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

Intuit Inc. (NASDAQ:INTU) announced a quarterly dividend on Thursday, May 29th, Wall Street Journal reports. Investors of record on Thursday, July 10th will be paid a dividend of 1.04 per share by the software maker on Friday, July 18th. This represents a $4.16 dividend on an annualized basis and a yield of 0.55%. The ex-dividend date is Thursday, July 10th.

Intuit has increased its dividend payment by an average of 15.2% per year over the last three years and has raised its dividend annually for the last 13 consecutive years. Intuit has a payout ratio of 18.7% indicating that its dividend is sufficiently covered by earnings. Equities 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 Price Performance

Shares of NASDAQ INTU opened at $752.04 on Friday. The business’s 50 day moving average price is $630.69 and its 200 day moving average price is $623.50. The firm has a market cap of $210.24 billion, a P/E ratio of 73.01, a P/E/G ratio of 2.85 and a beta of 1.24. Intuit has a 52 week low of $532.65 and a 52 week high of $761.02. The company has a quick ratio of 1.24, a current ratio of 1.24 and a debt-to-equity ratio of 0.31.

Intuit (NASDAQ:INTU) last released its quarterly earnings data on Thursday, May 22nd. The software maker reported $11.65 EPS for the quarter, topping the consensus estimate of $10.89 by $0.76. Intuit had a return on equity of 18.25% and a net margin of 17.59%. The business had revenue of $7.75 billion for the quarter, compared to analyst estimates of $7.56 billion. During the same quarter in the prior year, the firm posted $9.88 EPS. The business’s quarterly revenue was up 15.1% compared to the same quarter last year. On average, sell-side analysts expect that Intuit will post 14.09 earnings per share for the current year.

Wall Street Analyst Weigh In

Several equities research analysts have commented on the company. KeyCorp restated an “overweight” rating and issued a $850.00 price objective (up previously from $770.00) on shares of Intuit in a research report on Friday, May 23rd. Morgan Stanley reaffirmed an “overweight” rating and set a $785.00 target price (up from $720.00) on shares of Intuit in a research note on Friday, May 23rd. Stifel Nicolaus upped their target price on Intuit from $725.00 to $850.00 and gave the stock a “buy” rating in a research note on Friday, May 23rd. BMO Capital Markets reaffirmed an “outperform” rating and set a $820.00 target price (up from $714.00) on shares of Intuit in a research note on Friday, May 23rd. Finally, Susquehanna reaffirmed a “positive” rating on shares of Intuit in a research note on Friday, May 23rd. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, twenty have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $785.33.

Insider Buying and Selling at Intuit

In other news, insider Scott D. Cook sold 72,442 shares of the firm’s stock in a transaction dated Tuesday, May 27th. The stock was sold at an average price of $741.29, for a total transaction of $53,700,530.18. Following the sale, the insider now owns 6,063,495 shares of the company’s stock, valued at approximately $4,494,808,208.55. This trade represents a 1.18% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Laura A. Fennell sold 25,648 shares of the firm’s stock in a transaction dated Thursday, May 29th. The stock was sold at an average price of $752.25, for a total value of $19,293,708.00. Following the sale, the executive vice president now directly owns 22,796 shares in the company, valued at $17,148,291. This trade represents a 52.94% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 189,804 shares of company stock valued at $138,081,963 in the last quarter. Corporate insiders own 2.68% of the company’s stock.

Institutional Inflows and Outflows

A hedge fund recently raised its stake in Intuit stock. Revolve Wealth Partners LLC raised its stake in Intuit Inc. (NASDAQ:INTU) by 145.6% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 813 shares of the software maker’s stock after purchasing an additional 482 shares during the quarter. Revolve Wealth Partners LLC’s holdings in Intuit were worth $511,000 at the end of the most recent reporting period. Hedge funds and other institutional investors own 83.66% of the company’s stock.

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.