3Chopt Investment Partners LLC Makes New $360,000 Investment in Intuit Inc. (NASDAQ:INTU)

3Chopt Investment Partners LLC bought a new position in Intuit Inc. (NASDAQ:INTU - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 587 shares of the software maker's stock, valued at approximately $360,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. NewSquare Capital LLC increased its stake in Intuit by 72.0% in the 4th quarter. NewSquare Capital LLC now owns 43 shares of the software maker's stock worth $27,000 after buying an additional 18 shares in the last quarter. Ethos Financial Group LLC grew its position in shares of Intuit by 3.7% during the fourth quarter. Ethos Financial Group LLC now owns 508 shares of the software maker's stock worth $319,000 after purchasing an additional 18 shares in the last quarter. Legacy Investment Solutions LLC grew its position in shares of Intuit by 18.0% during the fourth quarter. Legacy Investment Solutions LLC now owns 118 shares of the software maker's stock worth $68,000 after purchasing an additional 18 shares in the last quarter. Financial Management Professionals Inc. grew its position in shares of Intuit by 18.4% during the first quarter. Financial Management Professionals Inc. now owns 116 shares of the software maker's stock worth $71,000 after purchasing an additional 18 shares in the last quarter. Finally, Chris Bulman Inc grew its position in shares of Intuit by 1.2% during the first quarter. Chris Bulman Inc now owns 1,523 shares of the software maker's stock worth $935,000 after purchasing an additional 18 shares in the last quarter. 83.66% of the stock is owned by hedge funds and other institutional investors.

Intuit Stock Up 0.5%

NASDAQ INTU opened at $776.57 on Friday. The company has a quick ratio of 1.45, a current ratio of 1.45 and a debt-to-equity ratio of 0.29. The company has a fifty day moving average of $700.54 and a two-hundred day moving average of $638.38. The firm has a market capitalization of $216.62 billion, a price-to-earnings ratio of 63.03, a PEG ratio of 3.45 and a beta of 1.28. Intuit Inc. has a 52 week low of $532.65 and a 52 week high of $787.22.

Intuit (NASDAQ:INTU - Get Free Report) last released its quarterly earnings results on Thursday, May 22nd. The software maker reported $11.65 EPS for the quarter, topping analysts' consensus estimates of $10.89 by $0.76. Intuit had a net margin of 19.07% and a return on equity of 21.46%. The firm had revenue of $7.75 billion during the quarter, compared to analysts' expectations of $7.56 billion. During the same period in the previous year, the company earned $9.88 EPS. The firm's revenue for the quarter was up 15.1% compared to the same quarter last year. On average, analysts predict that Intuit Inc. will post 14.09 earnings per share for the current year.

Intuit Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 18th. Shareholders of record on Thursday, July 10th will be given a dividend of $1.04 per share. The ex-dividend date of this dividend is Thursday, July 10th. This represents a $4.16 annualized dividend and a dividend yield of 0.54%. Intuit's dividend payout ratio (DPR) is presently 33.77%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the stock. Piper Sandler reaffirmed an "overweight" rating and set a $825.00 price objective (up from $785.00) on shares of Intuit in a report on Friday, May 23rd. The Goldman Sachs Group raised their target price on shares of Intuit from $750.00 to $860.00 and gave the company a "buy" rating in a research note on Monday, May 19th. Oppenheimer reaffirmed an "outperform" rating and set a $742.00 target price (up from $642.00) on shares of Intuit in a research note on Friday, May 23rd. Citigroup restated a "buy" rating and set a $789.00 price objective (up previously from $726.00) on shares of Intuit in a research report on Friday, May 23rd. Finally, Morgan Stanley restated an "overweight" rating and set a $785.00 price objective (up previously from $720.00) on shares of Intuit in a research report on Friday, May 23rd. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating, twenty-one have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Intuit presently has an average rating of "Moderate Buy" and a consensus target price of $793.05.

Insider Activity at Intuit

In other news, insider Scott D. Cook sold 72,442 shares of the business's stock in a transaction on Tuesday, May 27th. The shares were sold at an average price of $741.29, for a total transaction of $53,700,530.18. Following the completion of the sale, the insider now directly owns 6,063,495 shares of the company's stock, valued at approximately $4,494,808,208.55. The trade was a 1.18% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Lauren D. Hotz sold 1,738 shares of the business's stock in a transaction dated Friday, June 27th. The shares were sold at an average price of $784.09, for a total transaction of $1,362,748.42. Following the completion of the sale, the chief accounting officer now directly owns 455 shares of the company's stock, valued at approximately $356,760.95. This trade represents a 79.25% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 272,896 shares of company stock worth $204,351,942 in the last quarter. 2.68% of the stock is owned by company insiders.

Intuit Company 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.

Want to see what other hedge funds are holding INTU? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Intuit Inc. (NASDAQ:INTU - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.