Merit Financial Group LLC Has $3.42 Million Stock Position in Intuit Inc. (NASDAQ:INTU)

Merit Financial Group LLC grew its position in Intuit Inc. (NASDAQ:INTU - Free Report) by 39.1% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 5,562 shares of the software maker's stock after purchasing an additional 1,563 shares during the period. Merit Financial Group LLC's holdings in Intuit were worth $3,415,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. R Squared Ltd bought a new stake in Intuit during the 4th quarter worth approximately $25,000. Copia Wealth Management acquired a new position in shares of Intuit in the fourth quarter valued at approximately $25,000. NewSquare Capital LLC increased its position in shares of Intuit by 72.0% during the fourth quarter. NewSquare Capital LLC now owns 43 shares of the software maker's stock worth $27,000 after acquiring an additional 18 shares in the last quarter. Migdal Insurance & Financial Holdings Ltd. bought a new stake in shares of Intuit during the fourth quarter worth $28,000. Finally, Summit Securities Group LLC bought a new position in Intuit during the 4th quarter worth about $28,000. 83.66% of the stock is owned by institutional investors.

Intuit Stock Performance

Intuit stock traded up $4.94 during midday trading on Friday, hitting $771.58. The company's stock had a trading volume of 1,475,201 shares, compared to its average volume of 1,618,677. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.24 and a quick ratio of 1.24. The company has a market cap of $215.23 billion, a price-to-earnings ratio of 74.91, a PEG ratio of 2.85 and a beta of 1.28. Intuit Inc. has a 1-year low of $532.65 and a 1-year high of $774.80. The company has a 50-day moving average price of $643.09 and a two-hundred day moving average price of $625.50.

Intuit (NASDAQ:INTU - Get Free Report) last announced its earnings results on Thursday, May 22nd. The software maker reported $11.65 EPS for the quarter, topping the consensus estimate of $10.89 by $0.76. The company had revenue of $7.75 billion for the quarter, compared to analysts' expectations of $7.56 billion. Intuit had a net margin of 17.59% and a return on equity of 18.25%. The business's revenue for the quarter was up 15.1% on a year-over-year basis. During the same period 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 declared a quarterly dividend, which will be paid on Friday, July 18th. Investors of record on Thursday, July 10th will be given a $1.04 dividend. This represents a $4.16 dividend on an annualized basis and a dividend yield of 0.54%. The ex-dividend date is Thursday, July 10th. Intuit's payout ratio is currently 33.77%.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on INTU shares. Morgan Stanley reaffirmed an "overweight" rating and set a $785.00 price objective (up from $720.00) on shares of Intuit in a research report on Friday, May 23rd. Jefferies Financial Group set a $850.00 target price on Intuit and gave the company a "buy" rating in a research note on Friday, May 23rd. Evercore ISI raised their price target 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. UBS Group set a $750.00 price objective on shares of Intuit and gave the stock a "neutral" rating in a research report on Friday, May 23rd. Finally, BMO Capital Markets reaffirmed an "outperform" rating and issued a $820.00 target price (up previously from $714.00) on shares of Intuit in a research report on Friday, May 23rd. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, twenty have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $785.33.

Insider Activity at Intuit

In other Intuit news, EVP Alex G. Balazs sold 1,459 shares of the business's stock in a transaction that occurred on Thursday, June 5th. The shares were sold at an average price of $770.80, for a total transaction of $1,124,597.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Marianna Tessel sold 34,329 shares of Intuit stock in a transaction on Tuesday, June 3rd. The shares were sold at an average price of $760.84, for a total value of $26,118,876.36. Following the completion of the transaction, the executive vice president now owns 40,767 shares in the company, valued at approximately $31,017,164.28. The trade was a 45.71% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 225,592 shares of company stock valued at $165,325,437 over the last quarter. 2.68% of the stock is owned by corporate insiders.

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.