Intuit Inc. (NASDAQ:INTU) Short Interest Down 5.8% in June

Intuit Inc. (NASDAQ:INTU) saw a significant decrease in short interest during the month of June. As of June 15th, there was short interest totalling 3,390,000 shares, a decrease of 5.8% from the May 31st total of 3,600,000 shares. Based on an average trading volume of 1,430,000 shares, the short-interest ratio is presently 2.4 days. Currently, 1.3% of the company’s stock are sold short.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on INTU. Citigroup raised their price target on shares of Intuit from $727.00 to $750.00 and gave the stock a “buy” rating in a report on Friday, June 28th. Morgan Stanley increased their price objective on shares of Intuit from $680.00 to $740.00 and gave the stock an “overweight” rating in a research note on Monday, May 13th. Jefferies Financial Group reiterated a “buy” rating and issued a $770.00 price objective on shares of Intuit in a research note on Thursday, June 13th. Wells Fargo & Company increased their price objective on shares of Intuit from $725.00 to $750.00 and gave the stock an “overweight” rating in a research note on Tuesday, May 21st. Finally, Royal Bank of Canada began coverage on shares of Intuit in a research note on Wednesday. They issued an “outperform” rating and a $760.00 price objective on the stock. Five analysts have rated the stock with a hold rating and twenty have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $687.22.

Insider Activity at Intuit

In related news, insider Scott D. Cook sold 27,309 shares of the stock in a transaction that occurred on Wednesday, June 12th. The shares were sold at an average price of $593.16, for a total transaction of $16,198,606.44. Following the completion of the sale, the insider now owns 6,524,412 shares of the company’s stock, valued at $3,870,020,221.92. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Intuit news, CFO Sandeep Aujla sold 1,415 shares of the firm’s stock in a transaction on Tuesday, May 28th. The shares were sold at an average price of $604.58, for a total value of $855,480.70. Following the completion of the transaction, the chief financial officer now owns 2,332 shares of the company’s stock, valued at $1,409,880.56. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, insider Scott D. Cook sold 27,309 shares of the firm’s stock in a transaction on Wednesday, June 12th. The stock was sold at an average price of $593.16, for a total transaction of $16,198,606.44. Following the completion of the transaction, the insider now directly owns 6,524,412 shares of the company’s stock, valued at approximately $3,870,020,221.92. The disclosure for this sale can be found here. Insiders sold 193,937 shares of company stock valued at $113,123,232 over the last 90 days. Insiders own 2.90% of the company’s stock.

Hedge Funds Weigh In On Intuit

A number of institutional investors have recently bought and sold shares of INTU. DiNuzzo Private Wealth Inc. purchased a new position in Intuit during the fourth quarter worth about $25,000. West Branch Capital LLC raised its stake in Intuit by 79.2% during the first quarter. West Branch Capital LLC now owns 43 shares of the software maker’s stock worth $28,000 after purchasing an additional 19 shares during the period. MCF Advisors LLC raised its stake in Intuit by 119.0% during the fourth quarter. MCF Advisors LLC now owns 46 shares of the software maker’s stock worth $29,000 after purchasing an additional 25 shares during the period. Wetzel Investment Advisors Inc. purchased a new position in Intuit during the fourth quarter worth about $38,000. Finally, Sachetta LLC purchased a new position in Intuit during the fourth quarter worth about $39,000. 83.66% of the stock is owned by hedge funds and other institutional investors.

Intuit Price Performance

Shares of NASDAQ:INTU traded up $2.55 during midday trading on Wednesday, hitting $658.77. The company’s stock had a trading volume of 441,620 shares, compared to its average volume of 1,339,565. The business’s 50 day simple moving average is $619.94 and its 200 day simple moving average is $628.97. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.50 and a current ratio of 1.50. The company has a market cap of $184.16 billion, a P/E ratio of 60.96, a price-to-earnings-growth ratio of 3.76 and a beta of 1.23. Intuit has a 12-month low of $444.19 and a 12-month high of $676.62.

Intuit (NASDAQ:INTU) last posted its quarterly earnings results on Thursday, May 23rd. The software maker reported $9.88 earnings per share for the quarter, topping the consensus estimate of $8.12 by $1.76. Intuit had a net margin of 19.43% and a return on equity of 18.61%. The firm had revenue of $6.74 billion for the quarter, compared to the consensus estimate of $6.65 billion. During the same period last year, the firm posted $7.80 earnings per share. The company’s revenue for the quarter was up 11.9% on a year-over-year basis. On average, analysts forecast that Intuit will post 11.72 EPS for the current year.

Intuit Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, July 18th. Shareholders of record on Wednesday, July 10th will be paid a dividend of $0.90 per share. This represents a $3.60 dividend on an annualized basis and a yield of 0.55%. The ex-dividend date of this dividend is Wednesday, July 10th. Intuit’s dividend payout ratio (DPR) is presently 33.21%.

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.