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Will Accenture plc (ACN) Benefit from Tailwinds?

Polen Capital, an investment management company, released its “Polen Global Growth Strategy” first-quarter 2024 investor letter. A copy of the letter can be downloaded here. In the first quarter, the fund increased 8.10% gross and 7.81% net, respectively, trailing the MSCI ACW Index’s 8.20% return. The market dynamics that were in place at the end of last year persisted in many respects during the first quarter. In addition, please check the fund’s top five holdings to know its best picks in 2024.

Polen Global Growth Strategy featured stocks like Accenture plc (NYSE:ACN) in the first quarter 2024 investor letter. Headquartered in Dublin, Ireland, Accenture plc (NYSE:ACN) is a professional services company that provides management consulting, technology, and outsourcing services. On April 19, 2024, Accenture plc (NYSE:ACN) stock closed at $316.88 per share. One-month return of Accenture plc (NYSE:ACN) was 5.07%, and its shares gained 14.29% of their value over the last 52 weeks. Accenture plc (NYSE:ACN) has a market capitalization of $199.232 billion.

Polen Global Growth Strategy stated the following regarding Accenture plc (NYSE:ACN) in its first quarter 2024 investor letter:

“We eliminated our position in Nestlé and trimmed our existing position in Accenture plc (NYSE:ACN). Finally, we added to our existing position in Globant with the proceeds from trimming back our Accenture position. We think this is prudent because Globant’s valuation isn’t much higher than Accenture’s, but it should be able to grow EPS faster at ~20%+ over the next five years. We see both as excellent businesses benefiting from similar tailwinds behind the increasing need for trusted third party IT services providers and continue to feel good about holding both companies for the long term.”

A team of data experts gathered around a computer monitor analyzing customer data.

Accenture plc (NYSE:ACN) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Accenture plc (NYSE:ACN) was held by 58 hedge fund portfolios, compared to 55 in the previous quarter, according to our database.

We previously discussed Accenture plc (NYSE:ACN) in another article, where we shared the list of best large-cap dividend growth stocks to buy. In addition, please check out our hedge fund investor letters Q1 2024 page for more investor letters from hedge funds and other leading investors.

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Disclosure: None. This article is originally published at Insider Monkey.

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Fast forward a year and Amazon’s new CEO Andy Jassy described generative AI as a “once-in-a-lifetime” technology that is already being used across Amazon to reinvent customer experiences.

At the 8th Future Investment Initiative conference, Elon Musk predicted that by 2040 there would be at least 10 billion humanoid robots, with each priced between $20,000 and $25,000.

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  • 175 Teslas
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  • 140 Metas
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  • 65 Microsofts
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