Citigroup Boosts Intuit (NASDAQ:INTU) Price Target to $750.00

Intuit (NASDAQ:INTU) had its price target raised by Citigroup from $727.00 to $750.00 in a report released on Friday, Benzinga reports. Citigroup currently has a buy rating on the software maker’s stock.

A number of other equities research analysts have also recently commented on the company. Erste Group Bank reiterated a hold rating on shares of Intuit in a research note on Friday, June 14th. Piper Sandler boosted their target price on shares of Intuit from $750.00 to $760.00 and gave the company an overweight rating in a research note on Friday, May 24th. Bank of America dropped their price objective on Intuit from $760.00 to $730.00 and set a buy rating on the stock in a report on Friday, May 24th. Morgan Stanley boosted their target price on shares of Intuit from $680.00 to $740.00 and gave the stock an overweight rating in a research note on Monday, May 13th. Finally, UBS Group increased their price objective on Intuit from $625.00 to $670.00 and gave the company a neutral rating in a research note on Monday, May 20th. Five research analysts have rated the stock with a hold rating and nineteen have given a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of Moderate Buy and an average price target of $683.91.

Intuit Price Performance

INTU opened at $650.77 on Friday. The company has a current ratio of 1.50, a quick ratio of 1.50 and a debt-to-equity ratio of 0.32. Intuit has a 12-month low of $444.19 and a 12-month high of $676.62. The business’s fifty day simple moving average is $618.61 and its 200-day simple moving average is $628.28. The company has a market capitalization of $181.92 billion, a price-to-earnings ratio of 60.03, a PEG ratio of 3.76 and a beta of 1.23.

Intuit (NASDAQ:INTU) last announced its quarterly earnings results on Thursday, May 23rd. The software maker reported $9.88 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $8.12 by $1.76. The business 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 business’s revenue was up 11.9% compared to the same quarter last year. During the same period last year, the business posted $7.80 EPS. On average, equities research analysts anticipate that Intuit will post 11.72 earnings per share for the current fiscal year.

Intuit Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, July 18th. Investors of record on Wednesday, July 10th will be issued a dividend of $0.90 per share. This represents a $3.60 dividend on an annualized basis and a yield of 0.55%. The ex-dividend date of this dividend is Wednesday, July 10th. Intuit’s dividend payout ratio (DPR) is 33.21%.

Insider Activity at Intuit

In other Intuit news, CFO Sandeep Aujla sold 1,415 shares of the company’s stock in a transaction dated Tuesday, May 28th. The stock was sold at an average price of $604.58, for a total transaction of $855,480.70. Following the sale, the chief financial officer now owns 2,332 shares in the company, valued at approximately $1,409,880.56. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, insider Scott D. Cook sold 75,000 shares of the company’s stock in a transaction that occurred on Tuesday, May 28th. The stock was sold at an average price of $597.85, for a total value of $44,838,750.00. Following the completion of the transaction, the insider now directly owns 6,791,469 shares of the company’s stock, valued at $4,060,279,741.65. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Sandeep Aujla sold 1,415 shares of Intuit stock in a transaction on Tuesday, May 28th. The stock was sold at an average price of $604.58, for a total transaction of $855,480.70. Following the sale, the chief financial officer now owns 2,332 shares in the company, valued at $1,409,880.56. The disclosure for this sale can be found here. Over the last quarter, insiders sold 193,937 shares of company stock worth $113,123,232. Corporate insiders own 2.90% of the company’s stock.

Institutional Trading of Intuit

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. DiNuzzo Private Wealth Inc. acquired a new position in Intuit in the fourth quarter valued at $25,000. West Branch Capital LLC increased its holdings in Intuit by 79.2% in the first quarter. West Branch Capital LLC now owns 43 shares of the software maker’s stock valued at $28,000 after buying an additional 19 shares in the last quarter. MCF Advisors LLC raised its holdings in Intuit by 119.0% during the fourth quarter. MCF Advisors LLC now owns 46 shares of the software maker’s stock worth $29,000 after purchasing an additional 25 shares during the last quarter. Wetzel Investment Advisors Inc. acquired a new stake in Intuit in the 4th quarter valued at about $38,000. Finally, Sachetta LLC purchased a new position in shares of Intuit during the 4th quarter worth approximately $39,000. Institutional investors and hedge funds own 83.66% of the company’s stock.

About Intuit

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.