Intuit (NASDAQ:INTU) Sets New 52-Week High – Here’s What Happened

Intuit Inc. (NASDAQ:INTU) hit a new 52-week high on Friday . The stock traded as high as $679.35 and last traded at $677.56, with a volume of 114656 shares changing hands. The stock had previously closed at $674.15.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on INTU shares. Jefferies Financial Group raised their price objective on Intuit from $770.00 to $790.00 and gave the company a “buy” rating in a report on Friday, August 23rd. Morgan Stanley cut Intuit from an “overweight” rating to an “equal weight” rating and decreased their price objective for the company from $750.00 to $685.00 in a report on Wednesday, August 14th. Susquehanna reiterated a “positive” rating and set a $757.00 price target on shares of Intuit in a report on Friday, August 16th. Barclays reduced their price target on Intuit from $745.00 to $740.00 and set an “overweight” rating for the company in a report on Friday, August 23rd. Finally, BMO Capital Markets lifted their price target on Intuit from $700.00 to $760.00 and gave the stock an “outperform” rating in a report on Friday, August 23rd. Four analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $735.71.

Intuit Trading Up 1.5 %

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 business’s 50-day moving average price is $625.54 and its two-hundred day moving average price is $627.81. The company has a market capitalization of $191.78 billion, a price-to-earnings ratio of 65.48, a P/E/G ratio of 3.17 and a beta of 1.25.

Intuit (NASDAQ:INTU) last released its quarterly earnings results on Thursday, August 22nd. The software maker reported $1.99 earnings per share for the quarter, beating analysts’ consensus estimates of $1.85 by $0.14. Intuit had a net margin of 18.19% and a return on equity of 18.64%. The company had revenue of $3.18 billion during the quarter, compared to the consensus estimate of $3.08 billion. During the same period in the previous year, the business earned $0.40 earnings per share. The firm’s quarterly revenue was up 17.4% on a year-over-year basis. Research analysts predict that Intuit Inc. will post 14.04 earnings per share for the current year.

Intuit Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, October 18th. Stockholders of record on Thursday, October 10th were given a $1.04 dividend. This represents a $4.16 dividend on an annualized basis and a dividend yield of 0.61%. This is an increase from Intuit’s previous quarterly dividend of $0.90. The ex-dividend date was Thursday, October 10th. Intuit’s payout ratio is presently 39.81%.

Insider Activity

In other Intuit news, insider Scott D. Cook sold 2,461 shares of the business’s stock in a transaction that occurred on Wednesday, September 18th. The shares were sold at an average price of $637.19, for a total transaction of $1,568,124.59. Following the completion of the transaction, the insider now directly owns 6,453,105 shares in the company, valued at $4,111,853,974.95. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Intuit news, EVP Laura A. Fennell sold 30,159 shares of the business’s stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $642.36, for a total transaction of $19,372,935.24. Following the completion of the transaction, the executive vice president now directly owns 52,038 shares in the company, valued at $33,427,129.68. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Scott D. Cook sold 2,461 shares of the business’s stock in a transaction that occurred on Wednesday, September 18th. The shares were sold at an average price of $637.19, for a total transaction of $1,568,124.59. Following the transaction, the insider now owns 6,453,105 shares of the company’s stock, valued at approximately $4,111,853,974.95. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 55,297 shares of company stock worth $35,220,046. Corporate insiders own 2.90% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. LPL Financial LLC increased its holdings in shares of Intuit by 6.5% during the third quarter. LPL Financial LLC now owns 195,175 shares of the software maker’s stock worth $121,203,000 after buying an additional 11,927 shares in the last quarter. Landscape Capital Management L.L.C. acquired a new position in shares of Intuit during the third quarter worth $4,069,000. Citizens Financial Group Inc. RI increased its holdings in shares of Intuit by 4.7% during the third quarter. Citizens Financial Group Inc. RI now owns 13,423 shares of the software maker’s stock worth $8,336,000 after buying an additional 608 shares in the last quarter. Moran Wealth Management LLC increased its holdings in shares of Intuit by 0.7% during the third quarter. Moran Wealth Management LLC now owns 39,087 shares of the software maker’s stock worth $24,273,000 after buying an additional 290 shares in the last quarter. Finally, Moors & Cabot Inc. increased its holdings in shares of Intuit by 6.1% during the third quarter. Moors & Cabot Inc. now owns 657 shares of the software maker’s stock worth $408,000 after buying an additional 38 shares in the last quarter. 83.66% of the stock is currently owned by institutional investors and hedge funds.

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.