Evercore Wealth Management LLC Cuts Holdings in Accenture Plc (NYSE:ACN)

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Evercore Wealth Management LLC reduced its position in Accenture Plc (NYSE:ACN) by 5.1% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 397,609 shares of the information technology services provider’s stock after selling 21,309 shares during the quarter. Accenture comprises about 2.2% of Evercore Wealth Management LLC’s investment portfolio, making the stock its 11th biggest position. Evercore Wealth Management LLC owned 0.06% of Accenture worth $73,466,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Lenox Wealth Advisors LLC raised its position in shares of Accenture by 297.1% in the 2nd quarter. Lenox Wealth Advisors LLC now owns 135 shares of the information technology services provider’s stock worth $25,000 after buying an additional 101 shares during the period. Semmax Financial Advisors Inc. purchased a new position in Accenture in the first quarter valued at about $32,000. Next Capital Management LLC purchased a new position in Accenture in the second quarter valued at about $34,000. Nelson Van Denburg & Campbell Wealth Management Group LLC raised its position in Accenture by 455.9% in the first quarter. Nelson Van Denburg & Campbell Wealth Management Group LLC now owns 189 shares of the information technology services provider’s stock valued at $33,000 after purchasing an additional 155 shares during the period. Finally, Weaver Consulting Group purchased a new position in Accenture in the first quarter valued at about $39,000. 69.88% of the stock is currently owned by institutional investors and hedge funds.

ACN has been the topic of several research reports. Citigroup raised their price objective on Accenture from $194.00 to $211.00 and gave the company a “buy” rating in a research report on Thursday, June 20th. Credit Suisse Group set a $180.00 price objective on Accenture and gave the company a “hold” rating in a research report on Friday, June 28th. Wells Fargo & Co raised their price objective on Accenture from $200.00 to $210.00 and gave the company an “outperform” rating in a research report on Thursday. UBS Group set a $190.00 price objective on Accenture and gave the company a “hold” rating in a research report on Friday, June 28th. Finally, Argus raised their price objective on Accenture to $220.00 and gave the company a “buy” rating in a research report on Monday, July 15th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and twelve have given a buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average target price of $197.25.

In related news, insider Richard Lumb sold 2,000 shares of Accenture stock in a transaction dated Monday, July 1st. The stock was 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 can be accessed through the SEC website. Also, Director Paula A. Price sold 645 shares of Accenture stock in a transaction dated Thursday, July 18th. The stock was sold at an average price of $194.24, for a total value of $125,284.80. Following the completion of the transaction, the director now owns 6,716 shares of the company’s stock, valued at $1,304,515.84. The disclosure for this sale can be found here. Insiders have sold 22,760 shares of company stock valued at $4,353,328 over the last 90 days. Insiders own 0.18% of the company’s stock.

Shares of Accenture stock opened at $194.62 on Friday. The business has a 50-day moving average of $194.49 and a 200-day moving average of $182.43. The company has a market capitalization of $131.38 billion, a PE ratio of 28.88, a P/E/G ratio of 2.38 and a beta of 1.04. Accenture Plc has a 1-year low of $132.63 and a 1-year high of $202.80.

Accenture (NYSE:ACN) last announced its earnings results on Thursday, June 27th. The information technology services provider reported $1.93 earnings per share for the quarter, beating the consensus estimate of $1.89 by $0.04. The company had revenue of $11.10 billion during the quarter, compared to the consensus estimate of $11.03 billion. Accenture had a return on equity of 36.24% and a net margin of 10.93%. The company’s revenue was up 3.8% on a year-over-year basis. During the same period last year, the firm earned $1.79 earnings per share. As a group, sell-side analysts expect that Accenture Plc will post 7.33 earnings per share for the current 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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