Morgan Stanley Cuts Intuit (NASDAQ:INTU) Price Target to $720.00

Intuit (NASDAQ:INTU) had its target price decreased by Morgan Stanley from $730.00 to $720.00 in a research note issued to investors on Wednesday morning,Benzinga reports. Morgan Stanley currently has an overweight rating on the software maker’s stock.

Other equities analysts have also recently issued research reports about the company. Scotiabank dropped their price objective on Intuit from $700.00 to $600.00 and set a “sector perform” rating for the company in a report on Thursday, February 27th. Jefferies Financial Group cut their price target on shares of Intuit from $800.00 to $735.00 and set a “buy” rating on the stock in a report on Monday, March 31st. Citigroup decreased their price objective on shares of Intuit from $760.00 to $726.00 and set a “buy” rating for the company in a report on Wednesday, February 26th. Redburn Atlantic began coverage on shares of Intuit in a research note on Wednesday, February 19th. They issued a “neutral” rating on the stock. Finally, Mizuho lifted their price target on shares of Intuit from $750.00 to $765.00 and gave the company an “outperform” rating in a research note on Monday, March 3rd. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and sixteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $718.56.

Intuit Stock Performance

Intuit stock opened at $585.38 on Wednesday. Intuit has a 1-year low of $532.65 and a 1-year high of $714.78. The company’s 50-day moving average is $592.03 and its 200 day moving average is $616.49. The firm has a market capitalization of $163.65 billion, a P/E ratio of 56.83, a price-to-earnings-growth ratio of 2.85 and a beta of 1.25. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.24 and a quick ratio of 1.24.

Intuit Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, April 18th. Shareholders of record on Thursday, April 10th were given a dividend of $1.04 per share. This represents a $4.16 annualized dividend and a yield of 0.71%. The ex-dividend date of this dividend was Thursday, April 10th. Intuit’s dividend payout ratio is presently 38.81%.

Insider Buying and Selling

In related news, Director Eve B. Burton sold 1,702 shares of the stock in a transaction that occurred on Thursday, March 20th. The shares were sold at an average price of $600.00, for a total value of $1,021,200.00. Following the transaction, the director now owns 8 shares in the company, valued at approximately $4,800. This represents a 99.53 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Laura A. Fennell sold 8,163 shares of Intuit stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $612.46, for a total transaction of $4,999,510.98. Following the sale, the executive vice president now owns 21,882 shares of the company’s stock, valued at approximately $13,401,849.72. The trade was a 27.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 23,696 shares of company stock worth $14,347,731 in the last 90 days. Insiders own 2.68% of the company’s stock.

Institutional Investors Weigh In On Intuit

Several hedge funds have recently bought and sold shares of INTU. Vanguard Group Inc. grew its position in Intuit by 1.3% during the fourth quarter. Vanguard Group Inc. now owns 27,035,316 shares of the software maker’s stock valued at $16,991,696,000 after buying an additional 353,185 shares during the period. Geode Capital Management LLC grew its position in shares of Intuit by 2.2% during the 4th quarter. Geode Capital Management LLC now owns 6,111,097 shares of the software maker’s stock valued at $3,833,720,000 after acquiring an additional 132,384 shares during the period. Wellington Management Group LLP increased its stake in shares of Intuit by 13.3% in the 4th quarter. Wellington Management Group LLP now owns 5,296,921 shares of the software maker’s stock valued at $3,329,115,000 after purchasing an additional 620,559 shares in the last quarter. Norges Bank purchased a new position in Intuit during the fourth quarter worth approximately $2,290,419,000. Finally, Northern Trust Corp grew its holdings in Intuit by 17.3% in the fourth quarter. Northern Trust Corp now owns 3,371,013 shares of the software maker’s stock valued at $2,118,682,000 after purchasing an additional 498,030 shares during the period. Hedge funds and other institutional investors own 83.66% of the company’s stock.

Intuit Company Profile

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.