Stonegate Investment Group LLC Raises Position in Intuit Inc. (NASDAQ:INTU)

Stonegate Investment Group LLC lifted its stake in Intuit Inc. (NASDAQ:INTU) by 13.6% in the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 9,193 shares of the software maker’s stock after purchasing an additional 1,102 shares during the quarter. Stonegate Investment Group LLC’s holdings in Intuit were worth $5,976,000 at the end of the most recent reporting period.

Other large investors have also recently modified their holdings of the company. OFI Invest Asset Management bought a new stake in shares of Intuit during the 3rd quarter worth approximately $51,000. V Square Quantitative Management LLC boosted its stake in shares of Intuit by 18.8% during the third quarter. V Square Quantitative Management LLC now owns 3,050 shares of the software maker’s stock valued at $1,558,000 after purchasing an additional 482 shares during the period. Compagnie Lombard Odier SCmA grew its holdings in shares of Intuit by 27.5% in the third quarter. Compagnie Lombard Odier SCmA now owns 8,800 shares of the software maker’s stock worth $4,496,000 after purchasing an additional 1,900 shares during the last quarter. Glenmede Trust Co. NA lifted its holdings in Intuit by 12.7% during the 3rd quarter. Glenmede Trust Co. NA now owns 18,397 shares of the software maker’s stock valued at $9,400,000 after buying an additional 2,074 shares in the last quarter. Finally, Hixon Zuercher LLC purchased a new stake in Intuit in the 4th quarter valued at about $1,292,000. Institutional investors own 83.66% of the company’s stock.

Intuit Price Performance

Shares of NASDAQ:INTU traded down $12.77 during midday trading on Tuesday, reaching $625.62. 1,309,742 shares of the company’s stock traded hands, compared to its average volume of 1,246,179. The company has a fifty day simple moving average of $639.51 and a two-hundred day simple moving average of $604.93. Intuit Inc. has a 1 year low of $400.22 and a 1 year high of $671.01. The company has a market cap of $175.17 billion, a P/E ratio of 63.84, a PEG ratio of 3.88 and a beta of 1.21. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.17 and a current ratio of 1.17.

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

Intuit Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, April 18th. Shareholders of record on Wednesday, April 10th were paid a $0.90 dividend. This represents a $3.60 dividend on an annualized basis and a dividend yield of 0.58%. The ex-dividend date of this dividend was Tuesday, April 9th. Intuit’s dividend payout ratio (DPR) is presently 36.73%.

Insider Transactions at Intuit

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

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on INTU shares. Piper Sandler boosted their price target on shares of Intuit from $642.00 to $750.00 and gave the company an “overweight” rating in a report on Friday, February 23rd. KeyCorp boosted their price objective on shares of Intuit from $700.00 to $720.00 and gave the stock an “overweight” rating in a research note on Wednesday, March 27th. Wells Fargo & Company increased their target price on Intuit from $615.00 to $710.00 and gave the company an “overweight” rating in a research report on Wednesday, February 21st. BMO Capital Markets restated an “outperform” rating and set a $700.00 price objective on shares of Intuit in a research note on Tuesday, March 26th. Finally, JPMorgan Chase & Co. raised their price target on shares of Intuit from $560.00 to $585.00 and gave the company a “neutral” rating in a report on Friday, February 23rd. Four research analysts have rated the stock with a hold rating and nineteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $650.23.

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.