Envestnet Asset Management Inc. Raises Stake in Accenture Plc (NYSE:ACN)

Envestnet Asset Management Inc. lifted its position in shares of Accenture Plc (NYSE:ACN) by 11.3% in the second quarter, according to its most recent 13F filing with the SEC. The firm owned 828,453 shares of the information technology services provider’s stock after purchasing an additional 84,441 shares during the quarter. Envestnet Asset Management Inc.’s holdings in Accenture were worth $153,073,000 as of its most recent filing with the SEC.

Other large investors have also recently modified their holdings of the company. Mitchell Capital Management Co. boosted its holdings in Accenture by 1.4% in the 1st quarter. Mitchell Capital Management Co. now owns 4,140 shares of the information technology services provider’s stock worth $729,000 after acquiring an additional 56 shares during the period. Private Trust Co. NA boosted its holdings in Accenture by 1.6% in the 2nd quarter. Private Trust Co. NA now owns 3,642 shares of the information technology services provider’s stock worth $672,000 after acquiring an additional 57 shares during the period. Enterprise Bank & Trust Co boosted its holdings in Accenture by 0.7% in the 2nd quarter. Enterprise Bank & Trust Co now owns 9,780 shares of the information technology services provider’s stock worth $1,807,000 after acquiring an additional 65 shares during the period. Convergence Investment Partners LLC boosted its holdings in Accenture by 4.5% in the 1st quarter. Convergence Investment Partners LLC now owns 1,578 shares of the information technology services provider’s stock worth $278,000 after acquiring an additional 68 shares during the period. Finally, KC Investment Advisors LLC boosted its holdings in Accenture by 3.1% in the 1st quarter. KC Investment Advisors LLC now owns 2,335 shares of the information technology services provider’s stock worth $411,000 after acquiring an additional 70 shares during the period. Institutional investors and hedge funds own 69.57% of the company’s stock.

Shares of ACN traded up $1.87 during trading on Thursday, reaching $188.84. The company’s stock had a trading volume of 94,373 shares, compared to its average volume of 1,615,405. The business’s fifty day moving average price is $191.92. Accenture Plc has a twelve month low of $132.63 and a twelve month high of $197.47. The company has a market cap of $125.79 billion, a P/E ratio of 28.01, a price-to-earnings-growth ratio of 2.51 and a beta of 1.04.

Accenture (NYSE:ACN) last announced its earnings results on Thursday, June 27th. The information technology services provider reported $1.93 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.89 by $0.04. Accenture had a return on equity of 36.24% and a net margin of 10.93%. The company had revenue of $11.10 billion for the quarter, compared to analyst estimates of $11.03 billion. During the same period in the prior year, the company posted $1.79 EPS. Accenture’s quarterly revenue was up 3.8% on a year-over-year basis. Equities research analysts predict that Accenture Plc will post 7.33 EPS for the current year.

A number of research firms have weighed in on ACN. UBS Group set a $190.00 price target on Accenture and gave the stock a “hold” rating in a report on Friday, June 28th. Bank of America upped their price target on Accenture from $182.00 to $186.00 and gave the stock a “neutral” rating in a report on Thursday, June 20th. Credit Suisse Group set a $180.00 price target on Accenture and gave the stock a “hold” rating in a report on Friday, June 28th. Argus upped their price target on Accenture to $220.00 and gave the stock a “buy” rating in a report on Monday, July 15th. Finally, Wells Fargo & Co upped their price target on Accenture from $193.00 to $200.00 and gave the stock an “outperform” rating in a report on Thursday, June 13th. One analyst has rated the stock with a sell rating, five have given a hold rating and twelve have issued a buy rating to the company. Accenture currently has a consensus rating of “Buy” and a consensus target price of $192.38.

In related news, General Counsel Chad T. Jerdee sold 3,247 shares of the company’s stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $186.34, for a total transaction of $605,045.98. Following the sale, the general counsel now directly owns 13,271 shares of the company’s stock, valued at approximately $2,472,918.14. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Richard Lumb sold 2,000 shares of the company’s stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $186.35, for a total value of $372,700.00. Following the sale, the insider now directly owns 77,240 shares in the company, valued at $14,393,674. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 22,760 shares of company stock worth $4,353,328. 0.18% of the stock is currently owned by corporate insiders.

About Accenture

Accenture plc provides consulting, technology, and outsourcing services in Ireland and internationally. Its Communications, Media & Technology segment provides professional services that help clients accelerate and deliver digital transformation, develop industry-specific solutions, and enhance efficiencies and business results for communications, media, high tech, software, and platform companies.

Further Reading: Quiet Period

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Institutional Ownership by Quarter for Accenture (NYSE:ACN)

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