Intuit (NASDAQ:INTU) Now Covered by Analysts at Royal Bank of Canada

Royal Bank of Canada initiated coverage on shares of Intuit (NASDAQ:INTU) in a report released on Wednesday morning, Marketbeat.com reports. The firm issued an outperform rating and a $760.00 target price on the software maker’s stock.

Several other brokerages also recently weighed in on INTU. Susquehanna lowered their price objective on Intuit from $775.00 to $757.00 and set a positive rating for the company in a research report on Friday, May 24th. Stifel Nicolaus lowered their price objective on shares of Intuit from $720.00 to $690.00 and set a buy rating for the company in a research note on Friday, May 24th. Jefferies Financial Group reiterated a buy rating and set a $770.00 target price on shares of Intuit in a report on Thursday, June 13th. Morgan Stanley upped their price target on Intuit from $680.00 to $740.00 and gave the company an overweight rating in a research report on Monday, May 13th. Finally, KeyCorp lifted their price objective on Intuit from $720.00 to $740.00 and gave the stock an overweight rating in a research report on Monday, May 20th. Five equities research analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of Moderate Buy and an average price target of $687.22.

Intuit Stock Up 0.6 %

INTU opened at $659.90 on Wednesday. The business’s fifty day simple moving average is $619.94 and its 200 day simple moving average is $628.97. The stock has a market cap of $184.48 billion, a PE ratio of 60.96, a P/E/G ratio of 3.76 and a beta of 1.23. Intuit has a 52 week low of $444.19 and a 52 week high of $676.62. The company has a quick ratio of 1.50, a current ratio of 1.50 and a debt-to-equity ratio of 0.32.

Intuit (NASDAQ:INTU) last posted its quarterly earnings results on Thursday, May 23rd. The software maker reported $9.88 EPS for the quarter, topping the consensus estimate of $8.12 by $1.76. Intuit had a net margin of 19.43% and a return on equity of 18.61%. The firm had revenue of $6.74 billion for the quarter, compared to the consensus estimate of $6.65 billion. During the same period last year, the firm posted $7.80 earnings per share. The business’s revenue was up 11.9% compared to the same quarter last year. As a group, research analysts expect that Intuit will post 11.72 earnings per share for the current fiscal year.

Intuit Announces Dividend

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

Insider Activity at Intuit

In other Intuit news, EVP Mark P. Notarainni sold 465 shares of Intuit stock in a transaction dated Tuesday, May 28th. The shares were sold at an average price of $604.58, for a total value of $281,129.70. Following the completion of the transaction, the executive vice president now directly owns 869 shares of the company’s stock, valued at $525,380.02. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, EVP Mark P. Notarainni sold 465 shares of Intuit stock in a transaction dated Tuesday, May 28th. The stock was sold at an average price of $604.58, for a total value of $281,129.70. Following the completion of the sale, the executive vice president now directly owns 869 shares in the company, valued at approximately $525,380.02. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Scott D. Cook sold 14,748 shares of Intuit stock in a transaction that occurred on Thursday, May 30th. The stock was sold at an average price of $567.40, for a total transaction of $8,368,015.20. Following the completion of the sale, the insider now owns 6,701,721 shares of the company’s stock, valued at $3,802,556,495.40. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 195,963 shares of company stock valued at $114,442,445. 2.90% of the stock is owned by insiders.

Institutional Investors Weigh In On Intuit

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Norges Bank purchased a new position in shares of Intuit during the 4th quarter worth $2,101,848,000. Wellington Management Group LLP grew its stake in shares of Intuit by 173.0% during the 4th quarter. Wellington Management Group LLP now owns 3,687,583 shares of the software maker’s stock valued at $2,304,850,000 after acquiring an additional 2,336,654 shares during the period. Lone Pine Capital LLC purchased a new stake in Intuit in the 4th quarter worth approximately $467,852,000. Parnassus Investments LLC raised its stake in Intuit by 119.0% during the 4th quarter. Parnassus Investments LLC now owns 1,338,139 shares of the software maker’s stock worth $836,377,000 after acquiring an additional 727,185 shares during the period. Finally, International Assets Investment Management LLC lifted its holdings in Intuit by 60,534.9% during the fourth quarter. International Assets Investment Management LLC now owns 472,952 shares of the software maker’s stock valued at $295,609,000 after purchasing an additional 472,172 shares in the last quarter. Hedge funds and other institutional investors own 83.66% of the company’s stock.

Intuit Company Profile

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.