Intuit (NASDAQ:INTU) Updates FY 2023 Earnings Guidance

Intuit (NASDAQ:INTUGet Rating) issued an update on its FY 2023 earnings guidance on Tuesday morning. The company provided earnings per share guidance of $13.59-$13.89 for the period, compared to the consensus earnings per share estimate of $13.81. The company issued revenue guidance of $14.48 billion-$14.70 billion, compared to the consensus revenue estimate of $14.47 billion. Intuit also updated its Q1 2023 guidance to $1.14-$1.20 EPS.

Intuit Stock Performance

Shares of NASDAQ:INTU traded down $3.63 during trading on Friday, hitting $393.08. The company’s stock had a trading volume of 68,738 shares, compared to its average volume of 1,418,334. The company has a 50-day moving average of $442.39 and a 200-day moving average of $429.18. Intuit has a 12 month low of $339.36 and a 12 month high of $716.86. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.39 and a quick ratio of 1.39. The firm has a market cap of $110.80 billion, a price-to-earnings ratio of 53.73, a P/E/G ratio of 2.81 and a beta of 1.19.

Intuit (NASDAQ:INTUGet Rating) last issued its quarterly earnings data on Tuesday, August 23rd. The software maker reported $1.10 earnings per share for the quarter, topping the consensus estimate of $0.98 by $0.12. Intuit had a net margin of 16.23% and a return on equity of 16.47%. During the same period in the previous year, the firm posted $1.28 EPS. On average, sell-side analysts expect that Intuit will post 9.1 earnings per share for the current year.

Intuit Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 18th. Shareholders of record on Monday, October 10th will be paid a dividend of $0.78 per share. This is a boost from Intuit’s previous quarterly dividend of $0.68. The ex-dividend date is Thursday, October 6th. This represents a $3.12 dividend on an annualized basis and a yield of 0.79%. Intuit’s dividend payout ratio (DPR) is presently 37.52%.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on INTU shares. Barclays raised their target price on shares of Intuit from $580.00 to $585.00 and gave the stock an overweight rating in a research note on Wednesday, August 24th. Moffett Nathanson assumed coverage on shares of Intuit in a report on Thursday. They set an outperform rating and a $500.00 price objective for the company. Stifel Nicolaus increased their price objective on shares of Intuit from $465.00 to $525.00 and gave the company a buy rating in a report on Thursday, August 18th. Piper Sandler increased their price objective on shares of Intuit from $500.00 to $553.00 and gave the company an overweight rating in a report on Wednesday, August 24th. Finally, Evercore ISI increased their price objective on shares of Intuit from $500.00 to $601.00 and gave the company an outperform rating in a report on Wednesday, August 24th. Two investment analysts have rated the stock with a hold rating and twenty-one have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of Moderate Buy and a consensus price target of $566.89.

Insider Buying and Selling at Intuit

In other Intuit news, CEO Sasan K. Goodarzi sold 22,250 shares of Intuit stock in a transaction dated Thursday, August 25th. The stock was sold at an average price of $463.21, for a total value of $10,306,422.50. Following the transaction, the chief executive officer now owns 60,208 shares in the company, valued at $27,888,947.68. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, EVP James Alexander Chriss sold 1,071 shares of the business’s stock in a transaction dated Thursday, August 25th. The stock was sold at an average price of $462.09, for a total transaction of $494,898.39. Following the sale, the executive vice president now owns 1,003 shares in the company, valued at $463,476.27. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Sasan K. Goodarzi sold 22,250 shares of the business’s stock in a transaction dated Thursday, August 25th. The stock was sold at an average price of $463.21, for a total value of $10,306,422.50. Following the sale, the chief executive officer now owns 60,208 shares in the company, valued at approximately $27,888,947.68. The disclosure for this sale can be found here. Insiders have sold 39,318 shares of company stock worth $18,027,628 over the last quarter. Insiders own 3.27% of the company’s stock.

Institutional Investors Weigh In On Intuit

A number of large investors have recently modified their holdings of the business. Atlas Capital Advisors LLC boosted its position in Intuit by 833.3% in the second quarter. Atlas Capital Advisors LLC now owns 168 shares of the software maker’s stock valued at $65,000 after buying an additional 150 shares during the last quarter. Carolinas Wealth Consulting LLC lifted its holdings in Intuit by 24.0% in the first quarter. Carolinas Wealth Consulting LLC now owns 222 shares of the software maker’s stock valued at $107,000 after acquiring an additional 43 shares during the period. KB Financial Partners LLC lifted its holdings in Intuit by 37.6% in the first quarter. KB Financial Partners LLC now owns 315 shares of the software maker’s stock valued at $151,000 after acquiring an additional 86 shares during the period. Shay Capital LLC acquired a new position in Intuit in the first quarter valued at approximately $240,000. Finally, Prelude Capital Management LLC acquired a new position in Intuit in the second quarter valued at approximately $210,000. Hedge funds and other institutional investors own 83.31% of the company’s stock.

Intuit Company Profile

(Get Rating)

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 ProConnect.

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Earnings History and Estimates for Intuit (NASDAQ:INTU)

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