Intuit (NASDAQ:INTU) Hits New 1-Year High Following Dividend Announcement

Intuit Inc. (NASDAQ:INTU - Get Free Report) hit a new 52-week high on Thursday following a dividend announcement from the company. The company traded as high as $758.77 and last traded at $754.45, with a volume of 2501896 shares trading hands. The stock had previously closed at $751.96.

The newly announced dividend which will be paid on Friday, July 18th. Stockholders of record on Thursday, July 10th will be paid a $1.04 dividend. The ex-dividend date is Thursday, July 10th. This represents a $4.16 dividend on an annualized basis and a dividend yield of 0.55%. Intuit's payout ratio is currently 33.77%.

Wall Street Analysts Forecast Growth

Several analysts recently commented on the stock. Piper Sandler restated an "overweight" rating and set a $825.00 price target (up previously from $785.00) on shares of Intuit in a research report on Friday, May 23rd. Wells Fargo & Company restated an "overweight" rating and set a $825.00 price target (up previously from $775.00) on shares of Intuit in a research report on Friday, May 23rd. Oppenheimer restated an "outperform" rating and set a $742.00 price target (up previously from $642.00) on shares of Intuit in a research report on Friday, May 23rd. Evercore ISI raised their price target on shares of Intuit from $685.00 to $785.00 and gave the company an "outperform" rating in a research report on Friday, May 23rd. Finally, Hsbc Global Res upgraded shares of Intuit from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, April 23rd. One investment analyst has rated the stock with a sell rating, three have given a hold rating, twenty have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $785.33.

Intuit Stock Down 0.7%

The business's 50 day moving average price is $630.69 and its 200-day moving average price is $622.93. The firm has a market capitalization of $209.78 billion, a PE ratio of 73.01, a P/E/G ratio of 2.85 and a beta of 1.24. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.24 and a current ratio of 1.24.

Intuit (NASDAQ:INTU - Get Free Report) last announced its earnings results on Thursday, May 22nd. The software maker reported $11.65 earnings per share for the quarter, topping the consensus estimate of $10.89 by $0.76. Intuit had a net margin of 17.59% and a return on equity of 18.25%. The firm had revenue of $7.75 billion for the quarter, compared to the consensus estimate of $7.56 billion. During the same period in the prior year, the firm earned $9.88 EPS. The firm's revenue for the quarter was up 15.1% on a year-over-year basis. As a group, equities research analysts forecast that Intuit Inc. will post 14.09 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director Eve B. Burton sold 1,702 shares of the stock in a transaction on Thursday, March 20th. The shares were sold at an average price of $600.00, for a total value of $1,021,200.00. Following the transaction, the director now directly owns 8 shares of the company's stock, valued at $4,800. This trade represents a 99.53% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Laura A. Fennell sold 25,648 shares of the stock in a transaction on Thursday, May 29th. The shares were sold at an average price of $752.25, for a total transaction of $19,293,708.00. Following the completion of the transaction, the executive vice president now directly owns 22,796 shares in the company, valued at $17,148,291. This trade represents a 52.94% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 189,804 shares of company stock worth $138,081,963 in the last 90 days. Corporate insiders own 2.68% of the company's stock.

Institutional Trading of Intuit

Large investors have recently bought and sold shares of the business. Brighton Jones LLC lifted its stake in shares of Intuit by 61.3% in the 4th quarter. Brighton Jones LLC now owns 3,552 shares of the software maker's stock worth $2,233,000 after acquiring an additional 1,350 shares during the period. Union Bancaire Privee UBP SA purchased a new position in shares of Intuit in the 4th quarter valued at about $104,278,000. Revolve Wealth Partners LLC increased its holdings in shares of Intuit by 145.6% in the 4th quarter. Revolve Wealth Partners LLC now owns 813 shares of the software maker's stock valued at $511,000 after purchasing an additional 482 shares in the last quarter. R Squared Ltd purchased a new position in shares of Intuit in the 4th quarter valued at about $25,000. Finally, Institute for Wealth Management LLC. increased its holdings in shares of Intuit by 10.2% in the 4th quarter. Institute for Wealth Management LLC. now owns 1,492 shares of the software maker's stock valued at $938,000 after purchasing an additional 138 shares in the last quarter. Institutional investors and hedge funds 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.