Intuit’s (INTU) “Overweight” Rating Reaffirmed at Piper Sandler

Piper Sandler restated their overweight rating on shares of Intuit (NASDAQ:INTU) in a research note published on Friday, Benzinga reports. Piper Sandler currently has a $768.00 price objective on the software maker’s stock.

INTU has been the topic of several other research reports. StockNews.com lowered Intuit from a buy rating to a hold rating in a research note on Friday, September 20th. BMO Capital Markets boosted their target price on shares of Intuit from $700.00 to $760.00 and gave the company an outperform rating in a research note on Friday, August 23rd. Bank of America increased their target price on shares of Intuit from $730.00 to $780.00 and gave the stock a buy rating in a research report on Friday, August 23rd. Morgan Stanley lowered shares of Intuit from an overweight rating to an equal weight rating and reduced their price target for the company from $750.00 to $685.00 in a research report on Wednesday, August 14th. Finally, Susquehanna reiterated a positive rating and issued a $757.00 target price on shares of Intuit in a research note on Friday, August 16th. Four investment analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of Moderate Buy and an average price target of $735.71.

Intuit Price Performance

NASDAQ:INTU opened at $621.00 on Friday. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.29 and a quick ratio of 1.29. Intuit has a one year low of $473.56 and a one year high of $676.62. The company has a fifty day moving average price of $634.62 and a 200 day moving average price of $630.21. The stock has a market cap of $173.60 billion, a P/E ratio of 57.29, a PEG ratio of 3.13 and a beta of 1.24.

Intuit (NASDAQ:INTU) last announced its quarterly earnings data on Thursday, August 22nd. The software maker reported $1.99 EPS for the quarter, beating analysts’ consensus estimates of $1.85 by $0.14. The business had revenue of $3.18 billion during the quarter, compared to analyst estimates of $3.08 billion. Intuit had a net margin of 18.19% and a return on equity of 18.64%. The firm’s revenue for the quarter was up 17.4% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.40 earnings per share. Analysts anticipate that Intuit will post 14.07 earnings per share for the current year.

Intuit Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 18th. Investors of record on Thursday, October 10th will be paid a dividend of $1.04 per share. This represents a $4.16 dividend on an annualized basis and a dividend yield of 0.67%. This is an increase from Intuit’s previous quarterly dividend of $0.90. The ex-dividend date of this dividend is Thursday, October 10th. Intuit’s payout ratio is 38.38%.

Insider Activity at Intuit

In other Intuit news, CFO Sandeep Aujla sold 862 shares of Intuit stock in a transaction on Wednesday, September 4th. The shares were sold at an average price of $621.03, for a total transaction of $535,327.86. Following the completion of the sale, the chief financial officer now owns 3,840 shares of the company’s stock, valued at approximately $2,384,755.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In related news, Director Eve B. Burton sold 2,988 shares of the stock in a transaction that occurred on Thursday, September 19th. The shares were sold at an average price of $649.87, for a total value of $1,941,811.56. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Sandeep Aujla sold 862 shares of Intuit stock in a transaction that occurred on Wednesday, September 4th. The stock was sold at an average price of $621.03, for a total transaction of $535,327.86. Following the transaction, the chief financial officer now directly owns 3,840 shares in the company, valued at approximately $2,384,755.20. The disclosure for this sale can be found here. Insiders have sold 51,583 shares of company stock worth $32,975,909 over the last ninety days. Company insiders own 2.90% of the company’s stock.

Institutional Investors Weigh In On Intuit

Hedge funds have recently bought and sold shares of the company. Intech Investment Management LLC raised its stake in Intuit by 134.7% during the 1st quarter. Intech Investment Management LLC now owns 4,601 shares of the software maker’s stock worth $2,991,000 after buying an additional 2,641 shares during the period. Public Employees Retirement System of Ohio raised its position in shares of Intuit by 1.1% during the fourth quarter. Public Employees Retirement System of Ohio now owns 179,801 shares of the software maker’s stock worth $112,381,000 after purchasing an additional 1,990 shares during the period. Wellington Management Group LLP lifted its holdings in shares of Intuit by 173.0% during the 4th quarter. Wellington Management Group LLP now owns 3,687,583 shares of the software maker’s stock valued at $2,304,850,000 after purchasing an additional 2,336,654 shares in the last quarter. Cetera Advisors LLC grew its position in shares of Intuit by 33.4% in the 1st quarter. Cetera Advisors LLC now owns 10,607 shares of the software maker’s stock valued at $6,895,000 after purchasing an additional 2,655 shares during the period. Finally, Park Avenue Securities LLC increased its stake in Intuit by 13.4% during the 2nd quarter. Park Avenue Securities LLC now owns 11,257 shares of the software maker’s stock worth $7,398,000 after purchasing an additional 1,328 shares in the last quarter. 83.66% of the stock is currently owned by institutional investors and hedge funds.

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.