Avantax Advisory Services Inc. Has $15.86 Million Stock Position in Intuit Inc. (NASDAQ:INTU)

Key Points

• Avantax Advisory Services Inc. increased its holdings in Intuit Inc. by 6.3%, bringing its total investment to $15.86 million by the end of Q1.
• Several institutional investors have also significantly increased their stakes in Intuit, indicating strong confidence in the company's performance.
• Intuit reported $11.65 EPS for the last quarter, exceeding analysts' estimates and marking a 15.1% year-over-year revenue increase to $7.75 billion.

Avantax Advisory Services Inc. increased its stake in shares of Intuit Inc. (NASDAQ:INTU - Free Report) by 6.3% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 25,829 shares of the software maker's stock after purchasing an additional 1,527 shares during the quarter. Avantax Advisory Services Inc.'s holdings in Intuit were worth $15,859,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently bought and sold shares of INTU. Copia Wealth Management purchased a new stake in Intuit in the 4th quarter valued at about $25,000. Summit Securities Group LLC acquired a new position in shares of Intuit in the 4th quarter valued at about $28,000. Heck Capital Advisors LLC acquired a new position in shares of Intuit in the 4th quarter valued at about $28,000. Olde Wealth Management LLC acquired a new position in shares of Intuit in the 1st quarter valued at about $37,000. Finally, Atlantic Edge Private Wealth Management LLC lifted its position in Intuit by 523.1% during the 1st quarter. Atlantic Edge Private Wealth Management LLC now owns 81 shares of the software maker's stock worth $50,000 after acquiring an additional 68 shares in the last quarter. Institutional investors and hedge funds own 83.66% of the company's stock.

Insider Activity

In other news, insider Scott D. Cook sold 72,442 shares of the stock in a transaction dated Tuesday, May 27th. The stock was sold at an average price of $741.29, for a total transaction of $53,700,530.18. Following the transaction, the insider owned 6,063,495 shares of the company's stock, valued at approximately $4,494,808,208.55. This represents a 1.18% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Kerry J. Mclean sold 16,700 shares of the stock in a transaction that occurred on 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 sale, the executive vice president owned 23,101 shares of the company's stock, valued at approximately $16,844,325.16. The trade was a 41.96% decrease in their position. The disclosure for this sale can be found here. Insiders sold 279,800 shares of company stock valued at $209,725,054 in the last ninety days. Corporate insiders own 2.68% of the company's stock.

Intuit Trading Up 0.3%

Shares of NASDAQ INTU traded up $2.62 during mid-day trading on Tuesday, hitting $801.35. 585,563 shares of the company traded hands, compared to its average volume of 1,768,882. Intuit Inc. has a 1 year low of $532.65 and a 1 year high of $807.93. The stock has a market capitalization of $223.54 billion, a price-to-earnings ratio of 65.06, a PEG ratio of 3.49 and a beta of 1.27. 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 business has a 50 day moving average of $757.95 and a two-hundred day moving average of $657.44.

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

Intuit Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, July 18th. Investors of record on Thursday, July 10th were given a dividend of $1.04 per share. This represents a $4.16 annualized dividend and a yield of 0.52%. The ex-dividend date was Thursday, July 10th. Intuit's payout ratio is 33.77%.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on INTU. HSBC raised Intuit from a "hold" rating to a "buy" rating and set a $699.00 target price on the stock in a research report on Wednesday, April 23rd. Royal Bank Of Canada reaffirmed an "outperform" rating and issued a $850.00 target price (up from $760.00) on shares of Intuit in a research report on Friday, May 23rd. Wells Fargo & Company set a $880.00 price target on Intuit and gave the company an "overweight" rating in a report on Friday, June 13th. Susquehanna reiterated a "positive" rating on shares of Intuit in a report on Friday, May 23rd. Finally, Evercore ISI boosted their price target on Intuit from $685.00 to $785.00 and gave the company an "outperform" rating in a report on Friday, May 23rd. One research analyst has rated the stock with a sell rating, two have issued a hold rating, twenty-one have issued a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $806.27.

About Intuit

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.