Citigroup Cuts Intuit (NASDAQ:INTU) Price Target to $726.00

Intuit (NASDAQ:INTU) had its price target decreased by Citigroup from $760.00 to $726.00 in a report released on Wednesday,Benzinga reports. Citigroup currently has a buy rating on the software maker’s stock.

A number of other brokerages also recently issued reports on INTU. Piper Sandler restated an “overweight” rating and set a $785.00 price objective (up from $765.00) on shares of Intuit in a research report on Wednesday. BMO Capital Markets lowered their price objective on Intuit from $760.00 to $714.00 and set an “outperform” rating for the company in a research report on Wednesday. Redburn Atlantic initiated coverage on Intuit in a research report on Wednesday, February 19th. They set a “neutral” rating for the company. 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. Finally, Jefferies Financial Group raised their target price on Intuit from $790.00 to $800.00 and gave the stock a “buy” rating in a research note on Friday, November 22nd. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and fourteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $717.88.

Intuit Price Performance

Shares of INTU opened at $613.84 on Wednesday. Intuit has a 1 year low of $553.24 and a 1 year high of $714.78. 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 company has a market capitalization of $171.82 billion, a price-to-earnings ratio of 59.60, a price-to-earnings-growth ratio of 2.85 and a beta of 1.24. The business has a 50-day moving average of $605.90 and a 200-day moving average of $627.25.

Intuit Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, April 18th. Shareholders of record on Thursday, April 10th will be paid a $1.04 dividend. The ex-dividend date is Thursday, April 10th. This represents a $4.16 dividend on an annualized basis and a yield of 0.68%. Intuit’s dividend payout ratio (DPR) is presently 38.81%.

Insider Buying and Selling at Intuit

In related news, EVP Alex G. Balazs sold 23,810 shares of Intuit stock in a transaction that occurred on Thursday, December 12th. The stock was sold at an average price of $665.98, for a total transaction of $15,856,983.80. Following the transaction, the executive vice president now owns 489 shares of the company’s stock, valued at $325,664.22. The trade was a 97.99 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Sandeep Aujla sold 109 shares of Intuit stock in a transaction that occurred on Friday, January 3rd. The shares were sold at an average price of $628.50, for a total value of $68,506.50. Following the transaction, the chief financial officer now directly owns 1,944 shares in the company, valued at approximately $1,221,804. The trade was a 5.31 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 218,014 shares of company stock valued at $140,855,687. Company insiders own 2.68% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of INTU. Integrated Advisors Network LLC boosted its position in shares of Intuit by 9.6% during the third quarter. Integrated Advisors Network LLC now owns 1,416 shares of the software maker’s stock valued at $879,000 after buying an additional 124 shares during the last quarter. Strategic Blueprint LLC lifted its holdings in Intuit by 1.9% during the third quarter. Strategic Blueprint LLC now owns 1,167 shares of the software maker’s stock worth $725,000 after acquiring an additional 22 shares during the period. Fidelis Capital Partners LLC lifted its holdings in Intuit by 9.2% during the third quarter. Fidelis Capital Partners LLC now owns 1,494 shares of the software maker’s stock worth $899,000 after acquiring an additional 126 shares during the period. Childress Capital Advisors LLC lifted its holdings in Intuit by 3.2% during the third quarter. Childress Capital Advisors LLC now owns 1,137 shares of the software maker’s stock worth $706,000 after acquiring an additional 35 shares during the period. Finally, Mutual Advisors LLC lifted its holdings in Intuit by 21.5% during the third quarter. Mutual Advisors LLC now owns 2,690 shares of the software maker’s stock worth $1,625,000 after acquiring an additional 476 shares during the 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.