JPMorgan Chase & Co. Upgrades Intuit (NASDAQ:INTU) to Overweight

JPMorgan Chase & Co. upgraded shares of Intuit (NASDAQ:INTU) from a neutral rating to an overweight rating in a research report sent to investors on Wednesday morning, MarketBeat Ratings reports. JPMorgan Chase & Co. currently has $660.00 target price on the software maker’s stock, up from their previous target price of $640.00.

A number of other research analysts have also issued reports on INTU. StockNews.com lowered Intuit from a “buy” rating to a “hold” rating in a research report on Monday. Scotiabank decreased their price objective on Intuit from $700.00 to $600.00 and set a “sector perform” rating on the stock in a report on Thursday, February 27th. BNP Paribas lowered Intuit from a “neutral” rating to an “underperform” rating and set a $530.00 price objective on the stock. in a report on Wednesday, January 15th. Piper Sandler restated an “overweight” rating and issued a $785.00 price objective (up previously from $765.00) on shares of Intuit in a report on Wednesday, February 26th. Finally, Citigroup decreased their price objective on Intuit from $760.00 to $726.00 and set a “buy” rating on the stock in a report on Wednesday, February 26th. One analyst has rated the stock with a sell rating, five have given a hold rating and fifteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, Intuit presently has a consensus rating of “Moderate Buy” and a consensus price target of $721.61.

Intuit Trading Up 3.3 %

Shares of NASDAQ:INTU opened at $617.51 on Wednesday. Intuit has a 1 year low of $553.24 and a 1 year high of $714.78. The firm has a market capitalization of $172.63 billion, a price-to-earnings ratio of 59.95, a price-to-earnings-growth 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. The business’s 50 day moving average price is $603.65 and its 200-day moving average price is $626.24.

Intuit Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, April 18th. Investors of record on Thursday, April 10th will be given a dividend of $1.04 per share. This represents a $4.16 dividend on an annualized basis and a dividend yield of 0.67%. The ex-dividend date of this dividend is Thursday, April 10th. Intuit’s payout ratio is 38.81%.

Insider Buying and Selling

In related news, CFO Sandeep Aujla sold 109 shares of the firm’s stock in a transaction dated Friday, January 3rd. The stock was sold at an average price of $628.50, for a total transaction of $68,506.50. Following the completion of the sale, the chief financial officer now directly owns 1,944 shares of the company’s stock, valued at approximately $1,221,804. This trade represents a 5.31 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Scott D. Cook sold 73,655 shares of the firm’s stock in a transaction dated Wednesday, December 18th. The stock was sold at an average price of $664.94, for a total value of $48,976,155.70. Following the sale, the insider now directly owns 6,301,286 shares of the company’s stock, valued at $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 220,811 shares of company stock valued at $142,391,012. 2.68% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Intuit

Hedge funds and other institutional investors have recently bought and sold shares of the company. R Squared Ltd purchased a new position in Intuit during the 4th quarter valued at about $25,000. NewSquare Capital LLC boosted its holdings in Intuit by 72.0% during the 4th quarter. NewSquare Capital LLC now owns 43 shares of the software maker’s stock valued at $27,000 after acquiring an additional 18 shares during the period. Heck Capital Advisors LLC purchased a new position in Intuit during the 4th quarter valued at about $28,000. Migdal Insurance & Financial Holdings Ltd. purchased a new position in Intuit during the 4th quarter valued at about $28,000. Finally, Summit Securities Group LLC purchased a new position in Intuit during the 4th quarter valued at about $28,000. 83.66% of the stock is currently owned by hedge funds and other institutional investors.

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.