01. Accenture plc (NYSE:ACN)
Number of Hedge Fund Holders: 57
Accenture plc (NYSE:ACN) is a professional services company offering a wide range of services globally, including strategy and consulting, technology and operations, and industry-specific solutions. The company provides various services such as application management, intelligent automation, data analytics, digital commerce, infrastructure management, and cloud services, as well as business process outsourcing and technology innovation. Accenture plc (NYSE:ACN) also offers specialized services like engineering and R&D digitization, supply chain management, and sustainability services, and has collaborations with companies like Salesforce to develop industry-specific cloud solutions.
On July 22 the breaking news emerged that Accenture plc (NYSE:ACN) has agreed to acquire Camelot Management Consultants, a German consulting firm specializing in SAP, supply chain, data, and analytics. This acquisition aims to strengthen Accenture plc (NYSE:ACN) capabilities in building intelligent and resilient supply chains, leveraging SAP and AI. Camelot’s expertise in supply chain management, analytics, and data strategy will enhance Accenture plc (NYSE:ACN) offerings, helping clients adopt AI-driven solutions. With over 700 professionals and a strong presence in Germany, Austria, Switzerland, and other countries, Camelot will bring significant value to Accenture plc (NYSE:ACN) global client base. The acquisition will further solidify Accenture’s position as a leading provider of SAP and AI-driven supply chain solutions, enabling clients to build more efficient and responsive supply chains.
In the first quarter of 2024, the number of hedge funds with positions in Accenture plc (NYSE:ACN) fell to 57 from 58, according to Insider Monkey’s database, which tracks 920 hedge funds. The combined value of these holdings is approximately $2.40 billion. During this period, Guardian Capital’s GuardCap Asset Management became the largest shareholder among these hedge funds.
Polen Focus Growth Strategy stated the following regarding Accenture plc (NYSE:ACN) in its Q2 2024 investor letter:
“Autodesk and Accenture plc (NYSE:ACN) were also notable absolute detractors in the quarter. For Accenture, the past year has proven to be a weak backdrop for the IT services industry as enterprises rationalize their IT budgets and defer spending on discretionary, shorter-cycle deals. Accenture has not been immune to this broader weakness, as evidenced by slowing growth in recent quarters. However, we would note that later in the quarter, the stock responded very positively to results that showcased AI bookings growing rapidly, though still a small portion of overall bookings. Additionally, as we head into 2025, growth comparisons should ease considerably.”
ACN tops our list of best consulting stocks. However, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter timeframe. If you are looking for an AI stock that is more promising than ACN but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
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Disclosure: None.
