Intuit (NASDAQ:INTU) Hits New 52-Week High on Analyst Upgrade

Shares of Intuit Inc. (NASDAQ:INTU - Get Free Report) reached a new 52-week high on Monday after StockNews.com upgraded the stock from a hold rating to a buy rating. The company traded as high as $671.49 and last traded at $669.80, with a volume of 413989 shares. The stock had previously closed at $661.18.

Several other equities research analysts have also issued reports on INTU. Piper Sandler boosted their price target on shares of Intuit from $750.00 to $760.00 and gave the company an "overweight" rating in a report on Friday. JPMorgan Chase & Co. upped their target price on shares of Intuit from $560.00 to $585.00 and gave the company a "neutral" rating in a research note on Friday, February 23rd. Bank of America cut their price target on shares of Intuit from $760.00 to $730.00 and set a "buy" rating for the company in a research note on Friday. Morgan Stanley lifted their price objective on Intuit from $680.00 to $740.00 and gave the company an "overweight" rating in a report on Monday, May 13th. Finally, Stifel Nicolaus dropped their target price on Intuit from $720.00 to $690.00 and set a "buy" rating for the company in a report on Friday. Four analysts have rated the stock with a hold rating and nineteen have assigned a buy rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $679.41.

Insider Transactions at Intuit

In related news, EVP Alex G. Balazs sold 280 shares of Intuit stock in a transaction dated Wednesday, March 20th. The stock was sold at an average price of $636.38, for a total value of $178,186.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 2.90% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Intuit

Large investors have recently bought and sold shares of the business. DiNuzzo Private Wealth Inc. bought a new stake in Intuit in the fourth quarter valued at about $25,000. West Branch Capital LLC increased its stake in Intuit by 79.2% during the 1st quarter. West Branch Capital LLC now owns 43 shares of the software maker's stock worth $28,000 after purchasing an additional 19 shares in the last quarter. MCF Advisors LLC raised its holdings in Intuit by 119.0% during the 4th quarter. MCF Advisors LLC now owns 46 shares of the software maker's stock worth $29,000 after buying an additional 25 shares during the period. Cape Investment Advisory Inc. acquired a new position in shares of Intuit in the third quarter valued at approximately $26,000. Finally, Wetzel Investment Advisors Inc. acquired a new position in shares of Intuit in the fourth quarter valued at approximately $38,000. 83.66% of the stock is currently owned by institutional investors and hedge funds.

Intuit Price Performance

The company has a market cap of $166.68 billion, a P/E ratio of 56.00, a P/E/G ratio of 3.70 and a beta of 1.22. The company's 50-day moving average price is $634.12 and its 200-day moving average price is $622.77. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.50 and a quick ratio of 1.50.

Intuit (NASDAQ:INTU - Get Free Report) last released its quarterly earnings results on Thursday, May 23rd. The software maker reported $9.88 earnings per share (EPS) for the quarter, beating the consensus estimate of $8.12 by $1.76. The firm had revenue of $6.74 billion for the quarter, compared to the consensus estimate of $6.65 billion. Intuit had a return on equity of 18.61% and a net margin of 19.43%. The company's revenue for the quarter was up 11.9% on a year-over-year basis. During the same quarter last year, the business posted $7.80 EPS. As a group, sell-side analysts predict that Intuit Inc. will post 11.28 earnings per share for the current fiscal year.

Intuit Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, July 18th. Shareholders of record on Wednesday, July 10th will be given a dividend of $0.90 per share. This represents a $3.60 dividend on an annualized basis and a yield of 0.60%. The ex-dividend date is Wednesday, July 10th. Intuit's dividend payout ratio (DPR) is currently 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.