Intuit (NASDAQ:INTU) Price Target Increased to $750.00 by Analysts at Citigroup

Intuit (NASDAQ:INTU) had its price objective hoisted by Citigroup from $727.00 to $750.00 in a report released on Friday morning, Benzinga reports. The brokerage currently has a buy rating on the software maker’s stock.

Several other equities research analysts have also recently commented on the stock. Morgan Stanley boosted their price target on shares of Intuit from $680.00 to $740.00 and gave the stock an overweight rating in a research report on Monday, May 13th. Wells Fargo & Company boosted their price target on shares of Intuit from $725.00 to $750.00 and gave the stock an overweight rating in a research report on Tuesday, May 21st. KeyCorp boosted their price target on shares of Intuit from $720.00 to $740.00 and gave the stock an overweight rating in a research report on Monday, May 20th. StockNews.com upgraded shares of Intuit from a hold rating to a buy rating in a research report on Monday, May 27th. Finally, Jefferies Financial Group reiterated a buy rating and issued a $770.00 price target on shares of Intuit in a research report on Thursday, June 13th. Five research analysts have rated the stock with a hold rating and nineteen have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of Moderate Buy and an average price target of $683.91.

Intuit Stock Performance

INTU stock opened at $657.21 on Friday. The company has a market capitalization of $183.72 billion, a P/E ratio of 60.63, a PEG ratio of 3.66 and a beta of 1.21. The company has a 50-day simple moving average of $618.61 and a 200 day simple moving average of $627.92. Intuit has a fifty-two week low of $444.19 and a fifty-two week high of $676.62. The company has a quick ratio of 1.50, a current ratio of 1.50 and a debt-to-equity ratio of 0.32.

Intuit (NASDAQ:INTU) last posted its quarterly earnings data on Thursday, May 23rd. The software maker reported $9.88 earnings per share for the quarter, topping the consensus estimate of $8.12 by $1.76. The business had revenue of $6.74 billion during the quarter, compared to the consensus estimate of $6.65 billion. Intuit had a net margin of 19.43% and a return on equity of 18.61%. The company’s quarterly revenue was up 11.9% compared to the same quarter last year. During the same quarter in the prior year, the company posted $7.80 earnings per share. Sell-side analysts predict that Intuit will post 11.72 earnings per share for the current fiscal year.

Intuit Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, July 18th. Stockholders of record on Wednesday, July 10th will be issued a $0.90 dividend. The ex-dividend date of this dividend is Wednesday, July 10th. This represents a $3.60 dividend on an annualized basis and a dividend yield of 0.55%. Intuit’s dividend payout ratio is 33.21%.

Insider Activity at Intuit

In related news, EVP Mark P. Notarainni sold 465 shares of the business’s stock in a transaction that occurred on Tuesday, May 28th. The stock was sold at an average price of $604.58, for a total value of $281,129.70. Following the completion of the sale, the executive vice president now owns 869 shares of the company’s stock, valued at approximately $525,380.02. The sale was disclosed in a document filed with the SEC, which is available at this link. In related news, EVP Mark P. Notarainni sold 465 shares of the business’s stock in a transaction that occurred on Tuesday, May 28th. The stock was sold at an average price of $604.58, for a total value of $281,129.70. Following the completion of the sale, the executive vice president now owns 869 shares of the company’s stock, valued at approximately $525,380.02. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CFO Sandeep Aujla sold 1,415 shares of the business’s stock in a transaction that occurred on Tuesday, May 28th. The shares were sold at an average price of $604.58, for a total value of $855,480.70. Following the completion of the sale, the chief financial officer now directly owns 2,332 shares of the company’s stock, valued at approximately $1,409,880.56. The disclosure for this sale can be found here. In the last quarter, insiders sold 193,937 shares of company stock valued at $113,123,232. 2.90% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Intuit

Large investors have recently added to or reduced their stakes in the stock. Parnassus Investments LLC boosted its position in Intuit by 119.0% during the fourth quarter. Parnassus Investments LLC now owns 1,338,139 shares of the software maker’s stock worth $836,377,000 after purchasing an additional 727,185 shares during the period. Maryland State Retirement & Pension System boosted its position in Intuit by 1.1% during the fourth quarter. Maryland State Retirement & Pension System now owns 21,268 shares of the software maker’s stock worth $13,293,000 after purchasing an additional 226 shares during the period. Public Employees Retirement System of Ohio boosted its position in Intuit by 1.1% during the fourth quarter. Public Employees Retirement System of Ohio now owns 179,801 shares of the software maker’s stock worth $112,381,000 after purchasing an additional 1,990 shares during the period. Glenmede Trust Co. NA boosted its position in shares of Intuit by 12.7% in the third quarter. Glenmede Trust Co. NA now owns 18,397 shares of the software maker’s stock valued at $9,400,000 after acquiring an additional 2,074 shares during the period. Finally, Hixon Zuercher LLC bought a new stake in shares of Intuit in the fourth quarter valued at approximately $1,292,000. Institutional investors own 83.66% of the company’s stock.

About Intuit

Intuit Inc provides financial management and compliance products and services for consumers, small businesses, self-employed, and accounting professionals in the United States, Canada, and internationally. The company operates in four segments: Small Business & Self-Employed, Consumer, Credit Karma, and ProTax.