Quest Investment Management LLC Raises Position in Accenture Plc (ACN)

Share on StockTwits

Quest Investment Management LLC boosted its stake in shares of Accenture Plc (NYSE:ACN) by 12.7% in the 2nd quarter, HoldingsChannel.com reports. The fund owned 93,476 shares of the information technology services provider’s stock after buying an additional 10,499 shares during the quarter. Accenture accounts for 2.3% of Quest Investment Management LLC’s portfolio, making the stock its 7th biggest position. Quest Investment Management LLC’s holdings in Accenture were worth $15,292,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of the stock. Checchi Capital Advisers LLC lifted its holdings in Accenture by 4.7% in the 2nd quarter. Checchi Capital Advisers LLC now owns 18,592 shares of the information technology services provider’s stock worth $3,041,000 after buying an additional 827 shares during the period. Rhumbline Advisers lifted its holdings in Accenture by 5.1% in the 2nd quarter. Rhumbline Advisers now owns 1,089,041 shares of the information technology services provider’s stock worth $178,156,000 after buying an additional 52,782 shares during the period. Belpointe Asset Management LLC lifted its holdings in Accenture by 98.2% in the 2nd quarter. Belpointe Asset Management LLC now owns 4,650 shares of the information technology services provider’s stock worth $761,000 after buying an additional 2,304 shares during the period. Signition LP lifted its holdings in Accenture by 105.0% in the 2nd quarter. Signition LP now owns 5,904 shares of the information technology services provider’s stock worth $966,000 after buying an additional 3,024 shares during the period. Finally, Brighton Jones LLC lifted its holdings in Accenture by 2.7% in the 2nd quarter. Brighton Jones LLC now owns 13,996 shares of the information technology services provider’s stock worth $2,290,000 after buying an additional 365 shares during the period. Institutional investors own 69.55% of the company’s stock.

In related news, insider Richard Lumb sold 2,000 shares of the firm’s stock in a transaction that occurred on Friday, July 20th. The stock was sold at an average price of $166.66, for a total transaction of $333,320.00. Following the completion of the transaction, the insider now owns 118,561 shares of the company’s stock, valued at approximately $19,759,376.26. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Ellyn Shook sold 4,375 shares of the firm’s stock in a transaction that occurred on Monday, July 16th. The shares were sold at an average price of $168.02, for a total value of $735,087.50. Following the transaction, the insider now directly owns 31,707 shares of the company’s stock, valued at approximately $5,327,410.14. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 52,357 shares of company stock valued at $8,543,392. 0.21% of the stock is owned by corporate insiders.

Shares of Accenture opened at $160.68 on Friday, MarketBeat.com reports. Accenture Plc has a 52-week low of $127.26 and a 52-week high of $168.95. The company has a market capitalization of $108.38 billion, a PE ratio of 24.19, a PEG ratio of 2.32 and a beta of 0.96.

Accenture (NYSE:ACN) last announced its earnings results on Thursday, June 28th. The information technology services provider reported $1.79 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.72 by $0.07. Accenture had a return on equity of 42.01% and a net margin of 9.76%. The firm had revenue of $10.32 billion during the quarter, compared to analyst estimates of $10.04 billion. During the same quarter in the prior year, the company earned $1.52 EPS. The business’s revenue was up 16.3% compared to the same quarter last year. research analysts expect that Accenture Plc will post 6.71 earnings per share for the current fiscal year.

Several equities research analysts have weighed in on the company. Wolfe Research assumed coverage on Accenture in a report on Tuesday, July 17th. They issued an “underperform” rating for the company. Pivotal Research set a $180.00 price objective on Accenture and gave the stock a “buy” rating in a report on Friday, June 29th. Credit Suisse Group increased their price objective on Accenture from $151.00 to $160.00 and gave the stock a “neutral” rating in a report on Friday, June 29th. BMO Capital Markets increased their price objective on Accenture to $170.00 and gave the stock a “market perform” rating in a report on Friday, June 29th. Finally, Citigroup increased their price objective on Accenture from $159.00 to $163.00 and gave the stock a “neutral” rating in a report on Friday, June 29th. Three analysts have rated the stock with a sell rating, eight have assigned a hold rating and sixteen have assigned a buy rating to the company. Accenture presently has an average rating of “Hold” and a consensus price target of $162.11.

Accenture Company Profile

Accenture plc provides consulting, technology, and outsourcing services worldwide. Its Communications, Media & Technology segment provides professional services that help clients accelerate and deliver digital transformation, and enhance business results through industry-specific solutions for communications, media, and high tech industries, as well as for software platforms.

Recommended Story: Relative Strength Index

Want to see what other hedge funds are holding ACN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Accenture Plc (NYSE:ACN).

Institutional Ownership by Quarter for Accenture (NYSE:ACN)

Receive News & Ratings for Accenture Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Accenture and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply