Intuit (NASDAQ:INTU) Price Target Lowered to $600.00 at Scotiabank

Intuit (NASDAQ:INTU) had its target price reduced by Scotiabank from $700.00 to $600.00 in a research note published on Thursday morning,Benzinga reports. They currently have a sector perform rating on the software maker’s stock.

INTU has been the subject of several other research reports. Redburn Atlantic started coverage on shares of Intuit in a research note on Wednesday, February 19th. They set a “neutral” rating for the company. Royal Bank of Canada reiterated an “outperform” rating and issued a $760.00 target price on shares of Intuit in a report on Friday, November 22nd. Jefferies Financial Group lifted their price objective on Intuit from $790.00 to $800.00 and gave the company a “buy” rating in a report on Friday, November 22nd. Stifel Nicolaus dropped their target price on shares of Intuit from $795.00 to $725.00 and set a “buy” rating on the stock in a report on Friday, November 22nd. Finally, Morgan Stanley raised shares of Intuit from an “equal weight” rating to an “overweight” rating and set a $730.00 target price on the stock in a research report on Wednesday. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and fourteen have assigned a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $717.88.

Intuit Stock Performance

NASDAQ INTU opened at $600.42 on Thursday. The stock has a market capitalization of $168.07 billion, a PE ratio of 58.29, a P/E/G ratio of 2.85 and a beta of 1.24. Intuit has a 1-year low of $553.24 and a 1-year high of $714.78. 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 business has a 50 day simple moving average of $606.49 and a two-hundred day simple moving average of $627.35.

Intuit Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, April 18th. Stockholders of record on Thursday, April 10th will be issued a dividend of $1.04 per share. This represents a $4.16 annualized dividend and a dividend yield of 0.69%. The ex-dividend date is Thursday, April 10th. Intuit’s dividend payout ratio (DPR) is 38.81%.

Insider Activity

In related news, insider Scott D. Cook sold 73,655 shares of the company’s stock in a transaction on Wednesday, December 18th. The stock was sold at an average price of $664.94, for a total transaction of $48,976,155.70. Following the transaction, the insider now directly owns 6,301,286 shares of the company’s stock, valued at approximately $4,189,977,112.84. The trade was a 1.16 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Alex G. Balazs sold 23,810 shares of the business’s stock in a transaction dated Thursday, December 12th. The shares were sold at an average price of $665.98, for a total value of $15,856,983.80. Following the completion of the transaction, the executive vice president now owns 489 shares in the company, valued at $325,664.22. This trade represents a 97.99 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 218,014 shares of company stock worth $140,855,687 over the last three months. Corporate insiders own 2.68% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in INTU. R Squared Ltd bought a new position in Intuit during the fourth quarter worth about $25,000. NewSquare Capital LLC lifted its position in Intuit by 72.0% during the fourth quarter. NewSquare Capital LLC now owns 43 shares of the software maker’s stock worth $27,000 after acquiring an additional 18 shares during the last quarter. Heck Capital Advisors LLC acquired a new position in Intuit in the 4th quarter valued at $28,000. Migdal Insurance & Financial Holdings Ltd. acquired a new stake in Intuit during the fourth quarter worth approximately $28,000. Finally, Summit Securities Group LLC acquired a new stake in Intuit during the fourth quarter worth about $28,000. Institutional investors and hedge funds 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.