Financial Gravity Asset Management Inc. Takes $2.29 Million Position in Intuit Inc. (NASDAQ:INTU)

Financial Gravity Asset Management Inc. purchased a new position in shares of Intuit Inc. (NASDAQ:INTU - Free Report) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm purchased 3,721 shares of the software maker's stock, valued at approximately $2,285,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Allworth Financial LP increased its stake in Intuit by 3.0% in the first quarter. Allworth Financial LP now owns 3,014 shares of the software maker's stock valued at $1,853,000 after purchasing an additional 87 shares during the period. Stonebrook Private Inc. increased its stake in Intuit by 5.3% in the first quarter. Stonebrook Private Inc. now owns 414 shares of the software maker's stock valued at $254,000 after purchasing an additional 21 shares during the period. Parr Mcknight Wealth Management Group LLC increased its stake in Intuit by 3.7% in the first quarter. Parr Mcknight Wealth Management Group LLC now owns 3,846 shares of the software maker's stock valued at $2,361,000 after purchasing an additional 139 shares during the period. CFO4Life Group LLC increased its stake in Intuit by 8.1% in the first quarter. CFO4Life Group LLC now owns 373 shares of the software maker's stock valued at $229,000 after purchasing an additional 28 shares during the period. Finally, Bridges Investment Management Inc. increased its stake in Intuit by 1.3% in the first quarter. Bridges Investment Management Inc. now owns 31,918 shares of the software maker's stock valued at $19,597,000 after purchasing an additional 411 shares during the period. 83.66% of the stock is currently owned by institutional investors and hedge funds.

Intuit Price Performance

Shares of INTU stock remained flat at $747.90 during trading on Friday. The company had a trading volume of 1,047,778 shares, compared to its average volume of 1,623,598. The stock has a 50 day moving average price of $733.03 and a 200 day moving average price of $646.70. The company has a quick ratio of 1.45, a current ratio of 1.45 and a debt-to-equity ratio of 0.29. Intuit Inc. has a 1-year low of $532.65 and a 1-year high of $790.60. The firm has a market cap of $208.63 billion, a P/E ratio of 60.71, a PEG ratio of 3.33 and a beta of 1.27.

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

Intuit Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 18th. Shareholders of record on Thursday, July 10th will be issued a $1.04 dividend. This represents a $4.16 dividend on an annualized basis and a yield of 0.56%. The ex-dividend date is Thursday, July 10th. Intuit's dividend payout ratio (DPR) is currently 33.77%.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on INTU. Evercore ISI lifted their target price on shares of Intuit from $685.00 to $785.00 and gave the company an "outperform" rating in a report on Friday, May 23rd. Royal Bank Of Canada reaffirmed an "outperform" rating and issued a $850.00 target price (up previously from $760.00) on shares of Intuit in a report on Friday, May 23rd. HSBC raised shares of Intuit from a "hold" rating to a "buy" rating and set a $699.00 target price on the stock in a report on Wednesday, April 23rd. Stifel Nicolaus lifted their target price on shares of Intuit from $725.00 to $850.00 and gave the company a "buy" rating in a report on Friday, May 23rd. Finally, The Goldman Sachs Group boosted their price objective on shares of Intuit from $750.00 to $860.00 and gave the stock a "buy" rating in a report on Monday, May 19th. One analyst has rated the stock with a sell rating, two have given a hold rating, twenty-one have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $800.55.

Insider Transactions at Intuit

In related news, CFO Sandeep Aujla sold 2,591 shares of the business's stock in a transaction on Thursday, July 3rd. The stock was sold at an average price of $782.22, for a total value of $2,026,732.02. Following the sale, the chief financial officer owned 768 shares of the company's stock, valued at $600,744.96. The trade was a 77.14% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Mark P. Notarainni sold 1,147 shares of the business's stock in a transaction on Wednesday, July 2nd. The shares were sold at an average price of $773.90, for a total value of $887,663.30. Following the completion of the sale, the executive vice president directly owned 19 shares in the company, valued at approximately $14,704.10. This represents a 98.37% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 279,800 shares of company stock worth $209,725,054. Insiders own 2.68% of the company's stock.

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.