29,030 Shares in Intuit Inc. (NASDAQ:INTU) Bought by Picton Mahoney Asset Management

Key Points

• Picton Mahoney Asset Management has established a new investment in Intuit Inc., acquiring 29,030 shares valued at approximately $17.8 million during the first quarter.
• Intuit reported impressive earnings results, achieving $11.65 EPS for the latest quarter, exceeding expectations and marking a 15.1% year-over-year revenue increase to $7.75 billion.
• The company recently declared a quarterly dividend of $1.04 per share, resulting in an annualized dividend of $4.16 and a yield of 0.52%, with a payout ratio of 33.77%.

Picton Mahoney Asset Management acquired a new stake in Intuit Inc. (NASDAQ:INTU - Free Report) during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 29,030 shares of the software maker's stock, valued at approximately $17,825,000.

Several other hedge funds also recently modified their holdings of the company. Brighton Jones LLC grew its holdings in Intuit by 61.3% during the 4th quarter. Brighton Jones LLC now owns 3,552 shares of the software maker's stock valued at $2,233,000 after purchasing an additional 1,350 shares in the last quarter. Revolve Wealth Partners LLC grew its holdings in Intuit by 145.6% during the 4th quarter. Revolve Wealth Partners LLC now owns 813 shares of the software maker's stock valued at $511,000 after purchasing an additional 482 shares in the last quarter. Bank Pictet & Cie Europe AG grew its holdings in Intuit by 14.2% during the 4th quarter. Bank Pictet & Cie Europe AG now owns 1,992 shares of the software maker's stock valued at $1,252,000 after purchasing an additional 248 shares in the last quarter. Summit Securities Group LLC bought a new stake in Intuit in the 4th quarter valued at about $28,000. Finally, RWA Wealth Partners LLC lifted its position in Intuit by 12.9% in the 4th quarter. RWA Wealth Partners LLC now owns 3,795 shares of the software maker's stock valued at $2,385,000 after purchasing an additional 433 shares during the last quarter. 83.66% of the stock is owned by institutional investors and hedge funds.

Intuit Price Performance

NASDAQ INTU traded down $10.35 on Friday, hitting $774.78. 813,495 shares of the company were exchanged, compared to its average volume of 1,769,854. The firm has a 50 day moving average of $765.98 and a two-hundred day moving average of $660.69. The company has a market cap of $216.12 billion, a P/E ratio of 62.84, a P/E/G ratio of 3.58 and a beta of 1.27. 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 1-year low of $532.65 and a 1-year high of $813.70.

Intuit (NASDAQ:INTU - Get Free Report) last issued its quarterly earnings results 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 the consensus estimate of $7.56 billion. Intuit had a net margin of 19.07% and a return on equity of 21.46%. The firm's quarterly revenue was up 15.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $9.88 EPS. On average, equities analysts predict that Intuit Inc. will post 14.09 EPS for the current year.

Intuit Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, July 18th. Investors of record on Thursday, July 10th were paid a dividend of $1.04 per share. This represents a $4.16 dividend on an annualized basis and a yield of 0.5%. The ex-dividend date of this dividend was Thursday, July 10th. Intuit's dividend payout ratio is presently 33.77%.

Insider Buying and Selling at Intuit

In other news, CFO Sandeep Aujla sold 2,591 shares of Intuit stock in a transaction that occurred on Thursday, July 3rd. The shares were sold at an average price of $782.22, for a total value of $2,026,732.02. Following the sale, the chief financial officer directly owned 768 shares in the company, valued at $600,744.96. This trade represents a 77.14% 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, CAO Lauren D. Hotz sold 1,738 shares of Intuit stock in a transaction that occurred on Friday, June 27th. The shares were sold at an average price of $784.09, for a total transaction of $1,362,748.42. Following the completion of the sale, the chief accounting officer owned 455 shares in the company, valued at $356,760.95. This trade represents a 79.25% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 279,800 shares of company stock worth $209,725,054 in the last quarter. Company insiders own 2.68% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms have commented on INTU. Stifel Nicolaus boosted their price target on shares of Intuit from $725.00 to $850.00 and gave the stock a "buy" rating in a research report on Friday, May 23rd. Barclays reaffirmed an "overweight" rating and issued a $815.00 price objective (up previously from $775.00) on shares of Intuit in a research note on Friday, May 23rd. The Goldman Sachs Group lifted their target price 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. Wells Fargo & Company set a $880.00 price objective on shares of Intuit and gave the company an "overweight" rating in a research report on Friday, June 13th. Finally, Piper Sandler reaffirmed an "overweight" rating and set a $825.00 price objective (up from $785.00) on shares of Intuit in a research report on Friday, May 23rd. One investment 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 given a strong buy rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $806.27.

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.