Intuit (NASDAQ:INTU) Updates Q1 2023 Earnings Guidance

Intuit (NASDAQ:INTUGet Rating) updated its first quarter 2023 earnings guidance on Tuesday. The company provided earnings per share guidance of $1.14-$1.20 for the period, compared to the consensus earnings per share estimate of $1.86. The company issued revenue guidance of $2.47 billion-$2.51 billion, compared to the consensus revenue estimate of $2.54 billion. Intuit also updated its FY 2023 guidance to $13.59-$13.89 EPS.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on the company. KeyCorp increased their price objective on Intuit from $475.00 to $525.00 and gave the company an overweight rating in a research report on Wednesday, August 24th. Piper Sandler increased their price objective on Intuit from $500.00 to $553.00 and gave the company an overweight rating in a research report on Wednesday, August 24th. Citigroup assumed coverage on Intuit in a research report on Thursday, September 1st. They set a buy rating and a $538.00 price objective for the company. Deutsche Bank Aktiengesellschaft increased their price objective on Intuit from $525.00 to $560.00 in a research report on Wednesday, August 24th. Finally, BMO Capital Markets raised their target price on Intuit from $475.00 to $533.00 and gave the stock an outperform rating in a research report on Wednesday, August 17th. Two analysts have rated the stock with a hold rating and twenty-one have issued a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of Moderate Buy and a consensus price target of $566.89.

Intuit Stock Performance

INTU traded down $3.63 on Friday, hitting $393.08. 68,738 shares of the stock traded hands, compared to its average volume of 1,418,334. The company has a current ratio of 1.39, a quick ratio of 1.39 and a debt-to-equity ratio of 0.39. The business has a fifty day moving average price of $442.39 and a two-hundred day moving average price of $429.18. The firm has a market capitalization of $110.80 billion, a PE ratio of 53.73, a P/E/G ratio of 2.81 and a beta of 1.19. Intuit has a 52 week low of $339.36 and a 52 week high of $716.86.

Intuit (NASDAQ:INTUGet Rating) last released its quarterly earnings data on Tuesday, August 23rd. The software maker reported $1.10 earnings per share for the quarter, beating analysts’ consensus estimates of $0.98 by $0.12. Intuit had a return on equity of 16.47% and a net margin of 16.23%. During the same quarter in the prior year, the business earned $1.28 EPS. On average, research analysts predict that Intuit will post 9.1 EPS for the current fiscal year.

Intuit Increases Dividend

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

Insiders Place Their Bets

In other Intuit news, EVP James Alexander Chriss sold 1,071 shares of the company’s stock in a transaction on Thursday, August 25th. The shares were sold at an average price of $462.09, for a total transaction of $494,898.39. Following the completion of the sale, the executive vice president now owns 1,003 shares in the company, valued at approximately $463,476.27. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Intuit news, CFO Michelle M. Clatterbuck sold 1,791 shares of the stock in a transaction dated Thursday, August 25th. The stock was sold at an average price of $462.12, for a total transaction of $827,656.92. Following the completion of the transaction, the chief financial officer now owns 1,350 shares in the company, valued at approximately $623,862. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP James Alexander Chriss sold 1,071 shares of the 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 transaction, the executive vice president now owns 1,003 shares of the company’s stock, valued at $463,476.27. The disclosure for this sale can be found here. In the last quarter, insiders have sold 39,318 shares of company stock valued at $18,027,628. 3.27% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Intuit

A number of large investors have recently modified their holdings of the business. First Commonwealth Financial Corp PA lifted its stake in Intuit by 2.3% in the 1st quarter. First Commonwealth Financial Corp PA now owns 1,548 shares of the software maker’s stock valued at $744,000 after purchasing an additional 35 shares during the last quarter. AJ Wealth Strategies LLC raised its holdings in Intuit by 6.1% in the 1st quarter. AJ Wealth Strategies LLC now owns 675 shares of the software maker’s stock valued at $325,000 after acquiring an additional 39 shares during the period. Carolinas Wealth Consulting LLC raised its holdings in Intuit by 24.0% in the 1st 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. Penserra Capital Management LLC raised its holdings in Intuit by 5.0% in the 1st quarter. Penserra Capital Management LLC now owns 1,307 shares of the software maker’s stock valued at $628,000 after acquiring an additional 62 shares during the period. Finally, Evergreen Capital Management LLC raised its holdings in Intuit by 2.2% in the 1st quarter. Evergreen Capital Management LLC now owns 3,460 shares of the software maker’s stock valued at $1,664,000 after acquiring an additional 73 shares during the period. 83.31% of the stock is currently owned by institutional investors and hedge funds.

Intuit Company Profile

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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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