Intuit’s (INTU) Overweight Rating Reaffirmed at Piper Sandler

Piper Sandler reaffirmed their overweight rating on shares of Intuit (NASDAQ:INTU) in a report released on Friday morning, Benzinga reports. The brokerage currently has a $768.00 target price on the software maker’s stock.

A number of other analysts have also commented on INTU. Susquehanna reaffirmed a positive rating and set a $757.00 target price on shares of Intuit in a report on Friday, August 16th. Royal Bank of Canada initiated coverage on Intuit in a report on Wednesday, July 3rd. They issued an outperform rating and a $760.00 price objective for the company. Barclays reduced their target price on Intuit from $745.00 to $740.00 and set an overweight rating on the stock in a report on Friday, August 23rd. Erste Group Bank reaffirmed a hold rating on shares of Intuit in a research note on Friday, June 14th. Finally, Bank of America increased their price target on shares of Intuit from $730.00 to $780.00 and gave the company a buy rating in a research report on Friday, August 23rd. Six research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and an average price target of $720.37.

Intuit Trading Down 2.8 %

INTU stock opened at $619.03 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 twelve month low of $473.56 and a twelve month high of $676.62. The company has a market cap of $173.05 billion, a P/E ratio of 57.11, a PEG ratio of 3.13 and a beta of 1.24. The business has a fifty day moving average of $635.44 and a 200-day moving average of $631.03.

Intuit (NASDAQ:INTU) last announced its quarterly earnings data 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. The firm had revenue of $3.18 billion during the quarter, compared to analysts’ expectations of $3.08 billion. Intuit had a return on equity of 18.64% and a net margin of 18.19%. The company’s quarterly revenue was up 17.4% compared to the same quarter last year. During the same period in the previous year, the business posted $0.40 EPS. As a group, equities research analysts expect that Intuit will post 14.07 EPS for the current year.

Intuit Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 18th. Stockholders of record on Thursday, October 10th will be given a dividend of $1.04 per share. This is a boost from Intuit’s previous quarterly dividend of $0.90. This represents a $4.16 annualized dividend and a dividend yield of 0.67%. The ex-dividend date of this dividend is Thursday, October 10th. Intuit’s dividend payout ratio is currently 38.38%.

Insider Activity at Intuit

In other Intuit news, CFO Sandeep Aujla sold 1,061 shares of the company’s stock in a transaction that occurred 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 completion of the transaction, the chief financial officer now owns 3,333 shares of the company’s stock, valued at approximately $2,170,682.91. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other news, CFO Sandeep Aujla sold 1,061 shares of Intuit stock in a transaction that occurred on Wednesday, July 3rd. The shares were 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 in the company, valued at $2,170,682.91. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Laura A. Fennell sold 30,159 shares of the stock in a transaction on Friday, September 20th. The stock was sold at an average price of $642.36, for a total transaction of $19,372,935.24. Following the transaction, the executive vice president now owns 52,038 shares of the company’s stock, valued at approximately $33,427,129.68. The disclosure for this sale can be found here. In the last quarter, insiders have sold 52,548 shares of company stock valued at $33,604,124. 2.90% of the stock is owned by insiders.

Hedge Funds Weigh In On Intuit

Hedge funds have recently modified their holdings of the stock. Wellington Management Group LLP boosted its position in Intuit by 173.0% during the fourth 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. Lone Pine Capital LLC acquired a new stake in shares of Intuit in the 4th quarter valued at approximately $467,852,000. Capital World Investors boosted its holdings in shares of Intuit by 54.7% in the 4th quarter. Capital World Investors now owns 1,176,711 shares of the software maker’s stock valued at $735,480,000 after buying an additional 416,099 shares during the last quarter. SG Americas Securities LLC grew its stake in shares of Intuit by 940.4% in the first quarter. SG Americas Securities LLC now owns 315,670 shares of the software maker’s stock valued at $205,186,000 after buying an additional 285,328 shares in the last quarter. Finally, Vanguard Group Inc. increased 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 buying an additional 283,291 shares during the last quarter. Institutional investors own 83.66% of the company’s stock.

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.