previously from $390.00) on shares of Accenture in a report on Thursday, May 22nd. Finally, Evercore ISI began coverage on shares of Accenture in a research note on Thursday, July 17th. They issued an "outperform" rating and a $330.00 target price for the company. One investment analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, nine have issued a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, Accenture has a consensus rating of "Moderate Buy" and an average price target of $335.13.

Insiders Place Their Bets

In other Accenture news, CEO Julie Spellman Sweet sold 2,251 shares of the business'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 sale, the chief executive officer directly owned 8,109 shares of the company's stock, valued at $2,290,387.05. The trade was a 21.73% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CEO Mauro Macchi sold 500 shares of the business's stock in a transaction dated Friday, July 11th. The stock was sold at an average price of $282.34, for a total transaction of $141,170.00. Following the sale, the chief executive officer directly owned 2,283 shares in the company, valued at $644,582.22. This trade represents a 17.97% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 2,954 shares of company stock valued at $834,280 in the last three months. 0.02% of the stock is currently owned by corporate insiders.

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.

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