Intuit (NASDAQ:INTU) Price Target Cut to $530.00

Intuit (NASDAQ:INTUGet Rating) had its price objective decreased by Bank of America from $650.00 to $530.00 in a report issued on Wednesday, The Fly reports. Bank of America currently has a buy rating on the software maker’s stock.

Several other analysts also recently commented on INTU. Deutsche Bank Aktiengesellschaft dropped their price objective on Intuit from $700.00 to $650.00 and set a buy rating on the stock in a research note on Friday, February 25th. Wells Fargo & Company dropped their price target on Intuit from $725.00 to $635.00 and set an overweight rating on the stock in a research note on Monday, April 25th. Mizuho dropped their price target on Intuit from $730.00 to $650.00 and set a buy rating on the stock in a research note on Thursday, February 3rd. Oppenheimer dropped their price target on Intuit from $696.00 to $588.00 and set an outperform rating on the stock in a research note on Friday, February 25th. Finally, Morgan Stanley dropped their price target on Intuit from $720.00 to $550.00 and set an overweight rating on the stock in a research note on Friday, May 20th. One research analyst has rated the stock with a hold rating and twenty-two have given a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of Buy and an average price target of $558.84.

NASDAQ:INTU opened at $422.48 on Wednesday. Intuit has a 12-month low of $339.36 and a 12-month high of $716.86. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 0.43. The firm has a market capitalization of $119.48 billion, a P/E ratio of 53.89, a P/E/G ratio of 2.89 and a beta of 1.16. The stock’s fifty day simple moving average is $434.51 and its 200-day simple moving average is $523.13.

Intuit (NASDAQ:INTUGet Rating) last posted its quarterly earnings results on Tuesday, May 24th. The software maker reported $7.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $7.58 by $0.07. The business had revenue of $5.63 billion for the quarter, compared to analyst estimates of $5.51 billion. Intuit had a return on equity of 20.37% and a net margin of 19.03%. The firm’s revenue was up 35.0% on a year-over-year basis. During the same period last year, the company earned $5.45 EPS. As a group, equities research analysts expect that Intuit will post 8.14 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Monday, July 18th. Investors of record on Monday, July 11th will be issued a dividend of $0.68 per share. This represents a $2.72 dividend on an annualized basis and a yield of 0.64%. The ex-dividend date is Friday, July 8th. Intuit’s payout ratio is currently 34.69%.

In other news, EVP James Alexander Chriss sold 984 shares of the business’s stock in a transaction that occurred on Thursday, May 26th. The stock was sold at an average price of $386.29, for a total transaction of $380,109.36. Following the completion of the sale, the executive vice president now owns 343 shares in the company, valued at $132,497.47. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP Laura A. Fennell sold 59,286 shares of the business’s stock in a transaction that occurred on Wednesday, March 2nd. The stock was sold at an average price of $475.03, for a total value of $28,162,628.58. The disclosure for this sale can be found here. Insiders have sold 60,638 shares of company stock valued at $28,718,951 in the last quarter. 3.27% of the stock is currently owned by corporate insiders.

Several large investors have recently modified their holdings of INTU. BlackRock Inc. boosted its stake in shares of Intuit by 3.7% in the first quarter. BlackRock Inc. now owns 26,048,746 shares of the software maker’s stock valued at $12,525,279,000 after buying an additional 919,626 shares during the period. Vanguard Group Inc. boosted its stake in shares of Intuit by 6.4% in the first quarter. Vanguard Group Inc. now owns 24,068,193 shares of the software maker’s stock valued at $11,572,950,000 after buying an additional 1,446,489 shares during the period. State Street Corp boosted its stake in shares of Intuit by 1.8% in the first quarter. State Street Corp now owns 11,739,798 shares of the software maker’s stock valued at $5,644,964,000 after buying an additional 210,562 shares during the period. Geode Capital Management LLC boosted its stake in shares of Intuit by 7.3% in the fourth quarter. Geode Capital Management LLC now owns 4,922,658 shares of the software maker’s stock valued at $3,158,032,000 after buying an additional 336,690 shares during the period. Finally, Brown Advisory Inc. boosted its stake in shares of Intuit by 2.8% in the first quarter. Brown Advisory Inc. now owns 3,823,715 shares of the software maker’s stock valued at $1,962,730,000 after buying an additional 103,642 shares during the period. Institutional investors own 83.42% of the company’s stock.

About Intuit (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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