Wells Fargo & Company Trims Intuit (NASDAQ:INTU) Target Price to $550.00

Intuit (NASDAQ:INTUGet Rating) had its price target lowered by Wells Fargo & Company from $635.00 to $550.00 in a research note published on Wednesday, The Fly reports. The firm currently has an overweight rating on the software maker’s stock.

Other research analysts have also issued reports about the company. Oppenheimer lowered their price target on Intuit from $696.00 to $588.00 and set an outperform rating for the company in a research report on Friday, February 25th. Wolfe Research lowered their price target on Intuit from $790.00 to $600.00 and set an outperform rating for the company in a research report on Friday, February 25th. Citigroup began coverage on Intuit in a research report on Tuesday, February 1st. They set a buy rating and a $625.00 price target for the company. Zacks Investment Research upgraded Intuit from a hold rating to a buy rating and set a $492.00 price target for the company in a research report on Wednesday, March 2nd. Finally, Morgan Stanley reduced their price objective on Intuit from $720.00 to $550.00 and set an overweight rating on the stock in a research note on Friday, May 20th. One investment analyst has rated the stock with a hold rating and twenty-two have given a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of Buy and an average price target of $558.84.

Shares of Intuit stock opened at $422.48 on Wednesday. The firm has a market capitalization of $119.48 billion, a price-to-earnings ratio of 53.89, a PEG ratio of 2.89 and a beta of 1.16. Intuit has a fifty-two week low of $339.36 and a fifty-two week high of $716.86. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.18 and a current ratio of 1.18. The stock has a 50 day moving average of $434.51 and a 200 day moving average of $523.70.

Intuit (NASDAQ:INTUGet Rating) last issued its quarterly earnings data on Tuesday, May 24th. The software maker reported $7.65 earnings per share for the quarter, topping the consensus estimate of $7.58 by $0.07. Intuit had a return on equity of 20.37% and a net margin of 19.03%. The company had revenue of $5.63 billion during the quarter, compared to analyst estimates of $5.51 billion. During the same period in the prior year, the business posted $5.45 earnings per share. The firm’s revenue for the quarter was up 35.0% compared to the same quarter last year. Analysts forecast that Intuit will post 8.14 EPS for the current year.

The company also recently announced a quarterly dividend, which will be paid on Monday, July 18th. Shareholders of record on Monday, July 11th will be issued a $0.68 dividend. This represents a $2.72 annualized dividend and a yield of 0.64%. The ex-dividend date is Friday, July 8th. Intuit’s dividend payout ratio (DPR) is 34.69%.

In related news, EVP James Alexander Chriss sold 984 shares of the stock in a transaction dated Thursday, May 26th. The stock was sold at an average price of $386.29, for a total transaction of $380,109.36. Following the transaction, the executive vice president now directly owns 343 shares in the company, valued at $132,497.47. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Laura A. Fennell sold 59,286 shares of the firm’s stock in a transaction dated Wednesday, March 2nd. The stock was sold at an average price of $475.03, for a total value of $28,162,628.58. The disclosure for this sale can be found here. Insiders sold 60,638 shares of company stock worth $28,718,951 in the last three months. 3.27% of the stock is owned by corporate insiders.

A number of hedge funds and other institutional investors have recently modified their holdings of INTU. B. Riley Wealth Management Inc. acquired a new stake in Intuit during the 3rd quarter valued at approximately $208,000. Vident Investment Advisory LLC grew its stake in Intuit by 62.1% during the 3rd quarter. Vident Investment Advisory LLC now owns 3,948 shares of the software maker’s stock valued at $2,131,000 after purchasing an additional 1,513 shares in the last quarter. Assetmark Inc. grew its stake in Intuit by 113.4% during the 3rd quarter. Assetmark Inc. now owns 909 shares of the software maker’s stock valued at $490,000 after purchasing an additional 483 shares in the last quarter. The Manufacturers Life Insurance Company grew its stake in Intuit by 2.7% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 396,235 shares of the software maker’s stock valued at $213,773,000 after purchasing an additional 10,408 shares in the last quarter. Finally, Carmignac Gestion grew its stake in Intuit by 10.6% during the 3rd quarter. Carmignac Gestion now owns 14,735 shares of the software maker’s stock valued at $7,978,000 after purchasing an additional 1,410 shares in the last quarter. Hedge funds and other institutional investors own 83.42% of the company’s stock.

About Intuit (Get Rating)

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 ProConnect.

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