Accenture Plc (NYSE:ACN) Position Lifted by Tower Bridge Advisors

Tower Bridge Advisors increased its position in shares of Accenture Plc (NYSE:ACN) by 0.3% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 121,124 shares of the information technology services provider’s stock after buying an additional 360 shares during the quarter. Accenture comprises 2.5% of Tower Bridge Advisors’ investment portfolio, making the stock its 6th biggest holding. Tower Bridge Advisors’ holdings in Accenture were worth $22,380,000 at the end of the most recent quarter.

A number of other large investors have also recently added to or reduced their stakes in ACN. Lazard Asset Management LLC grew its stake in Accenture by 23.0% during the 1st quarter. Lazard Asset Management LLC now owns 6,270,138 shares of the information technology services provider’s stock worth $1,103,668,000 after buying an additional 1,173,313 shares during the last quarter. Railway Pension Investments Ltd purchased a new position in Accenture during the 2nd quarter worth approximately $15,355,000. The Manufacturers Life Insurance Company lifted its position in Accenture by 71.4% during the 1st quarter. The Manufacturers Life Insurance Company now owns 1,338,821 shares of the information technology services provider’s stock worth $235,659,000 after acquiring an additional 557,879 shares during the period. Swedbank lifted its position in Accenture by 87.2% during the 1st quarter. Swedbank now owns 1,022,838 shares of the information technology services provider’s stock worth $180,040,000 after acquiring an additional 476,357 shares during the period. Finally, Comgest Global Investors S.A.S. lifted its position in Accenture by 119.4% during the 1st quarter. Comgest Global Investors S.A.S. now owns 861,824 shares of the information technology services provider’s stock worth $151,698,000 after acquiring an additional 468,941 shares during the period. Hedge funds and other institutional investors own 69.77% of the company’s stock.

Shares of ACN traded down $3.17 during mid-day trading on Friday, hitting $193.17. The company’s stock had a trading volume of 41,977 shares, compared to its average volume of 1,808,657. The firm has a 50-day simple moving average of $193.25 and a 200 day simple moving average of $178.38. The firm has a market capitalization of $131.83 billion, a P/E ratio of 28.70, a P/E/G ratio of 2.56 and a beta of 1.04. Accenture Plc has a 1-year low of $132.63 and a 1-year high of $197.47.

Accenture (NYSE:ACN) last posted its quarterly earnings results on Thursday, June 27th. The information technology services provider reported $1.93 EPS for the quarter, beating the consensus estimate of $1.89 by $0.04. The business had revenue of $11.10 billion during the quarter, compared to analysts’ expectations of $11.03 billion. Accenture had a return on equity of 36.24% and a net margin of 10.93%. The company’s quarterly revenue was up 3.8% compared to the same quarter last year. During the same period last year, the firm earned $1.79 EPS. Sell-side analysts anticipate that Accenture Plc will post 7.33 EPS for the current fiscal year.

A number of research firms have weighed in on ACN. Bank of America increased their price objective on Accenture from $182.00 to $186.00 and gave the stock a “neutral” rating in a research report on Thursday, June 20th. Citigroup increased their price objective on Accenture from $194.00 to $211.00 and gave the stock a “buy” rating in a research report on Thursday, June 20th. Wells Fargo & Co increased their price objective on Accenture from $193.00 to $200.00 and gave the stock an “outperform” rating in a research report on Thursday, June 13th. Argus increased their price objective on Accenture to $220.00 and gave the stock a “buy” rating in a research report on Monday, July 15th. Finally, UBS Group set a $190.00 price objective on Accenture and gave the stock a “hold” rating in a research report on Friday, June 28th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and twelve have assigned a buy rating to the company. The company has an average rating of “Buy” and an average price target of $192.38.

In other news, General Counsel Chad T. Jerdee sold 3,247 shares of the firm’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 value of $605,045.98. Following the completion of 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 legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Richard Lumb sold 2,000 shares of the firm’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 completion of the sale, the insider now directly owns 77,240 shares of the company’s stock, valued at $14,393,674. The disclosure for this sale can be found here. Insiders sold a total of 22,760 shares of company stock valued at $4,353,328 over the last three months. Insiders own 0.18% of the company’s stock.

Accenture Profile

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.

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Institutional Ownership by Quarter for Accenture (NYSE:ACN)

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