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

StockNews.com cut shares of Intuit (NASDAQ:INTU) from a buy rating to a hold rating in a report released on Friday morning.

Several other equities analysts have also recently commented on INTU. Morgan Stanley cut Intuit from an overweight rating to an equal weight rating and reduced their target price for the company from $750.00 to $685.00 in a research note on Wednesday, August 14th. Royal Bank of Canada initiated coverage on Intuit in a research note on Wednesday, July 3rd. They set an outperform rating and a $760.00 target price for the company. JPMorgan Chase & Co. increased their target price on Intuit from $585.00 to $600.00 and gave the company a neutral rating in a research note on Friday, August 23rd. Jefferies Financial Group increased their target price on Intuit from $770.00 to $790.00 and gave the company a buy rating in a research note on Friday, August 23rd. Finally, Piper Sandler restated an overweight rating and set a $768.00 price objective (up from $760.00) on shares of Intuit in a research note on Friday, August 23rd. Six analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. Based on data from MarketBeat, Intuit currently has an average rating of Moderate Buy and an average target price of $720.37.

Intuit Trading Down 1.4 %

NASDAQ INTU opened at $644.99 on Friday. Intuit has a 12 month low of $473.56 and a 12 month high of $676.62. The company has a 50-day moving average of $636.82 and a 200-day moving average of $631.11. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.29 and a quick ratio of 1.29. The company 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.

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

Intuit Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, October 18th. Shareholders of record on Thursday, October 10th will be given a $1.04 dividend. The ex-dividend date of this dividend is Thursday, October 10th. This is a positive change from Intuit’s previous quarterly dividend of $0.90. This represents a $4.16 annualized dividend and a yield of 0.64%. Intuit’s dividend payout ratio (DPR) is currently 38.38%.

Insiders Place Their Bets

In other Intuit news, CFO Sandeep Aujla sold 1,061 shares of the stock in a transaction on Wednesday, July 3rd. The stock was sold at an average price of $651.27, for a total value of $690,997.47. Following the sale, the chief financial officer now directly owns 3,333 shares of the company’s stock, valued at $2,170,682.91. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other news, CFO Sandeep Aujla sold 1,061 shares of the firm’s stock in a transaction on Wednesday, July 3rd. The stock was sold at an average price of $651.27, for a total transaction of $690,997.47. Following the transaction, the chief financial officer now directly owns 3,333 shares of the company’s stock, valued at $2,170,682.91. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Eve B. Burton sold 2,988 shares of the firm’s stock in a transaction on Thursday, September 19th. The shares were sold at an average price of $649.87, for a total value of $1,941,811.56. The disclosure for this sale can be found here. Insiders have sold 22,389 shares of company stock valued at $14,231,188 over the last three months. Company insiders own 2.90% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of INTU. Vanguard Group Inc. grew its holdings in Intuit by 1.1% during the first quarter. Vanguard Group Inc. now owns 26,057,696 shares of the software maker’s stock worth $16,937,502,000 after acquiring an additional 283,291 shares during the period. Wellington Management Group LLP raised its position in Intuit by 173.0% in the fourth quarter. Wellington Management Group LLP now owns 3,687,583 shares of the software maker’s stock worth $2,304,850,000 after acquiring an additional 2,336,654 shares in the last quarter. Fisher Asset Management LLC raised its position in Intuit by 9.5% in the fourth quarter. Fisher Asset Management LLC now owns 3,114,975 shares of the software maker’s stock worth $1,946,954,000 after acquiring an additional 270,432 shares in the last quarter. Legal & General Group Plc raised its position in Intuit by 1.0% in the second quarter. Legal & General Group Plc now owns 2,340,555 shares of the software maker’s stock worth $1,538,236,000 after acquiring an additional 23,995 shares in the last quarter. Finally, Ameriprise Financial Inc. raised its position in Intuit by 17.3% in the second quarter. Ameriprise Financial Inc. now owns 1,616,811 shares of the software maker’s stock worth $1,062,578,000 after acquiring an additional 238,486 shares in the last quarter. 83.66% of the stock is owned by institutional investors and hedge funds.

Intuit Company Profile

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.