Channel Wealth LLC Invests $233,000 in Intuit Inc. (NASDAQ:INTU)

Channel Wealth LLC bought a new position in shares of Intuit Inc. (NASDAQ:INTU - Free Report) during the 1st quarter, according to its most recent filing with the SEC. The institutional investor bought 380 shares of the software maker's stock, valued at approximately $233,000.

A number of other institutional investors have also added to or reduced their stakes in INTU. Brighton Jones LLC grew its stake in Intuit by 61.3% in the fourth quarter. Brighton Jones LLC now owns 3,552 shares of the software maker's stock valued at $2,233,000 after purchasing an additional 1,350 shares during the last quarter. Union Bancaire Privee UBP SA bought a new position in shares of Intuit during the 4th quarter worth approximately $104,278,000. Revolve Wealth Partners LLC lifted its position in Intuit by 145.6% during the fourth quarter. Revolve Wealth Partners LLC now owns 813 shares of the software maker's stock valued at $511,000 after acquiring an additional 482 shares during the last quarter. R Squared Ltd acquired a new stake in Intuit in the fourth quarter valued at approximately $25,000. Finally, Golden State Equity Partners grew its holdings in Intuit by 140.4% in the fourth quarter. Golden State Equity Partners now owns 327 shares of the software maker's stock worth $206,000 after purchasing an additional 191 shares during the last quarter. Hedge funds and other institutional investors own 83.66% of the company's stock.

Insider Buying and Selling

In other news, EVP Alex G. Balazs sold 1,459 shares of the company's stock in a transaction that occurred on Thursday, June 5th. The stock was sold at an average price of $770.80, for a total transaction of $1,124,597.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Scott D. Cook sold 72,442 shares of the business's stock in a transaction on 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 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 position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 225,592 shares of company stock valued at $165,325,437. 2.68% of the stock is owned by company insiders.

Intuit Stock Performance

NASDAQ:INTU traded up $4.94 during trading hours on Friday, reaching $771.58. The company had a trading volume of 1,475,201 shares, compared to its average volume of 1,618,677. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.24 and a quick ratio of 1.24. Intuit Inc. has a 1-year low of $532.65 and a 1-year high of $774.80. The business's 50 day moving average price is $643.09 and its 200-day moving average price is $625.50. The firm has a market cap of $215.23 billion, a PE ratio of 74.91, a price-to-earnings-growth ratio of 2.85 and a beta of 1.28.

Intuit (NASDAQ:INTU - Get Free Report) last posted its earnings results on Thursday, May 22nd. The software maker reported $11.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $10.89 by $0.76. The firm had revenue of $7.75 billion during the quarter, compared to analysts' expectations of $7.56 billion. Intuit had a net margin of 17.59% and a return on equity of 18.25%. The business's revenue was up 15.1% compared to the same quarter last year. During the same period in the previous year, the business posted $9.88 EPS. Research analysts forecast that Intuit Inc. will post 14.09 EPS for the current year.

Intuit Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 18th. Investors of record on Thursday, July 10th will be issued a $1.04 dividend. The ex-dividend date is Thursday, July 10th. This represents a $4.16 dividend on an annualized basis and a yield of 0.54%. Intuit's payout ratio is 33.77%.

Wall Street Analyst Weigh In

INTU has been the subject of several analyst reports. Royal Bank of Canada reiterated an "outperform" rating and set a $850.00 price objective (up previously from $760.00) on shares of Intuit in a report on Friday, May 23rd. Mizuho increased their price target on Intuit from $750.00 to $765.00 and gave the company an "outperform" rating in a research note on Monday, March 3rd. The Goldman Sachs Group boosted their price target on Intuit from $750.00 to $860.00 and gave the stock a "buy" rating in a research note on Monday, May 19th. Stifel Nicolaus increased their price objective on shares of Intuit from $725.00 to $850.00 and gave the company a "buy" rating in a research report on Friday, May 23rd. Finally, Evercore ISI lifted their target price on shares of Intuit from $685.00 to $785.00 and gave the stock an "outperform" rating in a research note on Friday, May 23rd. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, twenty have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $785.33.

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.