Intuit (NASDAQ:INTU) Updates FY 2023 Earnings Guidance

Intuit (NASDAQ:INTU – Get Rating) updated its FY 2023 earnings guidance on Friday. The company provided EPS guidance of $14.20-$14.25 for the period, compared to the consensus EPS estimate of $13.83. The company issued revenue guidance of $14.28 billion-$14.32 billion, compared to the consensus revenue estimate of $14.18 billion. Intuit also updated its Q4 2023 guidance to $1.43-$1.48 EPS.

Analysts Set New Price Targets

Several equities analysts recently issued reports on INTU shares. Atlantic Securities assumed coverage on shares of Intuit in a report on Monday, April 24th. They issued an overweight rating and a $530.00 target price on the stock. Mizuho reduced their price objective on shares of Intuit from $650.00 to $550.00 in a research report on Tuesday, May 16th. UBS Group initiated coverage on shares of Intuit in a research note on Wednesday, March 15th. They issued a neutral rating and a $430.00 price objective for the company. Morgan Stanley lifted their price target on shares of Intuit from $520.00 to $525.00 in a research note on Wednesday. Finally, Citigroup increased their price objective on shares of Intuit from $475.00 to $495.00 in a research report on Wednesday. Three investment analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company’s stock. According to data from MarketBeat, Intuit has a consensus rating of Moderate Buy and a consensus price target of $491.35.

Intuit Stock Performance

Shares of Intuit stock traded up $10.59 during mid-day trading on Friday, hitting $423.69. 1,966,627 shares of the stock were exchanged, compared to its average volume of 1,633,282. Intuit has a 12 month low of $352.63 and a 12 month high of $490.83. The company has a 50-day simple moving average of $433.52 and a 200 day simple moving average of $412.09. The company has a market capitalization of $118.66 billion, a P/E ratio of 52.53, a P/E/G ratio of 3.11 and a beta of 1.19. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.23 and a current ratio of 1.51.

Intuit (NASDAQ:INTU – Get Rating) last issued its quarterly earnings results on Tuesday, May 23rd. The software maker reported $8.92 EPS for the quarter, topping analysts’ consensus estimates of $7.30 by $1.62. Intuit had a return on equity of 16.50% and a net margin of 15.91%. The business had revenue of $6.02 billion for the quarter, compared to analyst estimates of $6.09 billion. During the same period last year, the company posted $6.70 earnings per share. Intuit’s quarterly revenue was up 6.9% compared to the same quarter last year. Sell-side analysts anticipate that Intuit will post 9 earnings per share for the current fiscal year.

Intuit Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, July 18th. Shareholders of record on Monday, July 10th will be paid a $0.78 dividend. This represents a $3.12 dividend on an annualized basis and a yield of 0.74%. The ex-dividend date of this dividend is Friday, July 7th. Intuit’s payout ratio is 39.39%.

Insider Transactions at Intuit

In other Intuit news, Director Eve B. Burton sold 4,539 shares of the firm’s stock in a transaction on Tuesday, March 7th. The stock was sold at an average price of $412.57, for a total value of $1,872,655.23. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, CAO Lauren D. Hotz sold 500 shares of the business’s stock in a transaction that occurred on Tuesday, March 7th. The shares were sold at an average price of $413.16, for a total value of $206,580.00. Following the sale, the chief accounting officer now owns 1,781 shares of the company’s stock, valued at $735,837.96. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Eve B. Burton sold 4,539 shares of the firm’s stock in a transaction that occurred on Tuesday, March 7th. The stock was sold at an average price of $412.57, for a total transaction of $1,872,655.23. The disclosure for this sale can be found here. Insiders sold a total of 7,328 shares of company stock worth $3,019,323 in the last quarter. Insiders own 3.18% of the company’s stock.

Institutional Investors Weigh In On Intuit

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. SkyView Investment Advisors LLC bought a new stake in shares of Intuit during the 1st quarter valued at $50,000. Centaurus Financial Inc. increased its position in shares of Intuit by 9.0% during the first quarter. Centaurus Financial Inc. now owns 579 shares of the software maker’s stock valued at $258,000 after buying an additional 48 shares during the period. Chevy Chase Trust Holdings LLC lifted its holdings in shares of Intuit by 0.5% in the first quarter. Chevy Chase Trust Holdings LLC now owns 163,601 shares of the software maker’s stock worth $72,938,000 after buying an additional 753 shares in the last quarter. Sunbelt Securities Inc. boosted its position in shares of Intuit by 5.2% in the first quarter. Sunbelt Securities Inc. now owns 2,609 shares of the software maker’s stock valued at $1,148,000 after acquiring an additional 128 shares during the period. Finally, KB Financial Partners LLC purchased a new position in Intuit during the first quarter valued at approximately $175,000. Institutional investors own 82.65% of the company’s stock.

About Intuit

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Intuit, Inc engages in the provision of business and financial management solutions. It operates through the following segments: Small Business and Self-Employed, Consumer, Credit Karma, and ProConnect. The Small Business and Self-Employed segment offers QuickBooks financial and business management online services and desktop software, payroll solutions, payment processing solutions, and financing for small businesses.