UNIVEST FINANCIAL Corp Boosts Holdings in Intuit Inc. (NASDAQ:INTU)

Key Points

• UNIVEST FINANCIAL Corp increased its position in Intuit Inc. by 14.1% during the first quarter, now owning shares valued at $2,023,000.
• Intuit reported earnings of $11.65 per share for the latest quarter, surpassing estimates and reflecting a 15.1% year-over-year revenue growth.
• The company recently declared a quarterly dividend of $1.04 per share, representing a 0.5% yield and a payout ratio of 33.77%.

UNIVEST FINANCIAL Corp raised its holdings in Intuit Inc. (NASDAQ:INTU - Free Report) by 14.1% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 3,296 shares of the software maker's stock after purchasing an additional 407 shares during the quarter. UNIVEST FINANCIAL Corp's holdings in Intuit were worth $2,023,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also made changes to their positions in INTU. Copia Wealth Management purchased a new stake in shares of Intuit in the fourth quarter valued at about $25,000. Heck Capital Advisors LLC acquired a new stake in Intuit in the fourth quarter valued at about $28,000. Olde Wealth Management LLC purchased a new stake in Intuit in the 1st quarter valued at approximately $37,000. Atlantic Edge Private Wealth Management LLC increased its position in Intuit by 523.1% during the 1st quarter. Atlantic Edge Private Wealth Management LLC now owns 81 shares of the software maker's stock worth $50,000 after purchasing an additional 68 shares during the period. Finally, Hughes Financial Services LLC purchased a new position in shares of Intuit during the 1st quarter worth approximately $50,000. 83.66% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts recently weighed in on INTU shares. Piper Sandler restated an "overweight" rating and issued a $825.00 price target (up from $785.00) on shares of Intuit in a research note on Friday, May 23rd. Jefferies Financial Group set a $850.00 price target on shares of Intuit and gave the stock a "buy" rating in a research note on Friday, May 23rd. Morgan Stanley boosted their price objective on shares of Intuit from $785.00 to $900.00 and gave the stock an "overweight" rating in a report on Monday, July 7th. JPMorgan Chase & Co. upped their target price on shares of Intuit from $660.00 to $770.00 and gave the stock an "overweight" rating in a research report on Friday, May 23rd. Finally, Evercore ISI lifted their price target on shares of Intuit from $685.00 to $785.00 and gave the company an "outperform" rating in a research report on Friday, May 23rd. One 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 given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $806.27.

Insider Transactions at Intuit

In other news, CFO Sandeep Aujla sold 2,591 shares of the company's stock in a transaction 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 in the company, valued at $600,744.96. This represents a 77.14% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Richard L. Dalzell sold 333 shares of Intuit stock in a transaction on Thursday, July 10th. The shares were sold at an average price of $768.43, for a total value of $255,887.19. Following the completion of the transaction, the director owned 15,474 shares in the company, valued at $11,890,685.82. The trade was a 2.11% decrease in their position. The disclosure for this sale can be found here. Insiders sold 279,800 shares of company stock valued at $209,725,054 in the last quarter. Insiders own 2.68% of the company's stock.

Intuit Trading Down 1.1%

Shares of INTU traded down $8.98 on Friday, hitting $776.15. 1,490,057 shares of the stock traded hands, compared to its average volume of 1,456,620. Intuit Inc. has a 1 year low of $532.65 and a 1 year high of $813.70. The stock's 50 day moving average is $767.11 and its two-hundred day moving average is $662.40. The firm has a market capitalization of $216.51 billion, a P/E ratio of 63.00, a P/E/G ratio of 2.99 and a beta of 1.28. 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 posted its quarterly earnings data on Thursday, May 22nd. The software maker reported $11.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $10.89 by $0.76. The business had revenue of $7.75 billion for the quarter, compared to analysts' expectations of $7.56 billion. Intuit had a return on equity of 21.46% and a net margin of 19.07%. The business's revenue was up 15.1% on a year-over-year basis. During the same quarter last year, the firm earned $9.88 earnings per share. As a group, 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 announced a quarterly dividend, which was paid on Friday, July 18th. Investors of record on Thursday, July 10th were issued a $1.04 dividend. This represents a $4.16 dividend on an annualized basis and a yield of 0.5%. The ex-dividend date was Thursday, July 10th. Intuit's payout ratio is presently 33.77%.

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.