Spectrum Management Group Inc. decreased its position in shares of Accenture PLC (NYSE:ACN) by 2.3% during the second quarter, Holdings Channel reports. The fund owned 10,380 shares of the company’s stock after selling 245 shares during the period. Accenture PLC comprises 0.5% of Spectrum Management Group Inc.’s holdings, making the stock its 22nd largest position. Spectrum Management Group Inc.’s holdings in Accenture PLC were worth $1,176,000 as of its most recent filing with the SEC.
Several other hedge funds have also recently made changes to their positions in ACN. Marsico Capital Management LLC purchased a new stake in shares of Accenture PLC during the first quarter worth approximately $18,770,000. Uniplan Investment Counsel Inc. purchased a new stake in shares of Accenture PLC during the first quarter worth approximately $21,544,000. Pacific Global Investment Management CO purchased a new stake in shares of Accenture PLC during the first quarter worth approximately $284,000. Quadrature Capital Ltd purchased a new stake in shares of Accenture PLC during the first quarter worth approximately $21,019,000. Finally, UBS Asset Management Americas Inc. raised its stake in shares of Accenture PLC by 10.2% in the first quarter. UBS Asset Management Americas Inc. now owns 3,570,115 shares of the company’s stock worth $411,991,000 after buying an additional 329,656 shares during the last quarter. 77.18% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Accenture PLC (NYSE:ACN) traded up 0.12% on Friday, hitting $118.25. The stock had a trading volume of 2,508,485 shares. The stock has a market cap of $73.62 billion, a PE ratio of 18.33 and a beta of 1.25. Accenture PLC has a 12 month low of $91.40 and a 12 month high of $124.96. The stock has a 50 day moving average of $115.09 and a 200-day moving average of $115.15.
Accenture PLC (NYSE:ACN) last posted its quarterly earnings data on Thursday, September 29th. The company reported $1.31 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.30 by $0.01. Accenture PLC had a return on equity of 47.07% and a net margin of 12.00%. The company earned $8.49 billion during the quarter. During the same period last year, the business earned $1.15 EPS. The firm’s quarterly revenue was up 7.6% on a year-over-year basis. Equities research analysts anticipate that Accenture PLC will post $5.93 EPS for the current year.
A number of brokerages have recently commented on ACN. Credit Suisse Group AG set a $124.00 price target on Accenture PLC and gave the company a “hold” rating in a research note on Saturday, October 1st. BMO Capital Markets reissued a “market perform” rating and set a $125.00 price target (up from $118.00) on shares of Accenture PLC in a research note on Sunday, October 2nd. Argus reissued a “buy” rating and set a $138.00 price target (up from $128.00) on shares of Accenture PLC in a research note on Sunday, October 2nd. Jefferies Group raised their price objective on Accenture PLC from $111.00 to $120.00 and gave the stock a “hold” rating in a research report on Monday, October 3rd. Finally, Cantor Fitzgerald raised their price objective on Accenture PLC from $132.00 to $139.00 and gave the stock a “buy” rating in a research report on Monday, October 3rd. Ten research analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and one has issued a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $125.32.
In related news, insider Richard P. Clark sold 876 shares of the firm’s stock in a transaction that occurred on Thursday, July 21st. The stock was sold at an average price of $113.43, for a total transaction of $99,364.68. Following the completion of the transaction, the insider now owns 16,396 shares of the company’s stock, valued at approximately $1,859,798.28. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Daniel T. London sold 3,686 shares of the firm’s stock in a transaction that occurred on Wednesday, July 20th. The shares were sold at an average price of $115.57, for a total value of $425,991.02. Following the transaction, the insider now directly owns 26,023 shares of the company’s stock, valued at approximately $3,007,478.11. The disclosure for this sale can be found here. Corporate insiders own 0.17% of the company’s stock.
About Accenture PLC
Accenture plc is engaged in providing management consulting, technology and outsourcing services. The Company’s business is structured around five operating groups, which together consists of 19 industry groups serving clients in industries globally. The Company’s segment includes Communications, Media & Technology, Financial Services, Health & Public Service, Products and Resources.
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