New Age Alpha Advisors LLC Acquires 2,144 Shares of Intuit Inc. (NASDAQ:INTU)

Key Points

• New Age Alpha Advisors LLC increased its stake in Intuit Inc. by 22.1%, owning a total of 11,852 shares valued at approximately $7.3 million as of the latest filing.
• Intuit reported earnings of $11.65 per share for the quarter, surpassing analysts' expectations and reflecting a 15.1% year-over-year revenue growth to $7.75 billion.
• The company declared a quarterly dividend of $1.04 per share, representing an annual yield of 0.5%, with a payout ratio of 33.77%.

New Age Alpha Advisors LLC increased its position in shares of Intuit Inc. (NASDAQ:INTU - Free Report) by 22.1% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 11,852 shares of the software maker's stock after purchasing an additional 2,144 shares during the period. New Age Alpha Advisors LLC's holdings in Intuit were worth $7,277,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Copia Wealth Management acquired a new stake in Intuit during the 4th quarter valued at $25,000. Heck Capital Advisors LLC bought a new stake in Intuit in the fourth quarter worth $28,000. Olde Wealth Management LLC acquired a new position in Intuit during the 1st quarter worth $37,000. Atlantic Edge Private Wealth Management LLC lifted 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 acquiring an additional 68 shares during the last quarter. Finally, Hughes Financial Services LLC acquired a new position in shares of Intuit during the first quarter valued at about $50,000. Institutional investors own 83.66% of the company's stock.

Insider Transactions at Intuit

In other news, EVP Kerry J. Mclean sold 16,700 shares of Intuit stock in a transaction dated Tuesday, May 27th. The shares were sold at an average price of $729.16, for a total value of $12,176,972.00. Following the completion of the transaction, the executive vice president owned 23,101 shares in the company, valued at $16,844,325.16. This trade represents a 41.96% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Sandeep Aujla sold 16,061 shares of the business's stock in a transaction that occurred on Tuesday, May 27th. The shares were sold at an average price of $726.13, for a total transaction of $11,662,373.93. Following the transaction, the chief financial officer directly owned 197 shares of the company's stock, valued at approximately $143,047.61. This represents a 98.79% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 279,800 shares of company stock valued at $209,725,054. 2.68% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

INTU has been the subject of several recent research reports. The Goldman Sachs Group increased their price target on shares of Intuit from $750.00 to $860.00 and gave the stock a "buy" rating in a research report on Monday, May 19th. Wall Street Zen raised shares of Intuit from a "hold" rating to a "buy" rating in a research note on Tuesday, April 29th. Bank of America raised their price objective on shares of Intuit from $730.00 to $875.00 and gave the company a "buy" rating in a research note on Friday, May 23rd. 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 report on Wednesday, April 23rd. Finally, Wells Fargo & Company set a $880.00 price objective on shares of Intuit and gave the stock an "overweight" rating in a report on Friday, June 13th. One research 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 issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $806.27.

Intuit Stock Down 2.3%

Shares of Intuit stock traded down $17.86 during trading hours on Thursday, reaching $761.61. The company's stock had a trading volume of 1,435,760 shares, compared to its average volume of 1,440,471. Intuit Inc. has a one year low of $532.65 and a one year high of $813.70. The company has a market capitalization of $212.45 billion, a P/E ratio of 61.82, a P/E/G ratio of 3.00 and a beta of 1.28. The stock's fifty day simple moving average is $769.33 and its two-hundred day simple moving average is $666.28. 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 released its quarterly earnings results on Thursday, May 22nd. The software maker reported $11.65 earnings per share for the quarter, beating analysts' consensus estimates of $10.89 by $0.76. Intuit had a net margin of 19.07% and a return on equity of 21.46%. The company had revenue of $7.75 billion for the quarter, compared to analyst estimates of $7.56 billion. During the same period last year, the firm earned $9.88 earnings per share. The firm's revenue was up 15.1% on a year-over-year basis. On average, research analysts forecast that Intuit Inc. will post 14.09 earnings per share for the current year.

Intuit Announces Dividend

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