Intuit Inc. (NASDAQ:INTU) Plans Quarterly Dividend of $1.04

Intuit Inc. (NASDAQ:INTU) announced a quarterly dividend on Tuesday, August 20th, Zacks reports. Stockholders of record on Thursday, October 10th will be paid a dividend of 1.04 per share by the software maker on Friday, October 18th. This represents a $4.16 annualized dividend and a dividend yield of 0.68%. The ex-dividend date is Thursday, October 10th. This is a positive change from Intuit’s previous quarterly dividend of $0.90.

Intuit has raised its dividend payment by an average of 14.1% per year over the last three years and has raised its dividend annually for the last 12 consecutive years. Intuit has a dividend payout ratio of 21.5% indicating that its dividend is sufficiently covered by earnings. Analysts expect Intuit to earn $16.09 per share next year, which means the company should continue to be able to cover its $4.16 annual dividend with an expected future payout ratio of 25.9%.

Intuit Price Performance

Intuit stock opened at $613.37 on Wednesday. The stock has a market capitalization of $171.47 billion, a P/E ratio of 56.58, a P/E/G ratio of 3.13 and a beta of 1.24. Intuit has a 12-month low of $473.56 and a 12-month high of $676.62. 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 firm’s 50-day moving average is $632.16 and its two-hundred day moving average is $629.14.

Intuit (NASDAQ:INTU) last issued its quarterly earnings results on Thursday, August 22nd. The software maker reported $1.99 EPS for the quarter, topping analysts’ consensus estimates of $1.85 by $0.14. The business 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 quarterly revenue was up 17.4% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.40 earnings per share. Equities analysts predict that Intuit will post 14.07 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on INTU shares. Barclays decreased their target price on shares of Intuit from $745.00 to $740.00 and set an “overweight” rating on the stock in a research report on Friday, August 23rd. StockNews.com raised shares of Intuit from a “hold” rating to a “buy” rating in a research report on Monday, September 30th. Piper Sandler reissued an “overweight” rating and issued a $768.00 target price on shares of Intuit in a research report on Friday, September 27th. Erste Group Bank reissued a “hold” rating on shares of Intuit in a research report on Friday, June 14th. Finally, Royal Bank of Canada began coverage on shares of Intuit in a research report on Wednesday, July 3rd. They issued an “outperform” rating and a $760.00 target price on the stock. Four analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $735.71.

Insider Buying and Selling

In related news, EVP Laura A. Fennell sold 30,159 shares of the stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $642.36, for a total value of $19,372,935.24. Following the completion of the transaction, the executive vice president now owns 52,038 shares in the company, valued at $33,427,129.68. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In other news, EVP Laura A. Fennell sold 30,159 shares of the firm’s stock in a transaction dated 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 owns 52,038 shares in the company, valued at approximately $33,427,129.68. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, EVP Kerry J. Mclean sold 11,079 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $631.61, for a total transaction of $6,997,607.19. Following the transaction, the executive vice president now owns 24,941 shares of the company’s stock, valued at approximately $15,752,985.01. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 51,297 shares of company stock valued at $32,750,926 in the last quarter. Company insiders own 2.90% 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.