Suncoast Equity Management Has $38.03 Million Stake in Accenture Plc (NYSE:ACN)

Suncoast Equity Management increased its stake in Accenture Plc (NYSE:ACN) by 1.5% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 205,810 shares of the information technology services provider’s stock after buying an additional 3,013 shares during the period. Accenture comprises about 7.8% of Suncoast Equity Management’s investment portfolio, making the stock its 2nd largest position. Suncoast Equity Management’s holdings in Accenture were worth $38,028,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently modified their holdings of the stock. Mitchell Capital Management Co. grew its position in shares of Accenture by 1.4% during the first quarter. Mitchell Capital Management Co. now owns 4,140 shares of the information technology services provider’s stock worth $729,000 after acquiring an additional 56 shares during the last quarter. Private Trust Co. NA grew its position in shares of Accenture by 1.6% during the second quarter. Private Trust Co. NA now owns 3,642 shares of the information technology services provider’s stock worth $672,000 after acquiring an additional 57 shares during the last quarter. TCI Wealth Advisors Inc. grew its position in shares of Accenture by 11.2% during the first quarter. TCI Wealth Advisors Inc. now owns 637 shares of the information technology services provider’s stock worth $112,000 after acquiring an additional 64 shares during the last quarter. Enterprise Bank & Trust Co grew its position in shares of Accenture by 0.7% during the second quarter. Enterprise Bank & Trust Co now owns 9,780 shares of the information technology services provider’s stock worth $1,807,000 after acquiring an additional 65 shares during the last quarter. Finally, Convergence Investment Partners LLC grew its position in shares of Accenture by 4.5% during the first quarter. Convergence Investment Partners LLC now owns 1,578 shares of the information technology services provider’s stock worth $278,000 after acquiring an additional 68 shares during the last quarter. Institutional investors and hedge funds own 69.38% of the company’s stock.

In related news, insider Richard Lumb sold 18,000 shares of the company’s stock in a transaction dated Friday, May 10th. The shares were sold at an average price of $172.82, for a total value of $3,110,760.00. Following the completion of the sale, the insider now owns 90,536 shares of the company’s stock, valued at $15,646,431.52. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO David Rowland sold 2,255 shares of the company’s stock in a transaction dated Tuesday, July 16th. The stock was sold at an average price of $194.03, for a total transaction of $437,537.65. Following the completion of the sale, the chief executive officer now directly owns 25,078 shares of the company’s stock, valued at approximately $4,865,884.34. The disclosure for this sale can be found here. Insiders sold 40,760 shares of company stock valued at $7,464,088 in the last ninety days. Corporate insiders own 0.18% of the company’s stock.

ACN stock traded down $0.12 during trading on Wednesday, hitting $188.69. The company had a trading volume of 1,794,242 shares, compared to its average volume of 1,527,248. The company has a market capitalization of $129.70 billion, a price-to-earnings ratio of 28.00, a price-to-earnings-growth ratio of 2.55 and a beta of 1.04. The firm has a 50 day moving average price of $191.02. Accenture Plc has a fifty-two week low of $132.63 and a fifty-two 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 for the quarter, topping the consensus estimate of $1.89 by $0.04. The business had revenue of $11.10 billion during the quarter, compared to the consensus estimate of $11.03 billion. Accenture had a net margin of 10.93% and a return on equity of 36.24%. The company’s quarterly revenue was up 3.8% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.79 earnings per share. Analysts anticipate that Accenture Plc will post 7.33 EPS for the current fiscal year.

Several equities analysts have recently commented on the stock. Credit Suisse Group set a $180.00 price target on shares of Accenture and gave the stock a “hold” rating in a research report on Friday, June 28th. BMO Capital Markets upped their price target 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. Argus upped their price target on shares of Accenture to $220.00 and gave the stock a “buy” rating in a research report on Monday, July 15th. Citigroup upped their price target 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. Finally, Bank of America upped their price target on shares of Accenture from $182.00 to $186.00 and gave the stock a “neutral” rating in a research report on Thursday, June 20th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and twelve have assigned a buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $192.38.

About Accenture

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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