Intuit Soars Most in a Year After Announcing First Dividend
August 19, 2011, 4:42 PM EDTBy Niamh Ring
(Updates with closing share price in fourth paragraph)
Aug. 19 (Bloomberg) -- Intuit Inc. rose the most in a year after the software maker announced its first cash dividend ever as fiscal fourth-quarter revenue increased 10 percent.
The board approved a quarterly payout of 15 cents a share for Oct. 18 to shareholders of record as of Oct. 10, the Mountain View, California-based company said in a statement yesterday. Revenue rose to $593 million in the period ended July 31.
Intuit’s board also approved a new $2 billion stock repurchase program to run through August 2014.
Intuit rose $3.35, or 8.3 percent, to $43.65 at 4 p.m. New York time in Nasdaq Stock Market trading for its largest daily increase since Aug. 20, 2010. The stock was the biggest gainer today in the Standard & Poor’s 500 Index.
--Editors: Romaine Bostick, John Lear
To contact the reporter on this story: Niamh Ring in New York at nring@bloomberg.net
To contact the editor responsible for this story: Cecile Daurat at cdaurat@bloomberg.net
