Intuit (NASDAQ:INTU) Shares Up 0.4%

Intuit Inc. (NASDAQ:INTU) shares shot up 0.4% during mid-day trading on Wednesday . The stock traded as high as $617.80 and last traded at $613.81. 347,400 shares were traded during mid-day trading, a decline of 72% from the average session volume of 1,239,079 shares. The stock had previously closed at $611.49.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on INTU. BMO Capital Markets restated an “outperform” rating and issued a $700.00 target price on shares of Intuit in a research note on Tuesday, March 26th. Susquehanna boosted their target price on Intuit from $700.00 to $775.00 and gave the company a “positive” rating in a research note on Friday, February 23rd. Piper Sandler boosted their target price on Intuit from $642.00 to $750.00 and gave the company an “overweight” rating in a research note on Friday, February 23rd. Stifel Nicolaus lifted their price target on Intuit from $600.00 to $720.00 and gave the company a “buy” rating in a research report on Friday, February 23rd. Finally, Wells Fargo & Company lifted their price target on Intuit from $615.00 to $710.00 and gave the company an “overweight” rating in a research report on Wednesday, February 21st. Four research analysts have rated the stock with a hold rating and twenty have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $645.00.

Intuit Price Performance

The business has a fifty day moving average price of $643.99 and a 200-day moving average price of $598.45. The company has a current ratio of 1.17, a quick ratio of 1.17 and a debt-to-equity ratio of 0.35. The stock has a market capitalization of $170.35 billion, a PE ratio of 62.08, a PEG ratio of 3.73 and a beta of 1.21.

Intuit (NASDAQ:INTU) last posted its quarterly earnings data on Thursday, February 22nd. The software maker reported $2.63 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.30 by $0.33. Intuit had a return on equity of 17.51% and a net margin of 18.35%. The firm had revenue of $3.39 billion during the quarter, compared to analysts’ expectations of $3.39 billion. During the same period in the prior year, the business earned $1.05 EPS. The company’s revenue for the quarter was up 11.3% compared to the same quarter last year. Research analysts expect that Intuit Inc. will post 11.27 EPS for the current fiscal year.

Intuit Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, April 18th. Stockholders of record on Wednesday, April 10th were issued a $0.90 dividend. This represents a $3.60 dividend on an annualized basis and a dividend yield of 0.59%. The ex-dividend date was Tuesday, April 9th. Intuit’s payout ratio is currently 36.73%.

Insider Transactions at Intuit

In other news, EVP Kerry J. Mclean sold 3,692 shares of the company’s stock in a transaction dated Tuesday, February 27th. The stock was sold at an average price of $663.84, for a total value of $2,450,897.28. Following the completion of the transaction, the executive vice president now directly owns 22,948 shares in the company, valued at approximately $15,233,800.32. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, CAO Lauren D. Hotz sold 745 shares of the business’s stock in a transaction dated Monday, February 26th. The stock was sold at an average price of $655.13, for a total value of $488,071.85. Following the completion of the sale, the chief accounting officer now owns 3,180 shares of the company’s stock, valued at approximately $2,083,313.40. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP Kerry J. Mclean sold 3,692 shares of the business’s stock in a transaction dated Tuesday, February 27th. The shares were sold at an average price of $663.84, for a total value of $2,450,897.28. Following the completion of the sale, the executive vice president now directly owns 22,948 shares of the company’s stock, valued at approximately $15,233,800.32. The disclosure for this sale can be found here. In the last three months, insiders sold 4,717 shares of company stock worth $3,117,156. 2.90% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Intuit

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. lifted its stake in shares of Intuit by 1.7% in the 4th quarter. Vanguard Group Inc. now owns 25,774,405 shares of the software maker’s stock valued at $16,109,776,000 after acquiring an additional 443,087 shares during the last quarter. State Street Corp raised its position in Intuit by 1.9% during the 1st quarter. State Street Corp now owns 11,099,653 shares of the software maker’s stock valued at $4,948,558,000 after purchasing an additional 210,246 shares during the last quarter. FMR LLC raised its position in Intuit by 5.0% during the 3rd quarter. FMR LLC now owns 5,636,635 shares of the software maker’s stock valued at $2,879,982,000 after purchasing an additional 266,803 shares during the last quarter. Morgan Stanley raised its position in Intuit by 3.7% during the 3rd quarter. Morgan Stanley now owns 3,848,401 shares of the software maker’s stock valued at $1,966,304,000 after purchasing an additional 137,198 shares during the last quarter. Finally, Wellington Management Group LLP raised its position in Intuit by 173.0% during 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 purchasing an additional 2,336,654 shares during the last quarter. 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.