Intuit Inc. (Nasdaq: INTU) will split 3-for-1 at the end of the month.
On Thursday, the Mountain View, Calif.-based financial software vendor announced plans for the stock division, to take effect after market close Sept. 30 for shareholders of record Sept. 20. Intuit had about 62.5 million shares outstanding at the end of July. The company also said it would move its annual stockholder meeting, usually held in January, to November 30.
The split would be Intuit's second since going public. Intuit stock split 2-for-1 in 1995.
"Intuit recently ended its fiscal year 1999 with solid financial performance and a strong balance sheet," said Bill Harris, president and CEO. "We believe that our electronic finance initiatives, combined with sustained leadership in our traditional desktop software business, provide the foundation for delivering long-term value for our stockholders."
The company recently reported better-than-expected fourth quarter results. Intuit's stock price has been rising since early August; shares closed Thursday's regular trading at 97 1/16, up 5 1/16 for the day. Of a dozen analysts surveyed by Zack's Investment Research, eight rate Intuit the equivalent of a "moderate buy", three have "strong buy" ratings on the stock, and one has a "hold" advisory.>