Harvest Fund Management Co. Ltd Acquires 2,077 Shares of Intuit Inc. (NASDAQ:INTU)

Key Points

• Harvest Fund Management Co. Ltd increased its stake in Intuit Inc. by 12.6%, acquiring an additional 2,077 shares, bringing its total ownership to 18,551 shares worth approximately $11,386,000.
• Intuit reported earnings per share (EPS) of $11.65 for the last quarter, surpassing estimates by $0.76, and achieved a revenue of $7.75 billion, reflecting a year-over-year growth of 15.1%.
• The company recently declared a quarterly dividend of $1.04 per share, translating to an annualized dividend of $4.16 and a yield of 0.52%.

Harvest Fund Management Co. Ltd raised its stake in shares of Intuit Inc. (NASDAQ:INTU - Free Report) by 12.6% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 18,551 shares of the software maker's stock after buying an additional 2,077 shares during the period. Harvest Fund Management Co. Ltd's holdings in Intuit were worth $11,386,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Copia Wealth Management acquired a new stake in shares of Intuit in the 4th quarter valued at $25,000. Summit Securities Group LLC acquired a new stake in shares of Intuit in the 4th quarter valued at $28,000. Heck Capital Advisors LLC bought a new position in Intuit in the 4th quarter worth $28,000. Olde Wealth Management LLC bought a new position in Intuit in the 1st quarter worth $37,000. Finally, Atlantic Edge Private Wealth Management LLC raised its holdings 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 worth $50,000 after acquiring an additional 68 shares during the period. Institutional investors and hedge funds own 83.66% of the company's stock.

Intuit Trading Down 1.1%

NASDAQ INTU traded down $8.98 during trading hours on Friday, hitting $776.15. The company's stock had a trading volume of 1,490,057 shares, compared to its average volume of 1,774,778. The stock has a fifty day moving average of $765.98 and a 200 day moving average of $660.69. Intuit Inc. has a twelve month low of $532.65 and a twelve month high of $813.70. The firm has a market capitalization of $216.51 billion, a P/E ratio of 63.00, a PEG ratio of 3.58 and a beta of 1.27. 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 (NASDAQ:INTU - Get Free Report) last announced its quarterly earnings data 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. The business had revenue of $7.75 billion for the quarter, compared to analyst estimates of $7.56 billion. Intuit had a net margin of 19.07% and a return on equity of 21.46%. Intuit's revenue was up 15.1% compared to the same quarter last year. During the same period in the prior year, the business posted $9.88 earnings per share. Equities research analysts forecast that Intuit Inc. will post 14.09 earnings per share for the current fiscal year.

Intuit Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, July 18th. Shareholders of record on Thursday, July 10th were issued a $1.04 dividend. The ex-dividend date was Thursday, July 10th. This represents a $4.16 annualized dividend and a yield of 0.5%. Intuit's dividend payout ratio (DPR) is 33.77%.

Insider Buying and Selling

In other Intuit news, CFO Sandeep Aujla sold 2,591 shares of the stock in a transaction on Thursday, July 3rd. The shares were sold at an average price of $782.22, for a total value of $2,026,732.02. Following the sale, the chief financial officer directly owned 768 shares in the company, valued at approximately $600,744.96. This trade represents a 77.14% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Alex G. Balazs sold 882 shares of the stock in a transaction on Tuesday, July 8th. The stock was sold at an average price of $781.63, for a total transaction of $689,397.66. The disclosure for this sale can be found here. In the last quarter, insiders sold 279,800 shares of company stock valued at $209,725,054. 2.68% of the stock is owned by company insiders.

Analyst Ratings Changes

INTU has been the topic of several recent analyst reports. Evercore ISI lifted their target price on shares of Intuit from $685.00 to $785.00 and gave the stock an "outperform" rating in a report on Friday, May 23rd. JPMorgan Chase & Co. lifted their target price on shares of Intuit from $660.00 to $770.00 and gave the stock an "overweight" rating in a report on Friday, May 23rd. Jefferies Financial Group set a $850.00 target price on shares of Intuit and gave the stock a "buy" rating in a report on Friday, May 23rd. Piper Sandler reiterated an "overweight" rating and issued a $825.00 target price (up previously from $785.00) on shares of Intuit in a report on Friday, May 23rd. Finally, Susquehanna reiterated a "positive" rating on shares of Intuit in a report on Friday, May 23rd. One investment 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 assigned a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $806.27.

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.