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Stock Alert: Accenture Touches New 52-week High After Q3 Results

Shares of Accenture plc (ACN) are rising than 7 percent or $15.16 in Thursday's morning trade at $217.00, after touching a new 52-week high of $217.86 earlier as the consulting, technology and outsourcing services provider's first-quarter financial results beat analysts' estimates.

Thursday, Accenture reported net income for the third quarter of $1.23 billion or $1.90 per share, down from $1.25 billion or $1.93 per share in the year-ago quarter. On average, analysts polled by Thomson Reuters expected the company to earn lesser earnings of $1.85 per share. Analysts' estimates typically exclude special items.

Revenue for the quarter declined 1 percent to $10.99 billion from $11.10 billion last year, but better than the Street estimate of $10.87 billion.

For fiscal 2020, Accenture now expects better earnings in the range of $7.57 to $7.70 per share on revenue growth of 3.5 to 4.5 percent in local currency. This compares with its earlier view of $7.48 to $7.70 per share on revenue growth of 3 to 6 percent in local currency.

Accenture also declared a 10 percent higher quarterly cash dividend of $0.80 per share, payable on August 14 to shareholders of record on July 16.

The stock has traded in a range of $137.15 to $217.86 in the past 52 weeks.

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