Empower Advisory Group LLC Raises Stock Position in Intuit Inc. (NASDAQ:INTU)

Key Points

• Empower Advisory Group LLC increased its stake in Intuit Inc. by 9.8%, owning 7,956 shares valued at approximately $4.89 million as of the latest SEC filing.
• Analysts have raised their price targets for Intuit, with Bank of America and Morgan Stanley projecting targets of $875.00 and $900.00 respectively, reflecting strong confidence in the company's growth.
• Intuit reported a quarterly earnings per share of $11.65, exceeding estimates and marking a year-over-year revenue increase of 15.1%, indicating solid performance in its business segments.

Empower Advisory Group LLC increased its stake in Intuit Inc. (NASDAQ:INTU - Free Report) by 9.8% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 7,956 shares of the software maker's stock after buying an additional 712 shares during the quarter. Empower Advisory Group LLC's holdings in Intuit were worth $4,885,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently bought and sold shares of the company. GAMMA Investing LLC grew its holdings in Intuit by 69,701.9% during the 1st quarter. GAMMA Investing LLC now owns 2,825,582 shares of the software maker's stock valued at $17,348,790,000 after purchasing an additional 2,821,534 shares during the last quarter. Nicholas Hoffman & Company LLC. purchased a new position in shares of Intuit during the first quarter valued at approximately $785,564,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in shares of Intuit by 33.5% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,072,021 shares of the software maker's stock valued at $1,930,765,000 after buying an additional 771,232 shares during the last quarter. Unisphere Establishment grew its stake in shares of Intuit by 50.0% during the fourth quarter. Unisphere Establishment now owns 1,500,000 shares of the software maker's stock valued at $942,750,000 after buying an additional 500,000 shares during the last quarter. Finally, Northern Trust Corp raised its holdings in shares of Intuit by 17.3% in the fourth quarter. Northern Trust Corp now owns 3,371,013 shares of the software maker's stock worth $2,118,682,000 after buying an additional 498,030 shares during the period. 83.66% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, CFO Sandeep Aujla sold 2,591 shares of the firm's stock in a transaction 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 completion of the transaction, the chief financial officer owned 768 shares of the company's stock, valued at $600,744.96. This trade represents a 77.14% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Mark P. Notarainni sold 1,147 shares of the stock in a transaction dated Wednesday, July 2nd. The stock was sold at an average price of $773.90, for a total value of $887,663.30. Following the sale, the executive vice president directly owned 19 shares in the company, valued at $14,704.10. This represents a 98.37% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 279,800 shares of company stock worth $209,725,054. Company insiders own 2.68% of the company's stock.

Analyst Ratings Changes

A number of analysts have weighed in on the company. Morgan Stanley increased their target price on Intuit from $785.00 to $900.00 and gave the stock an "overweight" rating in a research note on Monday, July 7th. CLSA assumed coverage on shares of Intuit in a research note on Thursday, June 26th. They issued an "outperform" rating and a $900.00 target price on the stock. Hsbc Global Res raised shares of Intuit from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, April 23rd. KeyCorp reiterated an "overweight" rating and issued a $850.00 price target (up previously from $770.00) on shares of Intuit in a report on Friday, May 23rd. Finally, Susquehanna restated a "positive" rating on shares of Intuit 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. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $806.27.

Intuit Stock Down 1.7%

Shares of INTU traded down $12.61 during mid-day trading on Friday, hitting $749.00. 1,670,219 shares of the company traded hands, compared to its average volume of 1,423,083. The company has a market capitalization of $208.93 billion, a PE ratio of 60.80, a price-to-earnings-growth ratio of 2.93 and a beta of 1.28. 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 $769.33 and a 200 day moving average of $666.28. Intuit Inc. has a 1-year low of $532.65 and a 1-year high of $813.70.

Intuit (NASDAQ:INTU - Get Free Report) last posted its quarterly earnings results 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 business had revenue of $7.75 billion during the quarter, compared to analysts' expectations of $7.56 billion. During the same quarter last year, the company posted $9.88 earnings per share. The business's quarterly revenue was up 15.1% on a year-over-year basis. Equities research analysts anticipate that Intuit Inc. will post 14.09 EPS for the current year.

Intuit Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, July 18th. Stockholders of record on Thursday, July 10th were issued a $1.04 dividend. This represents a $4.16 annualized dividend and a dividend yield of 0.6%. The ex-dividend date of this dividend was Thursday, July 10th. Intuit's dividend payout ratio is 33.77%.

Intuit Company 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.