Intuit (NASDAQ:INTU) Lowered to Hold at StockNews.com

StockNews.com lowered shares of Intuit (NASDAQ:INTU) from a buy rating to a hold rating in a research note published on Friday morning.

Other equities analysts have also issued research reports about the stock. BMO Capital Markets lifted their price target on shares of Intuit from $700.00 to $760.00 and gave the company an outperform rating in a research report on Friday, August 23rd. Susquehanna reissued a positive rating and set a $757.00 target price on shares of Intuit in a research report on Friday, August 16th. Stifel Nicolaus raised their price target on Intuit from $690.00 to $795.00 and gave the company a buy rating in a research report on Friday, August 23rd. Piper Sandler reissued an overweight rating and set a $768.00 price objective (up previously from $760.00) on shares of Intuit in a research report on Friday, August 23rd. Finally, Citigroup raised their target price on Intuit from $727.00 to $750.00 and gave the company a buy rating in a report on Friday, June 28th. Six investment analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of Moderate Buy and a consensus price target of $720.37.

Intuit Stock Performance

Shares of INTU opened at $644.99 on Friday. The company has a quick ratio of 1.29, a current ratio of 1.29 and a debt-to-equity ratio of 0.30. Intuit has a 12 month low of $473.56 and a 12 month high of $676.62. The company’s fifty day moving average is $636.82 and its 200-day moving average is $631.30. The firm has a market cap of $180.31 billion, a price-to-earnings ratio of 59.50, a price-to-earnings-growth ratio of 3.14 and a beta of 1.24.

Intuit (NASDAQ:INTU) last posted its earnings results on Thursday, August 22nd. The software maker reported $1.99 earnings per share for the quarter, beating the consensus estimate of $1.85 by $0.14. The company had revenue of $3.18 billion for the quarter, compared to analyst estimates of $3.08 billion. Intuit had a return on equity of 18.64% and a net margin of 18.19%. The business’s revenue was up 17.4% compared to the same quarter last year. During the same period last year, the company earned $0.40 earnings per share. Equities analysts expect that Intuit will post 14.06 EPS for the current fiscal 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 issued a $1.04 dividend. The ex-dividend date of this dividend is Thursday, October 10th. This is a boost from Intuit’s previous quarterly dividend of $0.90. This represents a $4.16 dividend on an annualized basis and a dividend yield of 0.64%. Intuit’s dividend payout ratio is presently 38.38%.

Insider Activity at Intuit

In other Intuit news, EVP Alex G. Balazs sold 2,941 shares of Intuit stock in a transaction on Tuesday, September 10th. The stock was sold at an average price of $628.76, for a total transaction of $1,849,183.16. Following the completion of the transaction, the executive vice president now directly owns 20 shares of the company’s stock, valued at $12,575.20. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, EVP Alex G. Balazs sold 2,941 shares of the stock in a transaction dated Tuesday, September 10th. The shares were sold at an average price of $628.76, for a total transaction of $1,849,183.16. Following the completion of the sale, the executive vice president now owns 20 shares in the company, valued at approximately $12,575.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Sandeep Aujla sold 862 shares of Intuit stock in a transaction dated Wednesday, September 4th. The shares were sold at an average price of $621.03, for a total transaction of $535,327.86. Following the transaction, the chief financial officer now directly owns 3,840 shares of the company’s stock, valued at $2,384,755.20. The disclosure for this sale can be found here. Insiders have sold a total of 22,389 shares of company stock valued at $14,231,188 in the last 90 days. 2.90% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Intuit

A number of large investors have recently bought and sold shares of the business. Intech Investment Management LLC grew its holdings in shares of Intuit by 134.7% during the first quarter. Intech Investment Management LLC now owns 4,601 shares of the software maker’s stock worth $2,991,000 after purchasing an additional 2,641 shares during the last quarter. Parnassus Investments LLC lifted its position in Intuit by 119.0% during the 4th quarter. Parnassus Investments LLC now owns 1,338,139 shares of the software maker’s stock worth $836,377,000 after buying an additional 727,185 shares in the last quarter. Public Employees Retirement System of Ohio grew its holdings in Intuit by 1.1% during the 4th quarter. Public Employees Retirement System of Ohio now owns 179,801 shares of the software maker’s stock worth $112,381,000 after acquiring an additional 1,990 shares during the last quarter. Wellington Management Group LLP increased its position in Intuit by 173.0% in the 4th quarter. Wellington Management Group LLP now owns 3,687,583 shares of the software maker’s stock valued at $2,304,850,000 after acquiring an additional 2,336,654 shares in the last quarter. Finally, Cetera Advisors LLC raised its stake in shares of Intuit by 33.4% in the first quarter. Cetera Advisors LLC now owns 10,607 shares of the software maker’s stock worth $6,895,000 after acquiring an additional 2,655 shares during the last quarter. 83.66% of the stock is currently 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.