Intuit Inc. (NASDAQ:INTU) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report released on Thursday.
According to Zacks, “Intuit’s mission is to revolutionize how people manage their financial activities. The company’s objective is to greatly expand the world of electronic finance. Electronic finance encompasses three types of products and services: desktop software products that operate on customers’ personal computers to automate financial tasks; products and services that are delivered via the Internet; and products and services that connect Internet-based services with desktop software to enable customers to integrate their financial activities. “
Several other equities analysts have also weighed in on INTU. Royal Bank Of Canada cut their price target on Intuit from $113.00 to $93.00 and set a “sector perform” rating for the company in a research note on Monday, August 15th. RBC Capital Markets reiterated a “sector perform” rating and issued a $113.00 price objective (up from $93.00) on shares of Intuit in a report on Monday, August 15th. Citigroup Inc. reiterated a “buy” rating and issued a $128.00 price objective on shares of Intuit in a report on Wednesday, August 24th. Credit Suisse Group AG reiterated a “neutral” rating and issued a $100.00 price objective on shares of Intuit in a report on Wednesday, August 24th. Finally, Goldman Sachs Group Inc. lifted their price objective on Intuit from $123.00 to $124.00 and gave the stock a “buy” rating in a report on Wednesday, August 24th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating and eight have given a buy rating to the company’s stock. The company has an average rating of “Hold” and an average price target of $200.83.
Shares of Intuit (NASDAQ:INTU) opened at 116.07 on Thursday. The stock has a 50 day moving average price of $109.39 and a 200 day moving average price of $109.58. Intuit has a one year low of $88.17 and a one year high of $116.97. The stock has a market capitalization of $29.79 billion, a P/E ratio of 31.05 and a beta of 1.08.
Intuit (NASDAQ:INTU) last announced its quarterly earnings results on Thursday, November 17th. The company reported $0.06 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.03 by $0.03. Intuit had a return on equity of 82.77% and a net margin of 20.59%. The firm earned $778 million during the quarter, compared to analyst estimates of $754.36 million. During the same quarter in the previous year, the business earned $0.09 EPS. Intuit’s revenue for the quarter was up 9.1% compared to the same quarter last year. Equities analysts forecast that Intuit will post $4.34 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 18th. Shareholders of record on Tuesday, January 10th will be given a $0.34 dividend. This represents a $1.36 dividend on an annualized basis and a yield of 1.17%. The ex-dividend date is Friday, January 6th. Intuit’s payout ratio is 36.27%.
In other news, EVP Henry Tayloe Stansbury sold 11,503 shares of the company’s stock in a transaction on Wednesday, September 7th. The stock was sold at an average price of $111.47, for a total transaction of $1,282,239.41. Following the sale, the executive vice president now owns 670 shares of the company’s stock, valued at $74,684.90. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Mark J. Flournoy sold 1,892 shares of the company’s stock in a transaction on Monday, November 21st. The stock was sold at an average price of $115.47, for a total value of $218,469.24. The disclosure for this sale can be found here. 5.50% of the stock is owned by company insiders.
Several hedge funds have recently bought and sold shares of the company. Capital World Investors raised its stake in Intuit by 6.3% in the second quarter. Capital World Investors now owns 25,318,000 shares of the company’s stock worth $2,825,742,000 after buying an additional 1,498,606 shares in the last quarter. Vanguard Group Inc. raised its stake in Intuit by 0.6% in the second quarter. Vanguard Group Inc. now owns 15,684,079 shares of the company’s stock worth $1,750,501,000 after buying an additional 95,073 shares in the last quarter. BlackRock Institutional Trust Company N.A. raised its stake in Intuit by 0.3% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 7,489,258 shares of the company’s stock worth $835,876,000 after buying an additional 21,417 shares in the last quarter. Bank of New York Mellon Corp raised its stake in Intuit by 4.5% in the second quarter. Bank of New York Mellon Corp now owns 6,181,276 shares of the company’s stock worth $689,891,000 after buying an additional 265,334 shares in the last quarter. Finally, FMR LLC raised its stake in Intuit by 10.9% in the second quarter. FMR LLC now owns 4,090,210 shares of the company’s stock worth $456,508,000 after buying an additional 401,036 shares in the last quarter. 84.68% of the stock is currently owned by institutional investors and hedge funds.
Intuit Inc is a provider of business and financial management solutions for small businesses, consumers and accounting professionals. The Company operates through three segments: Small Business, Consumer Tax and Professional Tax. The Company operates in the United States, Canada, India, the United Kingdom, Singapore and Australia, among others.