Advisor Resource Council Takes $381,000 Position in Intuit Inc. (NASDAQ:INTU)

Advisor Resource Council acquired a new stake in shares of Intuit Inc. (NASDAQ:INTU - Free Report) during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 680 shares of the software maker's stock, valued at approximately $381,000.

Other hedge funds have also recently modified their holdings of the company. Vanguard Group Inc. grew its holdings in Intuit by 1.3% during the 4th quarter. Vanguard Group Inc. now owns 27,035,316 shares of the software maker's stock valued at $16,991,696,000 after buying an additional 353,185 shares in the last quarter. Geode Capital Management LLC boosted its position in shares of Intuit by 2.2% during the 4th quarter. Geode Capital Management LLC now owns 6,111,097 shares of the software maker's stock valued at $3,833,720,000 after acquiring an additional 132,384 shares during the last quarter. Wellington Management Group LLP grew its holdings in shares of Intuit by 13.3% in the fourth quarter. Wellington Management Group LLP now owns 5,296,921 shares of the software maker's stock valued at $3,329,115,000 after purchasing an additional 620,559 shares in the last quarter. Norges Bank bought a new stake in Intuit in the fourth quarter worth $2,290,419,000. Finally, Northern Trust Corp raised its stake in Intuit by 17.3% during the fourth quarter. Northern Trust Corp now owns 3,371,013 shares of the software maker's stock valued at $2,118,682,000 after purchasing an additional 498,030 shares in the last quarter. Hedge funds and other institutional investors own 83.66% of the company's stock.

Intuit Trading Up 2.0%

Shares of NASDAQ INTU traded up $15.00 during trading hours on Thursday, reaching $772.86. The stock had a trading volume of 1,416,949 shares, compared to its average volume of 1,611,738. Intuit Inc. has a 52-week low of $532.65 and a 52-week high of $773.93. The firm has a market cap of $215.59 billion, a price-to-earnings ratio of 62.73, a P/E/G ratio of 3.37 and a beta of 1.28. The business's fifty day moving average price is $696.71 and its two-hundred day moving average price is $637.71. The company has a current ratio of 1.45, a quick ratio of 1.45 and a debt-to-equity ratio of 0.29.

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

Intuit Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 18th. Stockholders of record on Thursday, July 10th will be issued a $1.04 dividend. 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 is currently 33.77%.

Analysts Set New Price Targets

A number of analysts have recently weighed in on INTU shares. Piper Sandler restated an "overweight" rating and issued a $825.00 target price (up from $785.00) on shares of Intuit in a report on Friday, May 23rd. The Goldman Sachs Group lifted their price target on Intuit from $750.00 to $860.00 and gave the stock a "buy" rating in a research report on Monday, May 19th. KeyCorp restated an "overweight" rating and set a $850.00 price objective (up from $770.00) on shares of Intuit in a research report on Friday, May 23rd. Royal Bank Of Canada reaffirmed an "outperform" rating and issued a $850.00 price objective (up from $760.00) on shares of Intuit in a research note on Friday, May 23rd. Finally, Wall Street Zen raised Intuit from a "hold" rating to a "buy" rating in a research report on Tuesday, April 29th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating, twenty-one have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Intuit presently has a consensus rating of "Moderate Buy" and a consensus price target of $793.05.

Insider Activity

In other Intuit news, EVP Kerry J. Mclean sold 16,700 shares of the business's stock in a transaction dated Tuesday, May 27th. The shares were sold at an average price of $729.16, for a total value of $12,176,972.00. Following the completion of the transaction, the executive vice president now directly owns 23,101 shares in the company, valued at approximately $16,844,325.16. The trade was a 41.96% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Scott D. Cook sold 72,442 shares of the stock in a transaction dated 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 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 disclosure for this sale can be found here. In the last quarter, insiders sold 271,158 shares of company stock worth $202,989,194. 2.68% of the stock is currently owned by corporate insiders.

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.