Intuit Inc. (INTU) Sees Large Volume Increase
Shares of Intuit Inc. (NASDAQ:INTU) saw an uptick in trading volume on Friday . 1,217,893 shares traded hands during trading, a decline of 26% from the previous session’s volume of 1,636,513 shares.The stock last traded at $114.85 and had previously closed at $116.39.
Several brokerages recently issued reports on INTU. Barclays PLC cut Intuit from an “overweight” rating to an “equal weight” rating and raised their price objective for the stock from $110.00 to $116.00 in a research note on Friday. Zacks Investment Research cut Intuit from a “buy” rating to a “hold” rating in a research note on Thursday, June 30th. Goldman Sachs Group Inc. upgraded Intuit from a “buy” rating to a “conviction-buy” rating in a research note on Friday, June 24th. Bank of America Corp. restated a “buy” rating on shares of Intuit in a research note on Thursday, May 26th. Finally, Vetr cut Intuit from a “buy” rating to a “hold” rating and set a $108.50 price objective on the stock. in a research note on Wednesday, June 15th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the stock. Intuit has a consensus rating of “Hold” and an average target price of $110.06.
The stock has a 50-day moving average price of $109.39 and a 200-day moving average price of $101.62. The stock has a market cap of $29.42 billion and a PE ratio of 30.04.
Intuit (NASDAQ:INTU) last announced its quarterly earnings results on Tuesday, May 24th. The company reported $3.43 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $3.21 by $0.22. The company earned $2.30 billion during the quarter. Intuit’s quarterly revenue was up 7.9% compared to the same quarter last year. During the same quarter last year, the company posted $2.85 earnings per share. On average, equities research analysts anticipate that Intuit Inc. will post $3.68 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Monday, July 18th. Investors of record on Tuesday, July 12th will be paid a $0.30 dividend. This represents a $1.20 annualized dividend and a yield of 1.04%. The ex-dividend date is Friday, July 8th.
In related news, Director Diane B. Greene sold 30,000 shares of the business’s stock in a transaction on Friday, June 17th. The stock was sold at an average price of $105.01, for a total value of $3,150,300.00. Following the sale, the director now owns 37,393 shares of the company’s stock, valued at approximately $3,926,638.93. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Henry Tayloe Stansbury sold 2,787 shares of the business’s stock in a transaction on Friday, June 24th. The shares were sold at an average price of $103.86, for a total value of $289,457.82. The disclosure for this sale can be found here.
Other hedge funds recently made changes to their positions in the company. Morgan Stanley raised its stake in shares of Intuit by 25.4% in the fourth quarter. Morgan Stanley now owns 2,755,087 shares of the company’s stock valued at $265,865,000 after buying an additional 557,574 shares in the last quarter. Marshall Wace LLP raised its stake in shares of Intuit by 491.4% in the fourth quarter. Marshall Wace LLP now owns 570,208 shares of the company’s stock valued at $55,025,000 after buying an additional 473,793 shares in the last quarter. UBS Oconnor LLC bought a new stake in shares of Intuit during the fourth quarter valued at approximately $11,098,000. Cornerstone Capital Management Holdings LLC. raised its stake in shares of Intuit by 32.9% in the fourth quarter. Cornerstone Capital Management Holdings LLC. now owns 194,629 shares of the company’s stock valued at $18,781,000 after buying an additional 48,141 shares in the last quarter. Finally, GSA Capital Partners LLP bought a new stake in shares of Intuit during the fourth quarter valued at approximately $3,173,000.
Intuit Inc is a provider of business and financial management solutions for small businesses, consumers and accounting professionals. The Company operates through three segments: Small Business, Consumer Tax and Professional Tax. The Company operates in the United States, Canada, India, the United Kingdom, Singapore and Australia, among others.
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