Apollon Wealth Management LLC Grows Stock Position in Intuit Inc. (NASDAQ:INTU)

Apollon Wealth Management LLC raised its holdings in shares of Intuit Inc. (NASDAQ:INTU - Free Report) by 68.8% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 21,025 shares of the software maker's stock after buying an additional 8,573 shares during the quarter. Apollon Wealth Management LLC's holdings in Intuit were worth $12,909,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of INTU. Copia Wealth Management purchased a new position in shares of Intuit during the 4th quarter worth $25,000. Summit Securities Group LLC acquired a new stake in Intuit during the fourth quarter worth about $28,000. Heck Capital Advisors LLC purchased a new position in Intuit during the fourth quarter worth about $28,000. VSM Wealth Advisory LLC acquired a new position in Intuit in the 4th quarter valued at about $35,000. Finally, Olde Wealth Management LLC purchased a new stake in shares of Intuit in the 1st quarter valued at approximately $37,000. 83.66% of the stock is currently owned by institutional investors and hedge funds.

Intuit Stock Up 0.6%

Intuit stock traded up $4.85 during mid-day trading on Monday, hitting $752.75. The company had a trading volume of 1,114,928 shares, compared to its average volume of 1,804,414. The company has a quick ratio of 1.45, a current ratio of 1.45 and a debt-to-equity ratio of 0.29. Intuit Inc. has a 1 year low of $532.65 and a 1 year high of $790.60. The business has a fifty day moving average of $733.03 and a 200 day moving average of $646.71. The stock has a market cap of $209.98 billion, a price-to-earnings ratio of 61.10, a PEG ratio of 3.33 and a beta of 1.27.

Intuit (NASDAQ:INTU - Get Free Report) last announced its quarterly earnings results on Thursday, May 22nd. The software maker reported $11.65 EPS for the quarter, topping the consensus estimate 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 for the quarter, compared to analyst estimates of $7.56 billion. During the same period last year, the business earned $9.88 EPS. Intuit's revenue for the quarter was up 15.1% compared to the same quarter last year. On average, sell-side analysts expect that Intuit Inc. will post 14.09 earnings per share for the current fiscal year.

Intuit Announces Dividend

The company also recently declared 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. This represents a $4.16 annualized dividend and a yield of 0.55%. The ex-dividend date of this dividend is Thursday, July 10th. Intuit's dividend payout ratio (DPR) is 33.77%.

Insider Buying and Selling

In related news, CAO Lauren D. Hotz sold 1,738 shares of the stock in a transaction on 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 owned 455 shares in the company, valued at $356,760.95. This represents a 79.25% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Alex G. Balazs sold 882 shares of Intuit stock in a transaction on Tuesday, July 8th. The shares were sold at an average price of $781.63, for a total transaction of $689,397.66. The disclosure for this sale can be found here. Insiders have sold 279,800 shares of company stock valued at $209,725,054 in the last 90 days. Company insiders own 2.68% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have recently commented on INTU. The Goldman Sachs Group lifted their price target on shares of Intuit from $750.00 to $860.00 and gave the company a "buy" rating in a research report on Monday, May 19th. Piper Sandler restated an "overweight" rating and issued a $825.00 target price (up previously from $785.00) on shares of Intuit in a research report on Friday, May 23rd. Hsbc Global Res upgraded Intuit from a "hold" rating to a "strong-buy" rating in a report on Wednesday, April 23rd. Barclays reissued an "overweight" rating and set a $815.00 price objective (up from $775.00) on shares of Intuit in a research report on Friday, May 23rd. Finally, CLSA started coverage on shares of Intuit in a research report on Thursday, June 26th. They issued an "outperform" rating and a $900.00 target price on the stock. 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. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $800.55.

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.