Intuit (NASDAQ:INTU) Stock Price Up 3.9%

Intuit Inc. (NASDAQ:INTU) rose 3.9% during trading on Thursday . The company traded as high as $657.47 and last traded at $657.47. Approximately 280,974 shares changed hands during mid-day trading, a decline of 79% from the average daily volume of 1,313,601 shares. The stock had previously closed at $633.07.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on INTU shares. JPMorgan Chase & Co. raised their price target on Intuit from $585.00 to $600.00 and gave the stock a “neutral” rating in a research report on Friday, August 23rd. Citigroup lifted their price objective on Intuit from $727.00 to $750.00 and gave the stock a “buy” rating in a research note on Friday, June 28th. Piper Sandler reissued an “overweight” rating and issued a $768.00 price objective (up from $760.00) on shares of Intuit in a research report on Friday, August 23rd. Stifel Nicolaus increased their price objective on shares of Intuit from $690.00 to $795.00 and gave the stock a “buy” rating in a research report on Friday, August 23rd. Finally, BMO Capital Markets boosted their price objective on Intuit from $700.00 to $760.00 and gave the stock an “outperform” rating in a report on Friday, August 23rd. Six equities research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $720.37.

Intuit Trading Down 1.4 %

The stock has a market cap of $180.31 billion, a P/E ratio of 59.50, a P/E/G ratio of 3.14 and a beta of 1.24. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.29 and a current ratio of 1.29. The stock has a 50-day moving average price of $636.82 and a 200-day moving average price of $631.30.

Intuit (NASDAQ:INTU) last issued its earnings results on Thursday, August 22nd. The software maker reported $1.99 EPS for the quarter, topping analysts’ consensus estimates of $1.85 by $0.14. Intuit had a net margin of 18.19% and a return on equity of 18.64%. The company had revenue of $3.18 billion for the quarter, compared to analysts’ expectations of $3.08 billion. During the same quarter last year, the company earned $0.40 EPS. The firm’s revenue was up 17.4% compared to the same quarter last year. On average, equities research analysts expect that Intuit Inc. will post 14.06 EPS for the current year.

Intuit Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, October 18th. Stockholders of record on Thursday, October 10th will be paid a dividend of $1.04 per share. This is a positive change from Intuit’s previous quarterly dividend of $0.90. The ex-dividend date is Thursday, October 10th. This represents a $4.16 dividend on an annualized basis and a dividend yield of 0.64%. Intuit’s payout ratio is presently 38.38%.

Insiders Place Their Bets

In other news, CFO Sandeep Aujla sold 862 shares of the company’s stock in a transaction dated Wednesday, September 4th. The shares were sold at an average price of $621.03, for a total value of $535,327.86. Following the sale, the chief financial officer now directly owns 3,840 shares of the company’s stock, valued at approximately $2,384,755.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, CFO Sandeep Aujla sold 862 shares of the company’s stock in a transaction that occurred on Wednesday, September 4th. The stock was sold at an average price of $621.03, for a total value of $535,327.86. Following the sale, the chief financial officer now owns 3,840 shares in the company, valued at approximately $2,384,755.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Alex G. Balazs sold 2,941 shares of Intuit stock in a transaction on Tuesday, September 10th. The shares were sold at an average price of $628.76, for a total value of $1,849,183.16. Following the transaction, the executive vice president now owns 20 shares of the company’s stock, valued at approximately $12,575.20. The disclosure for this sale can be found here. Insiders sold 22,389 shares of company stock worth $14,231,188 over the last three months. Company insiders own 2.90% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Healthcare of Ontario Pension Plan Trust Fund increased its position in Intuit by 84.8% during the second quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 93,025 shares of the software maker’s stock valued at $61,137,000 after acquiring an additional 42,685 shares during the last quarter. University of Texas Texas AM Investment Management Co. purchased a new stake in shares of Intuit during the 2nd quarter valued at about $786,000. Sanctuary Advisors LLC bought a new position in shares of Intuit in the 2nd quarter worth approximately $12,334,000. Brown Financial Advisors purchased a new position in shares of Intuit in the second quarter worth approximately $1,067,000. Finally, Sycomore Asset Management grew its position in Intuit by 23.7% during the second quarter. Sycomore Asset Management now owns 31,553 shares of the software maker’s stock valued at $20,114,000 after buying an additional 6,039 shares during the period. 83.66% of the stock is owned by institutional investors.

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.