Intuit Inc. (NASDAQ:INTU) Shares Acquired by Drive Wealth Management LLC

Key Points

• Drive Wealth Management LLC increased its stake in Intuit Inc. by 86.6% in the first quarter, now holding shares valued at $871,000.
• Analysts have a generally positive outlook on Intuit, with twenty-one awarding a buy rating and price targets ranging from $699.00 to $850.00.
• Intuit recently reported a quarterly EPS of $11.65, exceeding expectations, and announced a quarterly dividend of $1.04 per share.

Drive Wealth Management LLC boosted its position in Intuit Inc. (NASDAQ:INTU - Free Report) by 86.6% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,418 shares of the software maker's stock after buying an additional 658 shares during the period. Drive Wealth Management LLC's holdings in Intuit were worth $871,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also recently bought and sold shares of the company. Brighton Jones LLC boosted its position in Intuit by 61.3% in the 4th quarter. Brighton Jones LLC now owns 3,552 shares of the software maker's stock worth $2,233,000 after purchasing an additional 1,350 shares in the last quarter. Revolve Wealth Partners LLC boosted its position in Intuit by 145.6% in the 4th quarter. Revolve Wealth Partners LLC now owns 813 shares of the software maker's stock worth $511,000 after purchasing an additional 482 shares in the last quarter. Bank Pictet & Cie Europe AG boosted its position in Intuit by 14.2% in the 4th quarter. Bank Pictet & Cie Europe AG now owns 1,992 shares of the software maker's stock worth $1,252,000 after purchasing an additional 248 shares in the last quarter. American Century Companies Inc. boosted its position in Intuit by 1.7% in the 4th quarter. American Century Companies Inc. now owns 50,534 shares of the software maker's stock worth $31,761,000 after purchasing an additional 845 shares in the last quarter. Finally, Modern Wealth Management LLC purchased a new stake in Intuit in the 4th quarter worth approximately $249,000. Hedge funds and other institutional investors own 83.66% of the company's stock.

Intuit Trading Up 0.3%

Shares of NASDAQ INTU traded up $2.35 during mid-day trading on Tuesday, reaching $801.08. 657,126 shares of the company's stock were exchanged, compared to its average volume of 1,770,314. The firm has a market capitalization of $223.46 billion, a price-to-earnings ratio of 65.03, a PEG ratio of 3.49 and a beta of 1.27. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.45 and a current ratio of 1.45. Intuit Inc. has a 52-week low of $532.65 and a 52-week high of $807.93. The company's 50-day moving average is $757.95 and its 200-day moving average is $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 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 company had revenue of $7.75 billion during the quarter, compared to analysts' expectations of $7.56 billion. During the same period last year, the business posted $9.88 EPS. Intuit's revenue for the quarter 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 Dividend Announcement

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

Analyst Ratings Changes

Several equities research analysts have commented on INTU shares. BMO Capital Markets upped their price objective on Intuit from $820.00 to $870.00 and gave the stock an "outperform" rating in a research report on Thursday, July 10th. HSBC raised Intuit from a "hold" rating to a "buy" rating and set a $699.00 target price for the company in a research note on Wednesday, April 23rd. Wall Street Zen raised Intuit from a "hold" rating to a "buy" rating in a research note on Tuesday, April 29th. UBS Group set a $750.00 target price on Intuit and gave the stock a "neutral" rating in a research note on Friday, May 23rd. Finally, Evercore ISI upped their target price on Intuit from $685.00 to $785.00 and gave the stock an "outperform" rating in a research note on Friday, May 23rd. One equities research analyst has rated the stock with a sell rating, two have given a hold rating, twenty-one have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Intuit has a consensus rating of "Moderate Buy" and a consensus target price of $806.27.

Insider Activity at Intuit

In related news, EVP Laura A. Fennell sold 25,648 shares of the firm's stock in a transaction dated Thursday, May 29th. The stock was sold at an average price of $752.25, for a total transaction of $19,293,708.00. Following the completion of the transaction, the executive vice president directly owned 22,796 shares in the company, valued at $17,148,291. This trade represents a 52.94% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Sandeep Aujla sold 16,061 shares of Intuit stock in a transaction dated Tuesday, May 27th. The shares were sold at an average price of $726.13, for a total value of $11,662,373.93. Following the completion of the transaction, the chief financial officer owned 197 shares of the company's stock, valued at $143,047.61. The trade was a 98.79% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 279,800 shares of company stock worth $209,725,054 over the last ninety days. Company insiders own 2.68% of the company's stock.

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.