Accenture Plc (ACN) Shares Sold by Lake Street Advisors Group LLC
Lake Street Advisors Group LLC trimmed its holdings in Accenture Plc (NYSE:ACN) by 31.1% during the second quarter, Holdings Channel reports. The institutional investor owned 3,561 shares of the information technology services provider’s stock after selling 1,608 shares during the period. Lake Street Advisors Group LLC’s holdings in Accenture were worth $583,000 at the end of the most recent quarter.
A number of other large investors have also modified their holdings of the business. Argent Trust Co boosted its stake in Accenture by 70.3% in the 2nd quarter. Argent Trust Co now owns 16,479 shares of the information technology services provider’s stock worth $2,696,000 after buying an additional 6,800 shares during the last quarter. Cypress Capital Group lifted its stake in shares of Accenture by 1.8% in the 2nd quarter. Cypress Capital Group now owns 49,522 shares of the information technology services provider’s stock valued at $8,101,000 after purchasing an additional 860 shares in the last quarter. Qube Research & Technologies Ltd acquired a new position in shares of Accenture in the 2nd quarter valued at about $1,184,000. HRT Financial LLC acquired a new position in shares of Accenture in the 2nd quarter valued at about $494,000. Finally, Putnam Investments LLC lifted its stake in shares of Accenture by 51.1% in the 2nd quarter. Putnam Investments LLC now owns 507,768 shares of the information technology services provider’s stock valued at $83,065,000 after purchasing an additional 171,759 shares in the last quarter. 70.17% of the stock is currently owned by hedge funds and other institutional investors.
ACN has been the topic of several research analyst reports. Zacks Investment Research raised Accenture from a “hold” rating to a “buy” rating and set a $176.00 price objective on the stock in a research note on Tuesday, May 22nd. Pivotal Research set a $180.00 price objective on Accenture and gave the company a “buy” rating in a research note on Tuesday, June 5th. UBS Group raised Accenture from a “neutral” rating to a “positive” rating in a research note on Tuesday, June 19th. Susquehanna Bancshares raised Accenture from a “neutral” rating to a “positive” rating and lifted their price objective for the company from $165.00 to $190.00 in a research note on Tuesday, June 19th. Finally, Stifel Nicolaus lifted their price objective on Accenture from $170.00 to $179.00 and gave the company a “buy” rating in a research note on Thursday, June 21st. Two research analysts have rated the stock with a sell rating, nine have issued a hold rating and sixteen have given a buy rating to the stock. Accenture currently has an average rating of “Buy” and a consensus target price of $162.11.
Accenture (NYSE:ACN) last announced its earnings results on Thursday, June 28th. The information technology services provider reported $1.79 EPS for the quarter, beating the consensus estimate of $1.72 by $0.07. The business had revenue of $10.32 billion for the quarter, compared to the consensus estimate of $10.04 billion. Accenture had a return on equity of 42.01% and a net margin of 9.76%. The company’s revenue was up 16.3% on a year-over-year basis. During the same period last year, the business posted $1.52 EPS. research analysts predict that Accenture Plc will post 6.71 earnings per share for the current year.
In related news, General Counsel Chad T. Jerdee sold 1,141 shares of the firm’s stock in a transaction dated Monday, July 2nd. The stock was sold at an average price of $162.30, for a total transaction of $185,184.30. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, COO Johan Deblaere sold 5,000 shares of the firm’s stock in a transaction dated Monday, July 2nd. The shares were sold at an average price of $162.36, for a total value of $811,800.00. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 54,357 shares of company stock worth $8,865,112. Company insiders own 0.21% of the company’s stock.
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.
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