Drive Wealth Management LLC Has $471,000 Position in Intuit Inc. (NASDAQ:INTU)

Drive Wealth Management LLC grew its stake in Intuit Inc. (NASDAQ:INTU) by 4.3% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 725 shares of the software maker’s stock after purchasing an additional 30 shares during the period. Drive Wealth Management LLC’s holdings in Intuit were worth $471,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently made changes to their positions in INTU. Norges Bank bought a new position in Intuit in the 4th quarter valued at approximately $2,101,848,000. Wellington Management Group LLP raised its holdings in Intuit by 173.0% in the 4th quarter. Wellington Management Group LLP now owns 3,687,583 shares of the software maker’s stock valued at $2,304,850,000 after buying an additional 2,336,654 shares during the last quarter. Lone Pine Capital LLC bought a new position in Intuit in the 4th quarter valued at approximately $467,852,000. Parnassus Investments LLC raised its holdings in Intuit by 119.0% in the 4th quarter. Parnassus Investments LLC now owns 1,338,139 shares of the software maker’s stock valued at $836,377,000 after buying an additional 727,185 shares during the last quarter. Finally, International Assets Investment Management LLC raised its holdings in Intuit by 60,534.9% during the 4th quarter. International Assets Investment Management LLC now owns 472,952 shares of the software maker’s stock worth $295,609,000 after purchasing an additional 472,172 shares during the last quarter. 83.66% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Intuit news, EVP Kerry J. Mclean sold 3,692 shares of Intuit stock in a transaction on Tuesday, February 27th. The shares were sold at an average price of $663.84, for a total transaction of $2,450,897.28. Following the transaction, the executive vice president now directly owns 22,948 shares of the company’s stock, valued at approximately $15,233,800.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, EVP Alex G. Balazs sold 280 shares of the business’s stock in a transaction dated Wednesday, March 20th. The shares were sold at an average price of $636.38, for a total value of $178,186.40. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Kerry J. Mclean sold 3,692 shares of the business’s stock in a transaction dated Tuesday, February 27th. The stock was sold at an average price of $663.84, for a total transaction of $2,450,897.28. Following the completion of the transaction, the executive vice president now directly owns 22,948 shares in the company, valued at $15,233,800.32. The disclosure for this sale can be found here. Insiders have sold 4,717 shares of company stock valued at $3,117,156 in the last three months. 2.90% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several research firms have issued reports on INTU. Barclays raised their price target on shares of Intuit from $735.00 to $745.00 and gave the stock an “overweight” rating in a report on Friday, February 23rd. Evercore ISI raised their price target on shares of Intuit from $670.00 to $725.00 and gave the stock an “outperform” rating in a report on Friday, February 23rd. Stifel Nicolaus raised their price target on shares of Intuit from $600.00 to $720.00 and gave the stock a “buy” rating in a report on Friday, February 23rd. BMO Capital Markets restated an “outperform” rating and set a $700.00 price target on shares of Intuit in a report on Tuesday, March 26th. Finally, Piper Sandler raised their price target on shares of Intuit from $642.00 to $750.00 and gave the stock an “overweight” rating in a report on Friday, February 23rd. Five investment analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $650.23.

Intuit Stock Up 1.6 %

NASDAQ INTU traded up $10.16 during mid-day trading on Friday, hitting $636.55. The company’s stock had a trading volume of 1,192,496 shares, compared to its average volume of 1,208,945. The company’s 50 day simple moving average is $640.26 and its 200 day simple moving average is $602.74. Intuit Inc. has a twelve month low of $400.22 and a twelve month high of $671.01. The company has a current ratio of 1.17, a quick ratio of 1.17 and a debt-to-equity ratio of 0.35. The firm has a market capitalization of $178.23 billion, a price-to-earnings ratio of 64.95, a PEG ratio of 3.81 and a beta of 1.21.

Intuit (NASDAQ:INTU) last posted its quarterly earnings results on Thursday, February 22nd. The software maker reported $2.63 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.30 by $0.33. Intuit had a net margin of 18.35% and a return on equity of 17.51%. The business had revenue of $3.39 billion during the quarter, compared to the consensus estimate of $3.39 billion. During the same quarter last year, the firm posted $1.05 EPS. Intuit’s revenue was up 11.3% compared to the same quarter last year. Analysts anticipate that Intuit Inc. will post 11.27 earnings per share for the current year.

Intuit Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, April 18th. Shareholders of record on Wednesday, April 10th were issued a dividend of $0.90 per share. This represents a $3.60 dividend on an annualized basis and a yield of 0.57%. The ex-dividend date of this dividend was Tuesday, April 9th. Intuit’s dividend payout ratio is 36.73%.

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.