Intuit Inc. Declares Quarterly Dividend of $1.04 (NASDAQ:INTU)

Intuit Inc. (NASDAQ:INTU) declared a quarterly dividend on Thursday, February 27th, Wall Street Journal reports. Stockholders of record on Thursday, April 10th will be given a dividend of 1.04 per share by the software maker on Friday, April 18th. This represents a $4.16 annualized dividend and a dividend yield of 0.69%. The ex-dividend date of this dividend is Thursday, April 10th.

Intuit has increased its dividend by an average of 15.2% annually over the last three years and has increased its dividend every year for the last 13 years. Intuit has a dividend payout ratio of 18.8% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Intuit to earn $16.04 per share next year, which means the company should continue to be able to cover its $4.16 annual dividend with an expected future payout ratio of 25.9%.

Intuit Stock Performance

Shares of INTU opened at $600.42 on Friday. The firm has a market capitalization of $168.07 billion, a P/E ratio of 58.29, a PEG ratio of 2.85 and a beta of 1.24. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.24 and a quick ratio of 1.24. Intuit has a one year low of $553.24 and a one year high of $714.78. The business has a fifty day moving average of $606.49 and a 200 day moving average of $627.35.

Insider Transactions at Intuit

In other news, EVP Alex G. Balazs sold 23,810 shares of the company’s stock in a transaction on Thursday, December 12th. The shares were sold at an average price of $665.98, for a total transaction of $15,856,983.80. Following the transaction, the executive vice president now directly owns 489 shares of the company’s stock, valued at $325,664.22. This represents a 97.99 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Scott D. Cook sold 73,655 shares of Intuit stock in a transaction that occurred on Wednesday, December 18th. The shares were sold at an average price of $664.94, for a total transaction of $48,976,155.70. Following the sale, the insider now 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 disclosure for this sale can be found here. In the last ninety days, insiders sold 218,014 shares of company stock valued at $140,855,687. 2.68% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

INTU has been the subject of a number of recent research reports. Citigroup cut their price target on Intuit from $760.00 to $726.00 and set a “buy” rating for the company in a research note on Wednesday. Barclays cut their target price on shares of Intuit from $800.00 to $775.00 and set an “overweight” rating for the company in a research report on Friday, November 22nd. Scotiabank decreased their price target on shares of Intuit from $700.00 to $600.00 and set a “sector perform” rating on the stock in a research report on Thursday. JPMorgan Chase & Co. boosted their price objective on shares of Intuit from $600.00 to $640.00 and gave the company a “neutral” rating in a research report on Friday, November 22nd. Finally, Piper Sandler restated an “overweight” rating and issued a $785.00 price objective (up from $765.00) on shares of Intuit in a research note on Wednesday. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and fourteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $717.88.

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.