Exchange Traded Concepts LLC Purchases 18,246 Shares of Intuit Inc. (NASDAQ:INTU)

Exchange Traded Concepts LLC increased its holdings in Intuit Inc. (NASDAQ:INTU - Free Report) by 487.3% during the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 21,990 shares of the software maker's stock after buying an additional 18,246 shares during the period. Exchange Traded Concepts LLC's holdings in Intuit were worth $13,502,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its position in shares of Intuit by 1.3% during the 4th quarter. Vanguard Group Inc. now owns 27,035,316 shares of the software maker's stock valued at $16,991,696,000 after acquiring an additional 353,185 shares during the last quarter. Geode Capital Management LLC lifted its position in Intuit by 2.2% during the fourth quarter. Geode Capital Management LLC now owns 6,111,097 shares of the software maker's stock valued at $3,833,720,000 after purchasing an additional 132,384 shares during the last quarter. Wellington Management Group LLP grew its stake in Intuit by 13.3% in the 4th quarter. Wellington Management Group LLP now owns 5,296,921 shares of the software maker's stock worth $3,329,115,000 after buying an additional 620,559 shares in the last quarter. Norges Bank bought a new position in shares of Intuit in the 4th quarter worth $2,290,419,000. Finally, Northern Trust Corp raised its position in shares of Intuit by 17.3% during the 4th quarter. Northern Trust Corp now owns 3,371,013 shares of the software maker's stock valued at $2,118,682,000 after buying an additional 498,030 shares in the last quarter. Institutional investors own 83.66% of the company's stock.

Insider Activity

In other news, insider Scott D. Cook sold 62,816 shares of the business's stock in a transaction on Monday, June 9th. The shares were sold at an average price of $765.99, for a total transaction of $48,116,427.84. Following the sale, the insider now owns 6,000,679 shares in the company, valued at approximately $4,596,460,107.21. The trade was a 1.04% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Eve B. Burton sold 1,702 shares of the business's stock in a transaction on Thursday, March 20th. The shares were sold at an average price of $600.00, for a total transaction of $1,021,200.00. Following the sale, the director now owns 8 shares in the company, valued at approximately $4,800. This trade represents a 99.53% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 288,408 shares of company stock worth $213,441,865. Corporate insiders own 2.68% of the company's stock.

Analysts Set New Price Targets

Several research analysts recently issued reports on INTU shares. JPMorgan Chase & Co. upped their target price on shares of Intuit from $660.00 to $770.00 and gave the stock an "overweight" rating in a research report on Friday, May 23rd. Piper Sandler reiterated an "overweight" rating and issued a $825.00 price objective (up from $785.00) on shares of Intuit in a report on Friday, May 23rd. BMO Capital Markets reissued an "outperform" rating and set a $820.00 price objective (up from $714.00) on shares of Intuit in a report on Friday, May 23rd. Evercore ISI boosted their target price on Intuit from $685.00 to $785.00 and gave the stock an "outperform" rating in a research report on Friday, May 23rd. Finally, Hsbc Global Res upgraded shares of Intuit from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, April 23rd. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating, twenty have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Intuit presently has a consensus rating of "Moderate Buy" and an average target price of $787.95.

Intuit Trading Down 1.6%

Shares of NASDAQ INTU traded down $12.23 during mid-day trading on Friday, hitting $753.98. The stock had a trading volume of 1,148,047 shares, compared to its average volume of 1,611,840. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.24 and a current ratio of 1.24. Intuit Inc. has a 1 year low of $532.65 and a 1 year high of $773.45. The business has a 50 day moving average price of $664.85 and a two-hundred day moving average price of $630.25. The firm has a market cap of $210.32 billion, a P/E ratio of 73.20, a price-to-earnings-growth ratio of 2.85 and a beta of 1.28.

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

Intuit Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 18th. Shareholders of record on Thursday, July 10th will be given a dividend of $1.04 per share. This represents a $4.16 dividend on an annualized basis and a yield of 0.55%. The ex-dividend date of this dividend is Thursday, July 10th. Intuit's payout ratio is currently 33.77%.

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.