Intuit (NASDAQ:INTU) Sets New 52-Week High - Here's What Happened

Intuit Inc. (NASDAQ:INTU - Get Free Report) reached a new 52-week high during mid-day trading on Friday . The stock traded as high as $787.22 and last traded at $784.50, with a volume of 917049 shares. The stock had previously closed at $772.86.

Wall Street Analyst Weigh In

A number of research analysts have commented on INTU shares. KeyCorp reaffirmed an "overweight" rating and set a $850.00 price target (up previously from $770.00) on shares of Intuit in a research report on Friday, May 23rd. Stifel Nicolaus boosted their target price on Intuit from $725.00 to $850.00 and gave the company a "buy" rating in a research note on Friday, May 23rd. Mizuho upped their target price on Intuit from $750.00 to $765.00 and gave the company an "outperform" rating in a report on Monday, March 3rd. Morgan Stanley reiterated an "overweight" rating and issued a $785.00 price target (up previously from $720.00) on shares of Intuit in a report on Friday, May 23rd. Finally, Scotiabank raised shares of Intuit from a "sector perform" rating to a "sector outperform" rating and boosted their price objective for the company from $600.00 to $700.00 in a research report on Thursday, April 17th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating, twenty-one have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $793.05.

Intuit Trading Up 0.9%

The company has a quick ratio of 1.45, a current ratio of 1.45 and a debt-to-equity ratio of 0.29. The stock's 50 day moving average is $696.71 and its 200-day moving average is $637.71. The company has a market cap of $217.63 billion, a PE ratio of 63.33, a P/E/G ratio of 3.37 and a beta of 1.28.

Intuit (NASDAQ:INTU - Get Free Report) last announced its quarterly earnings results on Thursday, May 22nd. The software maker reported $11.65 EPS for the quarter, beating analysts' consensus estimates of $10.89 by $0.76. Intuit had a net margin of 19.07% and a return on equity of 21.46%. The firm had revenue of $7.75 billion during the quarter, compared to the consensus estimate of $7.56 billion. During the same quarter last year, the firm earned $9.88 EPS. The firm's revenue for the quarter was up 15.1% compared to the same quarter last year. As a group, sell-side analysts anticipate that Intuit Inc. will post 14.09 EPS for the current year.

Intuit Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 18th. Shareholders of record on Thursday, July 10th will be given a $1.04 dividend. This represents a $4.16 annualized dividend and a yield of 0.53%. The ex-dividend date of this dividend is Thursday, July 10th. Intuit's dividend payout ratio (DPR) is presently 33.77%.

Insider Transactions at Intuit

In related news, insider Scott D. Cook sold 62,816 shares of the business's stock in a transaction that occurred on Monday, June 9th. The stock was sold at an average price of $765.99, for a total value of $48,116,427.84. Following the completion of the sale, the insider now owns 6,000,679 shares in the company, valued at approximately $4,596,460,107.21. The trade was a 1.04% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Mark P. Notarainni sold 469 shares of the stock in a transaction dated Tuesday, May 27th. The stock was sold at an average price of $725.00, for a total transaction of $340,025.00. Following the transaction, the executive vice president now owns 19 shares in the company, valued at approximately $13,775. The trade was a 96.11% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 271,158 shares of company stock worth $202,989,194. 2.68% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. Copia Wealth Management acquired a new stake in Intuit in the 4th quarter worth about $25,000. NewSquare Capital LLC lifted its position in Intuit by 72.0% during the fourth quarter. NewSquare Capital LLC now owns 43 shares of the software maker's stock worth $27,000 after buying an additional 18 shares in the last quarter. Summit Securities Group LLC purchased a new position in shares of Intuit during the 4th quarter worth $28,000. Heck Capital Advisors LLC acquired a new position in shares of Intuit during the 4th quarter valued at about $28,000. Finally, Vista Cima Wealth Management LLC purchased a new stake in shares of Intuit in the first quarter valued at about $31,000. Hedge funds and other 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.

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