Intuit (NASDAQ:INTU) Given New $730.00 Price Target at Morgan Stanley

Intuit (NASDAQ:INTU) had its price target raised by Morgan Stanley from $685.00 to $730.00 in a research note issued to investors on Friday,Benzinga reports. The firm currently has an equal weight rating on the software maker’s stock.

Several other equities research analysts also recently weighed in on the stock. Piper Sandler cut their target price on shares of Intuit from $768.00 to $765.00 and set an “overweight” rating on the stock in a research note on Friday. Susquehanna restated a “positive” rating and set a $757.00 target price on shares of Intuit in a research note on Friday, August 16th. StockNews.com raised shares of Intuit from a “hold” rating to a “buy” rating in a research report on Monday, September 30th. Bank of America boosted their price objective on Intuit from $730.00 to $780.00 and gave the company a “buy” rating in a research note on Friday, August 23rd. Finally, Scotiabank began coverage on Intuit in a research report on Monday, November 18th. They issued a “sector perform” rating and a $700.00 price target on the stock. Six investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. Based on data from MarketBeat, Intuit presently has an average rating of “Moderate Buy” and a consensus price target of $737.44.

Intuit Stock Down 0.9 %

Shares of NASDAQ INTU opened at $634.62 on Friday. The company has a 50 day simple moving average of $634.58 and a 200-day simple moving average of $631.24. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.24 and a quick ratio of 1.24. The company has a market capitalization of $177.77 billion, a P/E ratio of 61.61, a P/E/G ratio of 3.13 and a beta of 1.25. Intuit has a 1 year low of $557.29 and a 1 year high of $714.78.

Intuit (NASDAQ:INTU) last issued its quarterly earnings data on Thursday, November 21st. The software maker reported $2.50 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.36 by $0.14. The firm had revenue of $3.28 billion for the quarter, compared to analyst estimates of $3.14 billion. Intuit had a net margin of 17.59% and a return on equity of 18.25%. Intuit’s revenue was up 10.2% on a year-over-year basis. During the same period in the previous year, the firm earned $1.14 EPS. On average, equities research analysts predict that Intuit will post 14.05 earnings per share for the current year.

Intuit Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, January 17th. Shareholders of record on Thursday, January 9th will be issued a dividend of $1.04 per share. The ex-dividend date is Thursday, January 9th. This represents a $4.16 annualized dividend and a yield of 0.66%. Intuit’s dividend payout ratio (DPR) is currently 40.39%.

Insider Activity at Intuit

In related news, CFO Sandeep Aujla sold 4,000 shares of the company’s stock in a transaction that occurred on Thursday, October 10th. The shares were sold at an average price of $617.28, for a total transaction of $2,469,120.00. Following the transaction, the chief financial officer now owns 452 shares of the company’s stock, valued at approximately $279,010.56. This represents a 89.85 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Laura A. Fennell sold 30,159 shares of the company’s stock in a transaction on Friday, September 20th. The shares were sold at an average price of $642.36, for a total value of $19,372,935.24. Following the completion of the transaction, the executive vice president now owns 52,038 shares of the company’s stock, valued at $33,427,129.68. The trade was a 36.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 55,265 shares of company stock valued at $35,200,125. 2.90% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Intuit

A number of institutional investors have recently bought and sold shares of the stock. International Assets Investment Management LLC boosted its holdings in shares of Intuit by 68,404.7% in the 3rd quarter. International Assets Investment Management LLC now owns 484,328 shares of the software maker’s stock valued at $300,768,000 after purchasing an additional 483,621 shares during the last quarter. Holocene Advisors LP raised its position in shares of Intuit by 99.6% in the 3rd quarter. Holocene Advisors LP now owns 625,583 shares of the software maker’s stock worth $388,487,000 after buying an additional 312,212 shares during the period. Vaughan Nelson Investment Management L.P. purchased a new position in shares of Intuit in the 2nd quarter worth $184,982,000. Ameriprise Financial Inc. boosted its holdings in Intuit by 17.3% in the second quarter. Ameriprise Financial Inc. now owns 1,616,811 shares of the software maker’s stock valued at $1,062,578,000 after acquiring an additional 238,486 shares during the last quarter. Finally, State Street Corp grew its position in Intuit by 1.8% during the third quarter. State Street Corp now owns 12,317,086 shares of the software maker’s stock valued at $7,648,910,000 after acquiring an additional 221,885 shares during the period. 83.66% of the stock is currently owned by hedge funds and other institutional investors.

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.