Rehmann Capital Advisory Group bought a new position in shares of Intuit Inc. (NASDAQ:INTU – Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 622 shares of the software maker’s stock, valued at approximately $285,000.
Several other institutional investors have also recently made changes to their positions in the stock. Bank Julius Baer & Co. Ltd Zurich raised its position in shares of Intuit by 99,673.1% in the second quarter. Bank Julius Baer & Co. Ltd Zurich now owns 157,291,233 shares of the software maker’s stock worth $72,069,270,000 after buying an additional 157,133,584 shares in the last quarter. State Street Corp raised its position in shares of Intuit by 1.8% in the second quarter. State Street Corp now owns 11,298,299 shares of the software maker’s stock worth $5,176,768,000 after buying an additional 198,646 shares in the last quarter. Geode Capital Management LLC raised its position in shares of Intuit by 2.5% in the second quarter. Geode Capital Management LLC now owns 5,314,664 shares of the software maker’s stock worth $2,428,078,000 after buying an additional 131,586 shares in the last quarter. Brown Advisory Inc. raised its position in shares of Intuit by 3.0% in the second quarter. Brown Advisory Inc. now owns 3,536,542 shares of the software maker’s stock worth $1,620,408,000 after buying an additional 101,643 shares in the last quarter. Finally, Morgan Stanley raised its position in shares of Intuit by 42.5% in the fourth quarter. Morgan Stanley now owns 3,444,913 shares of the software maker’s stock worth $1,340,830,000 after buying an additional 1,027,752 shares in the last quarter. Hedge funds and other institutional investors own 82.63% of the company’s stock.
Intuit Price Performance
INTU opened at $608.51 on Friday. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.25 and a current ratio of 1.25. Intuit Inc. has a 52-week low of $370.62 and a 52-week high of $617.61. The stock has a market capitalization of $170.35 billion, a PE ratio of 66.50, a price-to-earnings-growth ratio of 3.67 and a beta of 1.21. The stock’s 50 day moving average price is $542.29 and its 200-day moving average price is $508.58.
Intuit (NASDAQ:INTU – Get Free Report) last released its quarterly earnings results on Tuesday, November 28th. The software maker reported $2.47 earnings per share for the quarter, beating the consensus estimate of $1.98 by $0.49. Intuit had a return on equity of 17.34% and a net margin of 17.53%. The company had revenue of $2.98 billion for the quarter, compared to analyst estimates of $2.88 billion. During the same period in the previous year, the company posted $0.57 earnings per share. The firm’s revenue was up 14.7% on a year-over-year basis. On average, equities research analysts predict that Intuit Inc. will post 11.26 EPS for the current year.
Intuit Announces Dividend
The company also recently declared a quarterly dividend, which will be paid on Thursday, January 18th. Investors of record on Wednesday, January 10th will be given a dividend of $0.90 per share. The ex-dividend date of this dividend is Tuesday, January 9th. This represents a $3.60 annualized dividend and a dividend yield of 0.59%. Intuit’s dividend payout ratio is presently 39.34%.
Insider Activity at Intuit
In related news, CEO Sasan K. Goodarzi sold 93,641 shares of Intuit stock in a transaction that occurred on Wednesday, December 6th. The stock was sold at an average price of $569.02, for a total transaction of $53,283,601.82. Following the sale, the chief executive officer now directly owns 65,324 shares in the company, valued at $37,170,662.48. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other Intuit news, CEO Sasan K. Goodarzi sold 93,641 shares of the business’s stock in a transaction on Wednesday, December 6th. The stock was sold at an average price of $569.02, for a total value of $53,283,601.82. Following the sale, the chief executive officer now directly owns 65,324 shares of the company’s stock, valued at $37,170,662.48. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Mark P. Notarainni sold 358 shares of the business’s stock in a transaction on Tuesday, October 3rd. The stock was sold at an average price of $511.29, for a total value of $183,041.82. Following the completion of the sale, the executive vice president now directly owns 869 shares in the company, valued at $444,311.01. The disclosure for this sale can be found here. Insiders have sold 98,940 shares of company stock worth $56,031,416 over the last ninety days. 2.90% of the stock is owned by corporate insiders.
Analysts Set New Price Targets
A number of brokerages recently issued reports on INTU. Credit Suisse Group increased their price objective on Intuit from $500.00 to $570.00 and gave the stock an “outperform” rating in a research report on Friday, August 25th. Argus lifted their price target on Intuit from $580.00 to $640.00 and gave the stock a “buy” rating in a research note on Wednesday, September 6th. Piper Sandler reaffirmed an “overweight” rating and set a $642.00 price target on shares of Intuit in a research note on Wednesday, November 29th. Evercore ISI raised their price objective on Intuit from $505.00 to $530.00 and gave the company an “outperform” rating in a report on Friday, August 25th. Finally, Oppenheimer boosted their target price on Intuit from $530.00 to $610.00 and gave the stock an “outperform” rating in a research report on Wednesday, November 29th. Four research analysts have rated the stock with a hold rating and twenty-one have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $587.67.
Check Out Our Latest Stock Analysis on INTU
Intuit 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.
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