Intuit Inc. (NASDAQ:INTU) Declares $0.90 Quarterly Dividend

Intuit Inc. (NASDAQ:INTU) declared a quarterly dividend on Tuesday, May 21st, Zacks reports. Shareholders of record on Wednesday, July 10th will be given a dividend of 0.90 per share by the software maker on Thursday, July 18th. This represents a $3.60 annualized dividend and a dividend yield of 0.55%. The ex-dividend date of this dividend is Wednesday, July 10th.

Intuit has increased its dividend by an average of 14.1% annually over the last three years and has increased its dividend every year for the last 11 years. Intuit has a dividend payout ratio of 18.9% meaning its dividend is sufficiently covered by earnings. Research analysts expect Intuit to earn $13.60 per share next year, which means the company should continue to be able to cover its $3.60 annual dividend with an expected future payout ratio of 26.5%.

Intuit Trading Down 1.4 %

Shares of INTU stock opened at $659.58 on Tuesday. Intuit has a 12-month low of $447.01 and a 12-month high of $676.62. The firm has a 50 day moving average price of $622.17 and a two-hundred day moving average price of $630.18. The company has a quick ratio of 1.50, a current ratio of 1.50 and a debt-to-equity ratio of 0.32. The company has a market capitalization of $184.39 billion, a PE ratio of 60.85, a price-to-earnings-growth ratio of 3.82 and a beta of 1.23.

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

Insider Transactions at Intuit

In related news, insider Scott D. Cook sold 75,000 shares of the business’s stock in a transaction on Tuesday, May 28th. The shares were sold at an average price of $597.85, for a total value of $44,838,750.00. Following the transaction, the insider now owns 6,791,469 shares in the company, valued at $4,060,279,741.65. The transaction was disclosed in a document filed with the SEC, which is available through this link. In other Intuit news, insider Scott D. Cook sold 75,000 shares of Intuit stock in a transaction that occurred on Tuesday, May 28th. The stock was sold at an average price of $597.85, for a total value of $44,838,750.00. Following the completion of the sale, the insider now directly owns 6,791,469 shares in the company, valued at $4,060,279,741.65. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Mark P. Notarainni sold 465 shares of the stock in a transaction dated Tuesday, May 28th. The stock was sold at an average price of $604.58, for a total transaction of $281,129.70. Following the transaction, the executive vice president now directly owns 869 shares in the company, valued at approximately $525,380.02. The disclosure for this sale can be found here. Insiders sold a total of 195,963 shares of company stock worth $114,442,445 over the last three months. 2.90% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on INTU shares. Bank of America dropped their price target on shares of Intuit from $760.00 to $730.00 and set a “buy” rating for the company in a research report on Friday, May 24th. Morgan Stanley increased their target price on Intuit from $680.00 to $740.00 and gave the stock an “overweight” rating in a report on Monday, May 13th. Piper Sandler boosted their price target on Intuit from $750.00 to $760.00 and gave the company an “overweight” rating in a research note on Friday, May 24th. Erste Group Bank reiterated a “hold” rating on shares of Intuit in a research note on Friday, June 14th. Finally, Jefferies Financial Group restated a “buy” rating and issued a $770.00 target price on shares of Intuit in a research report on Thursday, June 13th. Five equities research analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $687.22.

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.