Intuit (NASDAQ:INTU) Price Target Lowered to $600.00 at Scotiabank

Intuit (NASDAQ:INTU) had its price target lowered by Scotiabank from $700.00 to $600.00 in a report released on Thursday,Benzinga reports. The firm currently has a sector perform rating on the software maker’s stock.

Several other equities research analysts have also commented on INTU. Oppenheimer lifted their price target on shares of Intuit from $712.00 to $722.00 and gave the stock an “outperform” rating in a research note on Friday, November 22nd. Redburn Atlantic assumed coverage on Intuit in a research report on Wednesday, February 19th. They set a “neutral” rating on the stock. Jefferies Financial Group boosted their price objective on shares of Intuit from $790.00 to $800.00 and gave the stock a “buy” rating in a report on Friday, November 22nd. JPMorgan Chase & Co. lifted their target price on shares of Intuit from $600.00 to $640.00 and gave the stock a “neutral” rating in a research report on Friday, November 22nd. Finally, Morgan Stanley upgraded Intuit from an “equal weight” rating to an “overweight” rating and set a $730.00 price objective for the company in a research report on Wednesday. One analyst has rated the stock with a sell rating, five have assigned a hold rating and fourteen have given a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $717.88.

Intuit Stock Performance

Shares of INTU stock opened at $600.42 on Thursday. Intuit has a one year low of $553.24 and a one year high of $714.78. The firm’s 50 day moving average price is $606.49 and its 200-day moving average price is $627.35. The firm has a market cap of $168.07 billion, a P/E ratio of 58.29, a P/E/G 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.

Intuit Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, April 18th. Shareholders of record on Thursday, April 10th will be given a dividend of $1.04 per share. The ex-dividend date is Thursday, April 10th. This represents a $4.16 dividend on an annualized basis and a dividend yield of 0.69%. Intuit’s payout ratio is presently 38.81%.

Insider Buying and Selling

In related news, EVP Alex G. Balazs sold 23,810 shares of the company’s stock in a transaction dated Thursday, December 12th. The shares were sold at an average price of $665.98, for a total value of $15,856,983.80. Following the sale, the executive vice president now owns 489 shares in the company, valued at $325,664.22. This represents a 97.99 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Scott D. Cook sold 73,655 shares of the stock in a transaction that occurred on Wednesday, December 18th. The shares were 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 90 days, insiders have sold 218,014 shares of company stock worth $140,855,687. Corporate insiders own 2.68% of the company’s stock.

Institutional Inflows and Outflows

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

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.