Intuit (NASDAQ:INTU) Downgraded to Hold Rating by StockNews.com

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

INTU has been the topic of a number of other research reports. JPMorgan Chase & Co. increased their price target on shares of Intuit from $600.00 to $640.00 and gave the company a “neutral” rating in a report on Friday, November 22nd. Royal Bank of Canada reiterated an “outperform” rating and set a $760.00 target price on shares of Intuit in a research note on Friday, November 22nd. Piper Sandler restated an “overweight” rating and issued a $765.00 price target on shares of Intuit in a research note on Friday, January 10th. Scotiabank initiated coverage on Intuit in a research report on Monday, November 18th. They set a “sector perform” rating and a $700.00 price objective on the stock. Finally, Jefferies Financial Group lifted their price objective on Intuit from $790.00 to $800.00 and gave the stock a “buy” rating in a report on Friday, November 22nd. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and fourteen have assigned a buy rating to the stock. Based on data from MarketBeat, Intuit currently has an average rating of “Moderate Buy” and a consensus target price of $726.53.

Intuit Stock Down 0.4 %

Shares of NASDAQ:INTU opened at $621.45 on Wednesday. Intuit has a 12-month low of $557.29 and a 12-month high of $714.78. The stock has a market capitalization of $173.96 billion, a price-to-earnings ratio of 60.33, a PEG ratio of 3.07 and a beta of 1.25. The stock has a fifty day simple moving average of $649.57 and a two-hundred day simple moving average of $637.71. The company has a current ratio of 1.24, a quick ratio of 1.24 and a debt-to-equity ratio of 0.31.

Intuit (NASDAQ:INTU) last posted its quarterly earnings results on Thursday, November 21st. The software maker reported $2.50 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.36 by $0.14. Intuit had a return on equity of 18.25% and a net margin of 17.59%. The firm had revenue of $3.28 billion during the quarter, compared to analyst estimates of $3.14 billion. During the same quarter in the previous year, the firm earned $1.14 EPS. Intuit’s quarterly revenue was up 10.2% compared to the same quarter last year. On average, research analysts anticipate that Intuit will post 14.09 earnings per share for the current fiscal year.

Intuit Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, January 17th. Stockholders of record on Thursday, January 9th will be given a dividend of $1.04 per share. This represents a $4.16 dividend on an annualized basis and a dividend yield of 0.67%. The ex-dividend date is Friday, January 10th. Intuit’s payout ratio is 40.39%.

Insider Buying and Selling

In related news, EVP Alex G. Balazs sold 23,810 shares of the business’s stock in a transaction that occurred on Thursday, December 12th. The stock was sold at an average price of $665.98, for a total transaction of $15,856,983.80. Following the completion of the transaction, the executive vice president now directly owns 489 shares in the company, valued at approximately $325,664.22. The trade was a 97.99 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Laura A. Fennell sold 4,788 shares of the firm’s stock in a transaction that occurred on Tuesday, January 7th. The stock was sold at an average price of $613.62, for a total transaction of $2,938,012.56. Following the sale, the executive vice president now owns 30,010 shares in the company, valued at approximately $18,414,736.20. The trade was a 13.76 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 293,014 shares of company stock valued at $188,992,187. 2.68% of the stock is owned by company insiders.

Hedge Funds Weigh In On Intuit

Hedge funds have recently made changes to their positions in the business. Northwest Investment Counselors LLC purchased a new position in Intuit in the 3rd quarter worth approximately $27,000. Denver PWM LLC bought a new stake in shares of Intuit during the third quarter valued at approximately $32,000. Dunhill Financial LLC lifted its holdings in shares of Intuit by 110.3% in the third quarter. Dunhill Financial LLC now owns 61 shares of the software maker’s stock worth $38,000 after buying an additional 32 shares in the last quarter. Groupama Asset Managment boosted its position in shares of Intuit by 10.6% during the third quarter. Groupama Asset Managment now owns 7,517 shares of the software maker’s stock worth $47,000 after acquiring an additional 720 shares during the last quarter. Finally, Kimelman & Baird LLC purchased a new position in Intuit during the second quarter valued at $49,000. 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.