Frank Rimerman Advisors LLC Increases Stock Position in Intuit Inc. (NASDAQ:INTU)

Key Points

• Frank Rimerman Advisors LLC increased its holdings in Intuit Inc. by 11.8% to approximately $2.45 million as of the latest SEC filing, owning a total of 3,996 shares.
• Institutional investors control 83.66% of Intuit's stock, with notable increases in stakes from firms like GAMMA Investing LLC, which raised its stake by an astonishing 69,701.9%.
• Intuit reported a quarterly earnings per share of $11.65, surpassing estimates, with a significant revenue increase of 15.1% year-over-year, totaling $7.75 billion.

Frank Rimerman Advisors LLC boosted its stake in Intuit Inc. (NASDAQ:INTU - Free Report) by 11.8% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,996 shares of the software maker's stock after buying an additional 421 shares during the quarter. Frank Rimerman Advisors LLC's holdings in Intuit were worth $2,454,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Copia Wealth Management purchased a new position in Intuit in the 4th quarter valued at about $25,000. Heck Capital Advisors LLC purchased a new position in Intuit in the 4th quarter valued at about $28,000. Olde Wealth Management LLC purchased a new position in Intuit in the 1st quarter valued at about $37,000. Atlantic Edge Private Wealth Management LLC lifted its stake in Intuit by 523.1% in the 1st quarter. Atlantic Edge Private Wealth Management LLC now owns 81 shares of the software maker's stock valued at $50,000 after buying an additional 68 shares in the last quarter. Finally, Hughes Financial Services LLC purchased a new position in Intuit in the 1st quarter valued at about $50,000. 83.66% of the stock is owned by hedge funds and other institutional investors.

Intuit Trading Up 1.0%

Intuit stock traded up $7.39 during trading on Tuesday, hitting $713.48. The company had a trading volume of 2,145,981 shares, compared to its average volume of 1,774,260. Intuit Inc. has a 1-year low of $532.65 and a 1-year high of $813.70. The company has a current ratio of 1.45, a quick ratio of 1.45 and a debt-to-equity ratio of 0.29. The company's 50 day simple moving average is $768.10 and its 200-day simple moving average is $668.87. The stock has a market cap of $199.03 billion, a price-to-earnings ratio of 57.91, a price-to-earnings-growth ratio of 2.89 and a beta of 1.28.

Intuit (NASDAQ:INTU - Get Free Report) last posted its earnings results on Thursday, May 22nd. The software maker reported $11.65 earnings per share for the quarter, beating the consensus estimate of $10.89 by $0.76. Intuit had a net margin of 19.07% and a return on equity of 21.46%. The firm had revenue of $7.75 billion during the quarter, compared to the consensus estimate of $7.56 billion. During the same quarter last year, the firm earned $9.88 EPS. The firm's revenue for the quarter was up 15.1% on a year-over-year basis. As a group, analysts expect that Intuit Inc. will post 14.09 EPS for the current fiscal year.

Intuit Dividend Announcement

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

Analysts Set New Price Targets

A number of research analysts recently weighed in on the stock. Wells Fargo & Company set a $880.00 price target on shares of Intuit and gave the company an "overweight" rating in a research note on Friday, June 13th. Jefferies Financial Group set a $850.00 target price on shares of Intuit and gave the stock a "buy" rating in a research note on Friday, May 23rd. Barclays reissued an "overweight" rating and issued a $815.00 target price (up from $775.00) on shares of Intuit in a research note on Friday, May 23rd. Morgan Stanley raised their target price on shares of Intuit from $785.00 to $900.00 and gave the stock an "overweight" rating in a research note on Monday, July 7th. Finally, KeyCorp reissued an "overweight" rating and issued a $850.00 target price (up from $770.00) on shares of Intuit in a research note on Friday, May 23rd. One research analyst has rated the stock with a sell rating, two have given a hold rating, twenty-one have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Intuit has an average rating of "Moderate Buy" and a consensus target price of $806.27.

Insiders Place Their Bets

In other Intuit news, CFO Sandeep Aujla sold 16,061 shares of the business's stock in a transaction on 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 in the company, valued at $143,047.61. The trade was a 98.79% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, EVP Laura A. Fennell sold 25,648 shares of the business's stock in a transaction on 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 owned 22,796 shares of the company's stock, valued at approximately $17,148,291. This trade represents a 52.94% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 279,800 shares of company stock valued at $209,725,054. Corporate insiders own 2.68% of the company's stock.

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.