Costello Asset Management INC Invests $438,000 in Intuit Inc. (NASDAQ:INTU)

Key Points

• Costello Asset Management INC invested $438,000 in Intuit Inc. by purchasing 713 shares during the first quarter, according to an SEC filing.
• Institutional investors own 83.66% of Intuit's shares, with several firms increasing their stakes in the company in recent months.
• The company recently reported strong quarterly earnings with an EPS of $11.65, surpassing analysts' estimates and showing a revenue increase of 15.1% year-over-year.

Costello Asset Management INC purchased a new position in Intuit Inc. (NASDAQ:INTU - Free Report) during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 713 shares of the software maker's stock, valued at approximately $438,000.

Other institutional investors also recently added to or reduced their stakes in the company. New Age Alpha Advisors LLC increased its position in Intuit by 22.1% in the first quarter. New Age Alpha Advisors LLC now owns 11,852 shares of the software maker's stock worth $7,277,000 after buying an additional 2,144 shares during the last quarter. Clearstead Trust LLC grew its stake in shares of Intuit by 20.0% during the 1st quarter. Clearstead Trust LLC now owns 846 shares of the software maker's stock worth $520,000 after acquiring an additional 141 shares during the period. Earned Wealth Advisors LLC purchased a new stake in Intuit in the 1st quarter worth about $260,000. Raiffeisen Bank International AG raised its stake in Intuit by 20.8% in the 1st quarter. Raiffeisen Bank International AG now owns 15,212 shares of the software maker's stock valued at $9,111,000 after acquiring an additional 2,615 shares during the period. Finally, Manchester Capital Management LLC lifted its holdings in Intuit by 17.4% during the first quarter. Manchester Capital Management LLC now owns 613 shares of the software maker's stock valued at $377,000 after purchasing an additional 91 shares during the last quarter. Institutional investors own 83.66% of the company's stock.

Insider Buying and Selling

In other Intuit news, CFO Sandeep Aujla sold 2,591 shares of the stock in a transaction that occurred on Thursday, July 3rd. The shares were sold at an average price of $782.22, for a total transaction of $2,026,732.02. Following the transaction, the chief financial officer directly owned 768 shares in the company, valued at $600,744.96. This trade represents a 77.14% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Lauren D. Hotz sold 1,738 shares of the business's stock in a transaction that occurred on Friday, June 27th. The stock was 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 of the company's stock, valued at approximately $356,760.95. The trade was a 79.25% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 279,800 shares of company stock worth $209,725,054 over the last ninety days. Corporate insiders own 2.68% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on INTU. Wall Street Zen upgraded shares of Intuit from a "hold" rating to a "buy" rating in a research note on Tuesday, April 29th. Citigroup reaffirmed a "buy" rating and issued a $789.00 price objective (up from $726.00) on shares of Intuit in a report on Friday, May 23rd. JPMorgan Chase & Co. lifted their price objective on shares of Intuit from $660.00 to $770.00 and gave the company an "overweight" rating in a research note on Friday, May 23rd. BMO Capital Markets boosted their target price on shares of Intuit from $820.00 to $870.00 and gave the company an "outperform" rating in a report on Thursday, July 10th. Finally, UBS Group set a $750.00 price target on Intuit and gave the stock a "neutral" rating in a report on Friday, May 23rd. One 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 issued a strong buy rating to the company's stock. According to MarketBeat.com, Intuit presently has a consensus rating of "Moderate Buy" and an average price target of $806.27.

Intuit Trading Up 1.1%

Shares of Intuit stock opened at $784.87 on Tuesday. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.45 and a quick ratio of 1.45. Intuit Inc. has a 1 year low of $532.65 and a 1 year high of $813.70. The firm has a market cap of $218.94 billion, a PE ratio of 63.71, a PEG ratio of 2.99 and a beta of 1.28. The company has a 50 day simple moving average of $768.40 and a two-hundred day simple moving average of $663.67.

Intuit (NASDAQ:INTU - Get Free Report) last posted its quarterly earnings data on Thursday, May 22nd. The software maker reported $11.65 earnings per share (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 company had revenue of $7.75 billion during the quarter, compared to the consensus estimate of $7.56 billion. During the same period in the previous year, the firm posted $9.88 EPS. The firm's revenue was up 15.1% compared to the same quarter last year. Analysts expect that Intuit Inc. will post 14.09 earnings per share for the current fiscal year.

Intuit Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, July 18th. Investors of record on Thursday, July 10th were given a $1.04 dividend. The ex-dividend date was Thursday, July 10th. This represents a $4.16 dividend on an annualized basis and a yield of 0.5%. Intuit's payout ratio is presently 33.77%.

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.

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