Kerry J. Mclean Sells 11,079 Shares of Intuit Inc. (NASDAQ:INTU) Stock

Intuit Inc. (NASDAQ:INTU) EVP Kerry J. Mclean sold 11,079 shares of Intuit stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $631.61, for a total value of $6,997,607.19. Following the completion of the transaction, the executive vice president now owns 24,941 shares of the company’s stock, valued at approximately $15,752,985.01. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website.

Intuit Stock Performance

Shares of NASDAQ:INTU opened at $621.48 on Friday. The firm has a market capitalization of $173.73 billion, a PE ratio of 57.33, a P/E/G ratio of 3.08 and a beta of 1.23. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.29 and a quick ratio of 1.50. The business has a 50-day moving average of $639.26 and a two-hundred day moving average of $632.71. Intuit Inc. has a 12 month low of $473.56 and a 12 month high of $676.62.

Intuit (NASDAQ:INTU) last issued its earnings results on Thursday, August 22nd. The software maker reported $1.99 earnings per share for the quarter, topping the consensus estimate of $1.85 by $0.14. Intuit had a return on equity of 18.64% and a net margin of 18.19%. The company had revenue of $3.18 billion during the quarter, compared to the consensus estimate of $3.08 billion. During the same quarter in the prior year, the business earned $0.40 earnings per share. The company’s revenue was up 17.4% compared to the same quarter last year. As a group, research analysts forecast that Intuit Inc. will post 14.06 earnings per share for the current year.

Intuit Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 18th. Investors of record on Thursday, October 10th will be issued a $1.04 dividend. The ex-dividend date of this dividend is Thursday, October 10th. This represents a $4.16 dividend on an annualized basis and a yield of 0.67%. This is an increase from Intuit’s previous quarterly dividend of $0.90. Intuit’s dividend payout ratio is currently 38.38%.

Analysts Set New Price Targets

Several brokerages have recently weighed in on INTU. JPMorgan Chase & Co. raised their target price on Intuit from $585.00 to $600.00 and gave the stock a “neutral” rating in a research report on Friday, August 23rd. BMO Capital Markets raised their target price on Intuit from $700.00 to $760.00 and gave the stock an “outperform” rating in a research report on Friday, August 23rd. Royal Bank of Canada began coverage on Intuit in a research report on Wednesday, July 3rd. They set an “outperform” rating and a $760.00 target price on the stock. UBS Group raised their target price on Intuit from $625.00 to $670.00 and gave the stock a “neutral” rating in a research report on Monday, May 20th. Finally, StockNews.com raised Intuit from a “hold” rating to a “buy” rating in a research report on Saturday, August 31st. Five research analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $716.35.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of INTU. JFS Wealth Advisors LLC lifted its holdings in Intuit by 1.0% during the 4th quarter. JFS Wealth Advisors LLC now owns 1,564 shares of the software maker’s stock worth $978,000 after buying an additional 16 shares during the last quarter. EverSource Wealth Advisors LLC lifted its holdings in Intuit by 3.7% during the 4th quarter. EverSource Wealth Advisors LLC now owns 449 shares of the software maker’s stock worth $281,000 after buying an additional 16 shares during the last quarter. Fortitude Family Office LLC lifted its holdings in Intuit by 2.8% during the 2nd quarter. Fortitude Family Office LLC now owns 582 shares of the software maker’s stock worth $382,000 after buying an additional 16 shares during the last quarter. WASHINGTON TRUST Co raised its position in shares of Intuit by 10.5% during the 2nd quarter. WASHINGTON TRUST Co now owns 168 shares of the software maker’s stock worth $110,000 after purchasing an additional 16 shares during the period. Finally, Gemmer Asset Management LLC raised its position in shares of Intuit by 3.7% during the 2nd quarter. Gemmer Asset Management LLC now owns 448 shares of the software maker’s stock worth $294,000 after purchasing an additional 16 shares during the period. Hedge funds and other 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.