NorthCrest Asset Manangement LLC Has $3.68 Million Holdings in 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 lifted its holdings in shares of Accenture PLC (NYSE:ACN - Free Report) by 36.7% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 12,070 shares of the information technology services provider's stock after purchasing an additional 3,240 shares during the period. NorthCrest Asset Manangement LLC's holdings in Accenture were worth $3,679,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Park Square Financial Group LLC acquired a new position in shares of Accenture during the 4th quarter valued at $31,000. Kelly Lawrence W & Associates Inc. CA acquired a new position in shares of Accenture in the 1st quarter valued at about $31,000. Inlight Wealth Management LLC acquired a new position in shares of Accenture in the 1st quarter valued at about $32,000. Capital A Wealth Management LLC acquired a new position in Accenture during the 4th quarter valued at about $34,000. Finally, WPG Advisers LLC acquired a new position in Accenture during the 1st quarter valued at about $42,000. 75.14% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on ACN. Rothschild & Co Redburn lowered shares of Accenture from a "buy" rating to a "neutral" rating and set a $250.00 price target for the company. in a research note on Wednesday, September 3rd. Deutsche Bank Aktiengesellschaft reduced their price target on shares of Accenture from $290.00 to $260.00 and set a "hold" rating for the company in a research report on Thursday, September 11th. TD Cowen dropped their price objective on shares of Accenture from $342.00 to $313.00 and set a "buy" rating on the stock in a research note on Tuesday, September 9th. Stifel Nicolaus decreased their target price on shares of Accenture from $355.00 to $315.00 and set a "buy" rating for the company in a research report on Tuesday. Finally, JPMorgan Chase & Co. decreased their target price on shares of Accenture from $334.00 to $302.00 and set an "overweight" rating for the company in a research report on Wednesday, August 20th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, nine have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, Accenture has an average rating of "Moderate Buy" and a consensus target price of $335.13.

Insider Buying and Selling

In related news, insider Angela Beatty sold 203 shares of the company's stock in a transaction dated Friday, July 11th. The shares were sold at an average price of $282.34, for a total value of $57,315.02. Following the transaction, the insider directly owned 5,249 shares in the company, valued at approximately $1,482,002.66. This represents a 3.72% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Julie Spellman Sweet sold 2,251 shares of the business's stock in a transaction that occurred on Friday, July 11th. The shares were sold at an average price of $282.45, for a total transaction of $635,794.95. Following the transaction, the chief executive officer owned 8,109 shares of the company's stock, valued at approximately $2,290,387.05. This represents a 21.73% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 2,954 shares of company stock worth $834,280. Insiders own 0.02% of the company's stock.

Accenture Price Performance

ACN traded up $1.10 during midday trading on Friday, hitting $240.65. The company had a trading volume of 11,449,719 shares, compared to its average volume of 3,980,534. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.46 and a current ratio of 1.46. The company has a market capitalization of $150.73 billion, a PE ratio of 19.16, a P/E/G ratio of 2.07 and a beta of 1.29. Accenture PLC has a twelve month low of $234.18 and a twelve month high of $398.35. The firm's 50-day simple moving average is $257.73 and its 200-day simple moving average is $289.79.

Accenture (NYSE:ACN - Get Free Report) last released its quarterly earnings data on Friday, June 20th. The information technology services provider reported $3.49 earnings per share 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 business had revenue of $17.73 billion for the quarter, compared to analyst estimates of $17.26 billion. During the same quarter last year, the firm earned $3.13 EPS. Accenture's quarterly revenue was up 7.7% compared to the same quarter last year. Equities research analysts predict that Accenture PLC will post 12.73 EPS for the current fiscal year.

Accenture Company 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.