Intuit (NASDAQ:INTU) Releases Q1 2023 Earnings Guidance

Intuit (NASDAQ:INTUGet Rating) issued an update on its first quarter 2023 earnings guidance on Tuesday morning. The company provided earnings per share (EPS) guidance of $1.14-$1.20 for the period, compared to the consensus estimate of $1.86. The company issued revenue guidance of $2.47 billion-$2.51 billion, compared to the consensus revenue estimate of $2.54 billion. Intuit also updated its FY 2023 guidance to $13.59-$13.89 EPS.

Intuit Trading Down 0.9 %

Shares of INTU stock traded down $3.63 on Friday, hitting $393.08. 68,738 shares of the company’s stock traded hands, compared to its average volume of 1,418,334. The company has a debt-to-equity ratio of 0.39, a quick ratio of 1.39 and a current ratio of 1.39. Intuit has a one year low of $339.36 and a one year high of $716.86. The company’s fifty day simple moving average is $442.39 and its 200 day simple moving average is $429.18. The stock has a market capitalization of $110.80 billion, a price-to-earnings ratio of 53.73, a P/E/G ratio of 2.81 and a beta of 1.19.

Intuit (NASDAQ:INTUGet Rating) last released its earnings results on Tuesday, August 23rd. The software maker reported $1.10 EPS for the quarter, beating the consensus estimate of $0.98 by $0.12. Intuit had a net margin of 16.23% and a return on equity of 16.47%. During the same quarter last year, the company posted $1.28 EPS. Equities analysts forecast that Intuit will post 9.1 EPS for the current year.

Intuit Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 18th. Shareholders of record on Monday, October 10th will be given a dividend of $0.78 per share. The ex-dividend date of this dividend is Thursday, October 6th. This represents a $3.12 annualized dividend and a yield of 0.79%. This is a boost from Intuit’s previous quarterly dividend of $0.68. Intuit’s dividend payout ratio is presently 37.52%.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the stock. Piper Sandler increased their price target on shares of Intuit from $500.00 to $553.00 and gave the company an overweight rating in a research report on Wednesday, August 24th. Barclays raised their target price on shares of Intuit from $580.00 to $585.00 and gave the stock an overweight rating in a research report on Wednesday, August 24th. Stifel Nicolaus raised their target price on shares of Intuit from $465.00 to $525.00 and gave the stock a buy rating in a research report on Thursday, August 18th. Evercore ISI raised their target price on shares of Intuit from $500.00 to $601.00 and gave the stock an outperform rating in a research report on Wednesday, August 24th. Finally, Deutsche Bank Aktiengesellschaft raised their target price on shares of Intuit from $525.00 to $560.00 in a research report on Wednesday, August 24th. Two analysts have rated the stock with a hold rating and twenty-one have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of Moderate Buy and an average target price of $566.89.

Insider Buying and Selling at Intuit

In other Intuit news, EVP James Alexander Chriss sold 1,071 shares of the business’s stock in a transaction on Thursday, August 25th. The shares were sold at an average price of $462.09, for a total transaction of $494,898.39. Following the transaction, the executive vice president now owns 1,003 shares in the company, valued at $463,476.27. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other Intuit news, EVP James Alexander Chriss sold 1,071 shares of the stock in a transaction dated Thursday, August 25th. The shares were sold at an average price of $462.09, for a total transaction of $494,898.39. Following the transaction, the executive vice president now directly owns 1,003 shares in the company, valued at approximately $463,476.27. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Varun Krishna sold 7,438 shares of the stock in a transaction dated Friday, September 9th. The stock was sold at an average price of $450.80, for a total transaction of $3,353,050.40. The disclosure for this sale can be found here. Insiders have sold 39,318 shares of company stock worth $18,027,628 over the last quarter. Insiders own 3.27% of the company’s stock.

Institutional Trading of Intuit

Institutional investors have recently modified their holdings of the company. Fairfield Bush & CO. boosted its stake in Intuit by 39.6% in the 1st quarter. Fairfield Bush & CO. now owns 3,648 shares of the software maker’s stock worth $1,754,000 after purchasing an additional 1,035 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its stake in Intuit by 10.6% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 504,309 shares of the software maker’s stock valued at $242,492,000 after acquiring an additional 48,196 shares during the period. Cetera Investment Advisers lifted its stake in Intuit by 8.4% during the 1st quarter. Cetera Investment Advisers now owns 3,227 shares of the software maker’s stock valued at $1,552,000 after acquiring an additional 249 shares during the period. Baird Financial Group Inc. lifted its stake in Intuit by 7.1% during the 1st quarter. Baird Financial Group Inc. now owns 53,691 shares of the software maker’s stock valued at $25,825,000 after acquiring an additional 3,576 shares during the period. Finally, Mackenzie Financial Corp lifted its stake in Intuit by 6.6% during the 1st quarter. Mackenzie Financial Corp now owns 34,207 shares of the software maker’s stock valued at $16,448,000 after acquiring an additional 2,127 shares during the period. 83.31% of the stock is currently owned by institutional investors.

About Intuit

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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 ProConnect.

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Earnings History and Estimates for Intuit (NASDAQ:INTU)

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