Precedent Wealth Partners LLC Boosts Stock Position in Intuit Inc. (NASDAQ:INTU)

Precedent Wealth Partners LLC lifted its holdings in Intuit Inc. (NASDAQ:INTU - Free Report) by 54.3% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 1,486 shares of the software maker's stock after buying an additional 523 shares during the quarter. Precedent Wealth Partners LLC's holdings in Intuit were worth $913,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Brighton Jones LLC boosted its position in Intuit by 61.3% in the 4th quarter. Brighton Jones LLC now owns 3,552 shares of the software maker's stock valued at $2,233,000 after buying an additional 1,350 shares during the period. Union Bancaire Privee UBP SA bought a new position in shares of Intuit during the 4th quarter worth $104,278,000. Revolve Wealth Partners LLC raised its holdings in shares of Intuit by 145.6% in the fourth quarter. Revolve Wealth Partners LLC now owns 813 shares of the software maker's stock valued at $511,000 after acquiring an additional 482 shares in the last quarter. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors purchased a new position in Intuit during the 4th quarter valued at about $68,429,000. Finally, Bank Pictet & Cie Europe AG boosted its stake in shares of Intuit by 14.2% during the fourth 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. 83.66% of the stock is owned by institutional investors.

Intuit Price Performance

NASDAQ:INTU traded up $14.10 during trading hours on Monday, hitting $768.08. 1,428,231 shares of the stock were exchanged, compared to its average volume of 1,611,104. The firm's fifty day moving average price is $664.85 and its 200 day moving average price is $630.21. Intuit Inc. has a 52-week low of $532.65 and a 52-week high of $773.45. The company has a market cap of $214.25 billion, a P/E ratio of 74.57, a P/E/G ratio of 2.85 and a beta of 1.28. The company has a current ratio of 1.24, a quick ratio of 1.24 and a debt-to-equity ratio of 0.31.

Intuit (NASDAQ:INTU - Get Free Report) last posted its quarterly earnings results on Thursday, May 22nd. The software maker reported $11.65 earnings per share for the quarter, topping analysts' consensus estimates of $10.89 by $0.76. Intuit had a net margin of 17.59% and a return on equity of 18.25%. The firm had revenue of $7.75 billion for the quarter, compared to analyst estimates of $7.56 billion. During the same period in the previous year, the business posted $9.88 earnings per share. Intuit's quarterly revenue was up 15.1% on a year-over-year basis. As a group, equities research analysts anticipate that Intuit Inc. will post 14.09 EPS for the current fiscal year.

Intuit Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 18th. Investors of record on Thursday, July 10th will be given a dividend of $1.04 per share. This represents a $4.16 annualized dividend and a yield of 0.54%. The ex-dividend date is Thursday, July 10th. Intuit's payout ratio is currently 33.77%.

Insiders Place Their Bets

In related news, EVP Alex G. Balazs sold 1,459 shares of the business's stock in a transaction dated Thursday, June 5th. The shares were sold at an average price of $770.80, for a total value of $1,124,597.20. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Eve B. Burton sold 1,702 shares of the stock in a transaction dated Thursday, March 20th. The stock was sold at an average price of $600.00, for a total transaction of $1,021,200.00. Following the transaction, the director now directly owns 8 shares of the company's stock, valued at approximately $4,800. This trade represents a 99.53% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 288,408 shares of company stock valued at $213,441,865 over the last ninety days. Company insiders own 2.68% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on INTU. Susquehanna reaffirmed a "positive" rating on shares of Intuit in a research report on Friday, May 23rd. Oppenheimer reissued an "outperform" rating and set a $742.00 target price (up previously from $642.00) on shares of Intuit in a research report on Friday, May 23rd. Redburn Atlantic started coverage on shares of Intuit in a research note on Wednesday, February 19th. They set a "neutral" rating for the company. Scotiabank raised Intuit from a "sector perform" rating to a "sector outperform" rating and increased their price objective for the company from $600.00 to $700.00 in a report on Thursday, April 17th. Finally, UBS Group set a $750.00 target price on shares of Intuit and gave the stock a "neutral" rating in a report on Friday, May 23rd. One research analyst has rated the stock with a sell rating, two have assigned a hold rating, twenty have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $787.95.

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.