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

Intuit Inc. (NASDAQ:INTU) announced a quarterly dividend on Thursday, February 27th, Wall Street Journal reports. Investors of record on Thursday, April 10th will be given a dividend of 1.04 per share by the software maker on Friday, April 18th. This represents a $4.16 annualized dividend and a yield of 0.69%. The ex-dividend date is Thursday, April 10th.

Intuit has raised its dividend payment by an average of 15.2% annually over the last three years and has raised its dividend every year for the last 13 years. Intuit has a payout ratio of 18.8% indicating that its dividend is sufficiently covered by earnings. Research 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 Stock Performance

Shares of NASDAQ:INTU traded down $25.09 during trading hours on Thursday, hitting $600.42. The stock had a trading volume of 2,358,704 shares, compared to its average volume of 1,899,814. The stock’s fifty day simple moving average is $607.22 and its 200 day simple moving average is $627.53. Intuit has a 1-year low of $553.24 and a 1-year high of $714.78. The firm has a market capitalization of $168.07 billion, a price-to-earnings ratio of 58.29, a PEG ratio of 2.85 and a beta of 1.24. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.24 and a current ratio of 1.24.

Insider Activity at Intuit

In other Intuit news, EVP Mark P. Notarainni sold 3,649 shares of the business’s stock in a transaction dated Thursday, December 5th. The shares were sold at an average price of $646.68, for a total value of $2,359,735.32. Following the completion of the transaction, the executive vice president now directly owns 19 shares of the company’s stock, valued at approximately $12,286.92. The trade was a 99.48 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Laura A. Fennell sold 7,700 shares of the business’s stock in a transaction dated Tuesday, December 10th. The stock was sold at an average price of $657.64, for a total transaction of $5,063,828.00. Following the completion of the transaction, the executive vice president now directly owns 33,916 shares of the company’s stock, valued at approximately $22,304,518.24. This represents a 18.50 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 218,014 shares of company stock valued at $140,855,687 in the last ninety days. Insiders own 2.68% of the company’s stock.

Wall Street Analyst Weigh In

INTU has been the subject of several recent analyst reports. StockNews.com upgraded shares of Intuit from a “hold” rating to a “buy” rating in a report on Thursday, January 23rd. Citigroup reduced their target price on shares of Intuit from $760.00 to $726.00 and set a “buy” rating for the company in a report on Wednesday. Piper Sandler restated an “overweight” rating and set a $785.00 target price (up from $765.00) on shares of Intuit in a report on Wednesday. Redburn Atlantic assumed coverage on shares of Intuit in a report on Wednesday, February 19th. They set a “neutral” rating for the company. Finally, BMO Capital Markets reduced their target price on shares of Intuit from $760.00 to $714.00 and set an “outperform” rating for the company in a report on Wednesday. One analyst has rated the stock with a sell rating, five have given a hold rating and fourteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $717.88.

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.