Ritholtz Wealth Management Buys 517 Shares of Intuit Inc. (NASDAQ:INTU)

Ritholtz Wealth Management raised its holdings in shares of Intuit Inc. (NASDAQ:INTU - Free Report) by 13.0% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 4,501 shares of the software maker's stock after acquiring an additional 517 shares during the quarter. Ritholtz Wealth Management's holdings in Intuit were worth $2,763,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also added to or reduced their stakes in the stock. Norges Bank purchased a new position in shares of Intuit in the 4th quarter worth about $2,290,419,000. GAMMA Investing LLC grew its position in Intuit by 69,701.9% during the first quarter. GAMMA Investing LLC now owns 2,825,582 shares of the software maker's stock valued at $17,348,790,000 after acquiring an additional 2,821,534 shares during the last quarter. Proficio Capital Partners LLC boosted its position in Intuit by 112,233.1% during the fourth quarter. Proficio Capital Partners LLC now owns 1,063,794 shares of the software maker's stock valued at $668,595,000 after buying an additional 1,062,847 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in Intuit by 33.5% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,072,021 shares of the software maker's stock worth $1,930,765,000 after purchasing an additional 771,232 shares during the period. Finally, Wellington Management Group LLP boosted its holdings in shares of Intuit by 13.3% during the fourth quarter. Wellington Management Group LLP now owns 5,296,921 shares of the software maker's stock worth $3,329,115,000 after purchasing an additional 620,559 shares during the period. Hedge funds and other institutional investors own 83.66% of the company's stock.

Wall Street Analyst Weigh In

INTU has been the topic of several recent analyst reports. Piper Sandler reiterated an "overweight" rating and issued a $825.00 price target (up previously from $785.00) on shares of Intuit in a report 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 company a "buy" rating in a research note on Monday, May 19th. Bank of America increased their price target on shares of Intuit from $730.00 to $875.00 and gave the stock a "buy" rating in a research note on Friday, May 23rd. Citigroup reiterated a "buy" rating and set a $789.00 target price (up previously from $726.00) on shares of Intuit in a report on Friday, May 23rd. Finally, KeyCorp restated an "overweight" rating and issued a $850.00 target price (up previously from $770.00) on shares of Intuit in a research note on Friday, May 23rd. One research analyst has rated the stock with a sell rating, two have given a hold rating, twenty have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $787.95.

Intuit Stock Performance

Shares of INTU traded up $14.10 on Monday, reaching $768.08. The company's stock had a trading volume of 1,428,231 shares, compared to its average volume of 1,837,341. The stock's 50 day simple moving average is $664.85 and its two-hundred day simple moving average is $630.21. The stock has a market capitalization of $214.25 billion, a P/E ratio of 74.57, a PEG ratio of 2.85 and a beta of 1.28. Intuit Inc. has a 12-month low of $532.65 and a 12-month high of $773.45. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.24 and a quick ratio of 1.24.

Intuit (NASDAQ:INTU - Get Free Report) last released its earnings results on Thursday, May 22nd. The software maker reported $11.65 earnings per share for the quarter, beating the consensus estimate of $10.89 by $0.76. Intuit had a return on equity of 18.25% and a net margin of 17.59%. The company had revenue of $7.75 billion for the quarter, compared to the consensus estimate of $7.56 billion. During the same period in the previous year, the business earned $9.88 earnings per share. Intuit's quarterly revenue was up 15.1% compared to the same quarter last year. Research analysts forecast that Intuit Inc. will post 14.09 earnings per share for the current fiscal year.

Intuit Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 18th. Stockholders of record on Thursday, July 10th will be paid a $1.04 dividend. The ex-dividend date is Thursday, July 10th. This represents a $4.16 dividend on an annualized basis and a dividend yield of 0.54%. Intuit's dividend payout ratio (DPR) is presently 33.77%.

Insider Activity

In other Intuit news, Director Eve B. Burton sold 1,702 shares of Intuit stock in a transaction on Thursday, March 20th. The shares were sold at an average price of $600.00, for a total value of $1,021,200.00. Following the sale, the director now directly owns 8 shares in the company, valued at approximately $4,800. The trade was a 99.53% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Mark P. Notarainni sold 469 shares of the firm's stock in a transaction dated Tuesday, May 27th. The shares were sold at an average price of $725.00, for a total value of $340,025.00. Following the transaction, the executive vice president now owns 19 shares of the company's stock, valued at approximately $13,775. The trade was a 96.11% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 288,408 shares of company stock worth $213,441,865 in the last three months. Company insiders own 2.68% of the company's stock.

About Intuit

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.