Intuit Inc. (NASDAQ:INTU) Shares Purchased by HB Wealth Management LLC

Key Points

• HB Wealth Management LLC increased its holdings in Intuit Inc. by 90.1%, acquiring an additional 5,900 shares, bringing their total to 12,450 shares valued at approximately $7.65 million.
• Analysts have positive outlooks on Intuit, with numerous firms raising their target prices, resulting in a consensus target of $800.55 and a "Moderate Buy" rating.
• Recent insider trading activity includes significant sales by executives, with insiders offloading 279,800 shares worth over $209 million in the last three months.

HB Wealth Management LLC raised its stake in shares of Intuit Inc. (NASDAQ:INTU - Free Report) by 90.1% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 12,450 shares of the software maker's stock after purchasing an additional 5,900 shares during the period. HB Wealth Management LLC's holdings in Intuit were worth $7,645,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Marietta Investment Partners LLC lifted its holdings in shares of Intuit by 7.2% in the 1st quarter. Marietta Investment Partners LLC now owns 479 shares of the software maker's stock worth $294,000 after acquiring an additional 32 shares during the last quarter. Applied Finance Capital Management LLC lifted its holdings in shares of Intuit by 4.8% in the 1st quarter. Applied Finance Capital Management LLC now owns 2,915 shares of the software maker's stock worth $1,790,000 after acquiring an additional 133 shares during the last quarter. Angeles Wealth Management LLC lifted its holdings in shares of Intuit by 36.8% in the 1st quarter. Angeles Wealth Management LLC now owns 606 shares of the software maker's stock worth $372,000 after acquiring an additional 163 shares during the last quarter. DE Burlo Group Inc. lifted its holdings in shares of Intuit by 1.0% in the 1st quarter. DE Burlo Group Inc. now owns 3,100 shares of the software maker's stock worth $1,903,000 after acquiring an additional 30 shares during the last quarter. Finally, Mediolanum International Funds Ltd lifted its holdings in shares of Intuit by 10.1% in the 1st quarter. Mediolanum International Funds Ltd now owns 119,880 shares of the software maker's stock worth $71,799,000 after acquiring an additional 11,031 shares during the last quarter. 83.66% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Intuit

In other news, EVP Alex G. Balazs sold 882 shares of the firm's stock in a transaction that occurred on Tuesday, July 8th. The shares were sold at an average price of $781.63, for a total transaction of $689,397.66. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Sandeep Aujla sold 2,591 shares of the firm's stock in a transaction that occurred on Thursday, July 3rd. The stock was sold at an average price of $782.22, for a total transaction of $2,026,732.02. Following the sale, the chief financial officer directly owned 768 shares in the company, valued at $600,744.96. The trade was a 77.14% decrease in their position. The disclosure for this sale can be found here. Insiders sold 279,800 shares of company stock worth $209,725,054 in the last three months. Company insiders own 2.68% of the company's stock.

Intuit Stock Performance

NASDAQ INTU traded up $1.56 during trading hours on Wednesday, reaching $807.90. The stock had a trading volume of 494,653 shares, compared to its average volume of 1,768,827. The stock has a fifty day moving average of $760.66 and a 200 day moving average of $658.48. The stock has a market cap of $225.36 billion, a P/E ratio of 65.59, a price-to-earnings-growth ratio of 3.54 and a beta of 1.27. Intuit Inc. has a 52-week low of $532.65 and a 52-week high of $807.93. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.45 and a current ratio of 1.45.

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, beating analysts' consensus estimates of $10.89 by $0.76. The firm had revenue of $7.75 billion for the quarter, compared to analyst estimates of $7.56 billion. Intuit had a return on equity of 21.46% and a net margin of 19.07%. Intuit's revenue for the quarter was up 15.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $9.88 earnings per share. Sell-side analysts predict that Intuit Inc. will post 14.09 earnings per share for the current year.

Intuit Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, July 18th. Shareholders of record on Thursday, July 10th were given a dividend of $1.04 per share. This represents a $4.16 annualized dividend and a yield of 0.51%. The ex-dividend date was Thursday, July 10th. Intuit's dividend payout ratio is currently 33.77%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on INTU shares. BMO Capital Markets raised their target price on shares of Intuit from $820.00 to $870.00 and gave the stock an "outperform" rating in a report on Thursday, July 10th. HSBC raised shares of Intuit from a "hold" rating to a "buy" rating and set a $699.00 price target on the stock in a research note on Wednesday, April 23rd. Stifel Nicolaus raised their price target on shares of Intuit from $725.00 to $850.00 and gave the stock a "buy" rating in a research note on Friday, May 23rd. Wall Street Zen raised shares of Intuit from a "hold" rating to a "buy" rating in a research note on Tuesday, April 29th. Finally, Royal Bank Of Canada reiterated an "outperform" rating and set a $850.00 target price (up from $760.00) on shares of Intuit in a report on Friday, May 23rd. One equities research analyst has rated the stock with a sell rating, two have assigned 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 currently has a consensus rating of "Moderate Buy" and a consensus target price of $806.27.

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.