Redmond Asset Management LLC Sells 163 Shares of Accenture Plc (NYSE:ACN)

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Redmond Asset Management LLC decreased its position in shares of Accenture Plc (NYSE:ACN) by 2.0% in the 2nd quarter, Holdings Channel reports. The firm owned 7,892 shares of the information technology services provider’s stock after selling 163 shares during the quarter. Redmond Asset Management LLC’s holdings in Accenture were worth $1,458,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in the business. Comerica Securities Inc. grew its position in Accenture by 39.8% in the 4th quarter. Comerica Securities Inc. now owns 11,542 shares of the information technology services provider’s stock worth $1,628,000 after purchasing an additional 3,285 shares during the last quarter. Dimensional Fund Advisors LP grew its position in Accenture by 3.1% in the 4th quarter. Dimensional Fund Advisors LP now owns 2,077,488 shares of the information technology services provider’s stock worth $292,943,000 after purchasing an additional 61,798 shares during the last quarter. Truvestments Capital LLC bought a new position in Accenture in the 1st quarter worth about $27,000. Louisiana State Employees Retirement System grew its position in Accenture by 0.9% in the 1st quarter. Louisiana State Employees Retirement System now owns 33,700 shares of the information technology services provider’s stock worth $5,932,000 after purchasing an additional 300 shares during the last quarter. Finally, Retirement Systems of Alabama grew its position in Accenture by 0.7% in the 1st quarter. Retirement Systems of Alabama now owns 382,827 shares of the information technology services provider’s stock worth $67,385,000 after purchasing an additional 2,692 shares during the last quarter. Hedge funds and other institutional investors own 69.57% of the company’s stock.

Several research analysts have commented on the stock. Wells Fargo & Co upped their target price on shares of Accenture from $193.00 to $200.00 and gave the stock an “outperform” rating in a research report on Thursday, June 13th. Citigroup upped their target price on shares of Accenture from $194.00 to $211.00 and gave the stock a “buy” rating in a research report on Thursday, June 20th. Argus upped their target price on shares of Accenture to $220.00 and gave the stock a “buy” rating in a research report on Monday, July 15th. BMO Capital Markets upped their target price on shares of Accenture from $185.00 to $195.00 and gave the stock a “positive” rating in a research report on Friday, June 28th. Finally, Credit Suisse Group set a $180.00 target price on shares of 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 stock currently has a consensus rating of “Buy” and a consensus price target of $192.38.

In other news, insider Richard Lumb sold 2,000 shares of the 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 transaction, the insider now directly owns 77,240 shares in the company, valued at $14,393,674. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, General Counsel Chad T. Jerdee sold 3,247 shares of the stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $186.34, for a total transaction of $605,045.98. Following the completion of the transaction, the general counsel now owns 13,271 shares of the company’s stock, valued at $2,472,918.14. The disclosure for this sale can be found here. Insiders sold 22,760 shares of company stock valued at $4,353,328 over the last quarter. Insiders own 0.18% of the company’s stock.

Shares of Accenture stock traded up $2.55 on Thursday, hitting $189.52. The company had a trading volume of 59,726 shares, compared to its average volume of 1,615,405. The business has a 50-day simple moving average of $191.92. The stock has a market cap of $125.79 billion, a P/E ratio of 28.07, a PEG ratio of 2.51 and a beta of 1.04. Accenture Plc has a 52 week low of $132.63 and a 52 week high of $197.47.

Accenture (NYSE:ACN) last posted its quarterly earnings data on Thursday, June 27th. The information technology services provider reported $1.93 earnings per share (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 net margin of 10.93% and a return on equity of 36.24%. The business’s revenue was up 3.8% on a year-over-year basis. During the same period last year, the firm posted $1.79 earnings per share. On average, research analysts anticipate that Accenture Plc will post 7.33 earnings per share for the current fiscal year.

Accenture Company 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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