5 Best Tech Stocks to Buy According to Billionaire Ken Griffin

3. Accenture Plc (NYSE:ACN)

Citadel Investment Group’s Stake Value: $465.44 million

Percentage Of Citadel Investment Group’s 13F Portfolio: 0.09%

Number of Hedge Fund Holders: 63

Accenture Plc (NYSE:ACN) is a global giant in the field of information technology consulting and services. It serves clients in more than 120 countries around the globe, in sectors such as insurance, finance, healthcare, media, energy, travel, automobile manufacturing and retail. Three quarters of all Fortune Global 500 companies count among the clients of Accenture Plc (NYSE:ACN).

RBC Capital analyst Daniel Perlin on June 24 reiterated an ‘Outperform’ rating on Accenture Plc (NYSE:ACN) shares and revised the price target to $357 from $435. The company posted a strong quarter which saw double-digit growth across all services, according to the analyst, who sees the firm’s bookings growth remaining solid, with 10% year-on-year growth in new bookings. As of June 27, Accenture Plc (NYSE:ACN) pays a dividend yield of 1.31% to shareholders.

As of the end of the first quarter of 2022, 63 hedge funds were long Accenture Plc (NYSE:ACN) with combined stakes worth $3.95 billion. This shows a positive trend from the previous quarter where 50 hedge funds were stakeholders in the company. With a $770 million position, Ako Capital was the leading shareholder of Accenture Plc (NYSE:ACN) in the first quarter of 2022.

Here is what Polen Capital, an asset management firm, had to say about the prospects and market position of Accenture plc (NYSE:ACN) in its Q1 2022 investor letter:

“Accenture’s business is firing on all cylinders and continue to enjoy an acceleration in their respective fundamentals because of the increase in digitization around the world. Nearly every company today is searching for ways to become more digital, and Accenture is positioned to provide many of the solutions these companies seek. This inflection in fundamentals was not lost on the market, and each business’s stock performed exceptionally well in 2021. In fact, they represented two of the three top absolute performers for the Global Growth Portfolio last year. As a result, its stock is currently more fully priced. As such, we lowered Accenture to an average weight. We maintain high conviction in the business and plan to own it for many years, but recognize the increase in their prices.”