Goldman Sachs Group Inc. Buys 167,908 Shares of Intuit Inc. (NASDAQ:INTU)

Key Points

• Goldman Sachs Group Inc. increased its stake in Intuit Inc. by 7.9%, owning over 2.29 million shares worth approximately $1.41 billion as of the latest filing.
• Multiple analysts have raised their price targets for Intuit, with estimates ranging from $750 to $880, reflecting a consensus rating of "Moderate Buy" with an average price target of $806.27.
• Intuit reported earnings of $11.65 per share for the last quarter, exceeding estimates, and revealed a quarterly dividend of $1.04 per share, indicating a 0.5% dividend yield.

Goldman Sachs Group Inc. lifted its holdings in Intuit Inc. (NASDAQ:INTU - Free Report) by 7.9% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,293,330 shares of the software maker's stock after buying an additional 167,908 shares during the quarter. Goldman Sachs Group Inc. owned approximately 0.82% of Intuit worth $1,408,082,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of the business. Pinnacle Financial Partners Inc increased its holdings in shares of Intuit by 3.6% during the first quarter. Pinnacle Financial Partners Inc now owns 17,789 shares of the software maker's stock valued at $10,922,000 after acquiring an additional 623 shares in the last quarter. Capitolis Liquid Global Markets LLC bought a new position in Intuit in the 4th quarter worth about $109,988,000. Financial Gravity Asset Management Inc. purchased a new stake in Intuit during the 1st quarter valued at about $2,285,000. Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in Intuit during the 4th quarter valued at about $237,244,000. Finally, Malaga Cove Capital LLC raised its holdings in Intuit by 110.6% in the first quarter. Malaga Cove Capital LLC now owns 874 shares of the software maker's stock worth $537,000 after buying an additional 459 shares during the last quarter. 83.66% of the stock is currently owned by institutional investors.

Intuit Stock Performance

NASDAQ INTU traded down $12.61 during trading hours on Friday, hitting $749.00. 1,670,219 shares of the company's stock traded hands, compared to its average volume of 1,423,083. The company has a current ratio of 1.45, a quick ratio of 1.45 and a debt-to-equity ratio of 0.29. Intuit Inc. has a 52 week low of $532.65 and a 52 week high of $813.70. The firm has a market capitalization of $208.93 billion, a P/E ratio of 60.80, a P/E/G ratio of 2.93 and a beta of 1.28. The business's fifty day moving average price is $769.33 and its two-hundred day moving average price is $666.28.

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 (EPS) for the quarter, beating analysts' consensus estimates of $10.89 by $0.76. The firm had revenue of $7.75 billion during the quarter, compared to the consensus estimate of $7.56 billion. Intuit had a net margin of 19.07% and a return on equity of 21.46%. The company's revenue for the quarter was up 15.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $9.88 EPS. Equities research analysts predict that Intuit Inc. will post 14.09 EPS 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 $1.04 dividend. The ex-dividend date was Thursday, July 10th. This represents a $4.16 dividend on an annualized basis and a yield of 0.6%. Intuit's dividend payout ratio is presently 33.77%.

Insiders Place Their Bets

In other news, EVP Alex G. Balazs sold 882 shares of Intuit stock in a transaction dated Tuesday, July 8th. The stock was sold at an average price of $781.63, for a total transaction of $689,397.66. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO Sandeep Aujla sold 2,591 shares of the 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 completion of the sale, the chief financial officer directly owned 768 shares of the company's stock, valued at $600,744.96. This represents a 77.14% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 279,800 shares of company stock valued at $209,725,054. 2.68% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on INTU shares. Evercore ISI upped their target price on shares of Intuit from $685.00 to $785.00 and gave the stock an "outperform" rating in a research note on Friday, May 23rd. Wall Street Zen raised Intuit from a "hold" rating to a "buy" rating in a research report on Tuesday, April 29th. 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 research note on Friday, May 23rd. JPMorgan Chase & Co. boosted their price target on Intuit from $660.00 to $770.00 and gave the stock an "overweight" rating in a research note on Friday, May 23rd. Finally, Bank of America increased their price objective on Intuit from $730.00 to $875.00 and gave the company a "buy" rating in a research report on Friday, May 23rd. One analyst has rated the stock with a sell rating, two have assigned a hold rating, twenty-one have issued a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target 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.