Intuit Inc. (INTU) Rating Lowered to Sell at Zacks Investment Research
Intuit Inc. (NASDAQ:INTU) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a note issued to investors on Thursday.
According to Zacks, “Intuit’s mission is to revolutionize how people manage their financial activities. The company’s objective is to greatly expand the world of electronic finance. Electronic finance encompasses three types of products and services: desktop software products that operate on customers’ personal computers to automate financial tasks; products and services that are delivered via the Internet; and products and services that connect Internet-based services with desktop software to enable customers to integrate their financial activities. “
A number of other brokerages have also recently issued reports on INTU. Evercore ISI initiated coverage on shares of Intuit in a report on Wednesday, November 16th. They issued a “hold” rating for the company. Morgan Stanley reiterated an “equal weight” rating and issued a $105.00 price objective on shares of Intuit in a report on Thursday, August 25th. Royal Bank Of Canada decreased their price objective on shares of Intuit from $113.00 to $93.00 and set a “sector perform” rating for the company in a report on Monday, August 15th. Credit Suisse Group AG reiterated a “neutral” rating and issued a $100.00 price objective on shares of Intuit in a report on Wednesday, August 24th. Finally, RBC Capital Markets reiterated a “hold” rating and issued a $108.00 price objective on shares of Intuit in a report on Wednesday, August 24th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating and eight have assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and an average target price of $200.83.
Shares of Intuit (NASDAQ:INTU) remained flat at $115.82 during mid-day trading on Thursday. 1,497,622 shares of the stock were exchanged. Intuit has a 52-week low of $88.17 and a 52-week high of $116.97. The stock has a market capitalization of $29.72 billion, a P/E ratio of 30.98 and a beta of 1.08. The firm has a 50-day moving average price of $109.17 and a 200-day moving average price of $109.48.
Intuit (NASDAQ:INTU) last posted its quarterly earnings results on Thursday, November 17th. The company reported $0.06 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.03 by $0.03. The business had revenue of $778 million for the quarter, compared to the consensus estimate of $754.36 million. Intuit had a net margin of 20.59% and a return on equity of 82.77%. Intuit’s revenue for the quarter was up 9.1% compared to the same quarter last year. During the same period in the prior year, the business posted $0.09 earnings per share. On average, analysts anticipate that Intuit will post $4.34 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 18th. Stockholders of record on Tuesday, January 10th will be issued a dividend of $0.34 per share. This represents a $1.36 annualized dividend and a dividend yield of 1.17%. The ex-dividend date is Friday, January 6th. Intuit’s payout ratio is 36.27%.
In other news, EVP Henry Tayloe Stansbury sold 26,189 shares of the firm’s stock in a transaction that occurred on Monday, November 21st. The shares were sold at an average price of $115.59, for a total transaction of $3,027,186.51. Following the completion of the sale, the executive vice president now owns 26,859 shares of the company’s stock, valued at $3,104,631.81. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, VP Mark J. Flournoy sold 1,892 shares of the firm’s stock in a transaction that occurred on Monday, November 21st. The stock was sold at an average price of $115.47, for a total transaction of $218,469.24. The disclosure for this sale can be found here. Insiders own 5.50% of the company’s stock.
Several hedge funds have recently bought and sold shares of INTU. Marvin & Palmer Associates Inc. raised its stake in Intuit by 15.7% in the second quarter. Marvin & Palmer Associates Inc. now owns 18,650 shares of the company’s stock valued at $2,082,000 after buying an additional 2,525 shares during the last quarter. RS Investment Management Co. LLC boosted its stake in Intuit by 0.8% in the second quarter. RS Investment Management Co. LLC now owns 184,640 shares of the company’s stock valued at $20,608,000 after buying an additional 1,490 shares during the period. Strs Ohio boosted its stake in Intuit by 209.6% in the second quarter. Strs Ohio now owns 567,793 shares of the company’s stock valued at $63,371,000 after buying an additional 384,420 shares during the period. Ferguson Wellman Capital Management Inc. boosted its stake in Intuit by 1.4% in the second quarter. Ferguson Wellman Capital Management Inc. now owns 139,874 shares of the company’s stock valued at $15,611,000 after buying an additional 1,955 shares during the period. Finally, Engineers Gate Manager LP bought a new stake in Intuit during the second quarter valued at approximately $5,362,000. 84.68% of the stock is owned by institutional investors.
Intuit Company Profile
Intuit Inc is a provider of business and financial management solutions for small businesses, consumers and accounting professionals. The Company operates through three segments: Small Business, Consumer Tax and Professional Tax. The Company operates in the United States, Canada, India, the United Kingdom, Singapore and Australia, among others.
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