Hedge Funds Aren’t Crazy About Accenture Plc (ACN) Anymore

Due to the fact that Accenture Plc (NYSE:ACN) has faced declining sentiment from hedge fund managers, we can see that there exists a select few hedgies that elected to cut their entire stakes heading into Q4. It’s worth mentioning that Ken Griffin’s Citadel Investment Group dumped the largest investment of all the hedgies tracked by Insider Monkey, comprising an estimated $29 million in stock, and George Hall’s Clinton Group was right behind this move, as the fund said goodbye to about $13.1 million worth of stock. These moves are important to note, as aggregate hedge fund interest fell by 1 funds heading into Q4.

Let’s go over hedge fund activity in other stocks similar to Accenture Plc (NYSE:ACN). We will take a look at NIKE, Inc. (NYSE:NKE), SAP SE (ADR) (NYSE:SAP), Allergan, Inc. (NYSE:AGN), and Walgreens Boots Alliance Inc (NASDAQ:WBA). This group of stocks’ market caps are similar to ACN’s market cap.

As you can see these stocks had an average of 59 hedge funds with bullish positions and the average amount invested in these stocks was $4.57 billion. That figure was $757 million in ACN’s case. Allergan, Inc. (NYSE:AGN) is the most popular stock in this table. On the other hand SAP SE (ADR) (NYSE:SAP) is the least popular one with only 7 bullish hedge fund positions. Accenture Plc (NYSE:ACN) is not the least popular stock in this group but hedge fund interest is still below average. This is a slightly negative signal and we’d rather spend our time researching stocks that hedge funds are piling on. In this regard AGN might be a better candidate to consider a long position.