Spinnaker Investment Group LLC Buys New Stake in Intuit Inc. (NASDAQ:INTU)

Spinnaker Investment Group LLC purchased a new stake in shares of Intuit Inc. (NASDAQ:INTU - Free Report) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 832 shares of the software maker's stock, valued at approximately $511,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Vanguard Group Inc. grew its stake in shares of Intuit by 1.3% in the fourth quarter. Vanguard Group Inc. now owns 27,035,316 shares of the software maker's stock valued at $16,991,696,000 after buying an additional 353,185 shares in the last quarter. Geode Capital Management LLC lifted its position in Intuit by 2.2% during the 4th quarter. Geode Capital Management LLC now owns 6,111,097 shares of the software maker's stock worth $3,833,720,000 after acquiring an additional 132,384 shares in the last quarter. Wellington Management Group LLP boosted its holdings in Intuit by 13.3% in the 4th quarter. Wellington Management Group LLP now owns 5,296,921 shares of the software maker's stock worth $3,329,115,000 after acquiring an additional 620,559 shares during the period. Norges Bank acquired a new stake in Intuit in the fourth quarter valued at approximately $2,290,419,000. Finally, Northern Trust Corp grew its position in Intuit by 17.3% in the fourth quarter. Northern Trust Corp now owns 3,371,013 shares of the software maker's stock valued at $2,118,682,000 after acquiring an additional 498,030 shares in the last quarter. 83.66% of the stock is owned by institutional investors and hedge funds.

Intuit Stock Performance

Intuit stock traded up $15.00 during mid-day trading on Thursday, reaching $772.86. The company's stock had a trading volume of 1,416,949 shares, compared to its average volume of 1,611,738. 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 twelve month low of $532.65 and a twelve month high of $773.93. The business has a 50 day moving average price of $696.71 and a 200-day moving average price of $637.71. The firm has a market cap of $215.59 billion, a price-to-earnings ratio of 62.73, a PEG ratio of 3.37 and a beta of 1.28.

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 (EPS) for the quarter, topping 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 the consensus estimate of $7.56 billion. During the same period last year, the firm posted $9.88 EPS. The company's revenue for the quarter was up 15.1% on a year-over-year basis. Sell-side analysts predict that Intuit Inc. will post 14.09 EPS for the current fiscal year.

Intuit Announces Dividend

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 issued a $1.04 dividend. This represents a $4.16 annualized dividend and a dividend yield of 0.54%. The ex-dividend date of this dividend is Thursday, July 10th. Intuit's dividend payout ratio (DPR) is 33.77%.

Wall Street Analyst Weigh In

INTU has been the subject of several analyst reports. Piper Sandler restated an "overweight" rating and issued a $825.00 target price (up from $785.00) on shares of Intuit in a research note on Friday, May 23rd. Bank of America boosted their price objective on shares of Intuit from $730.00 to $875.00 and gave the stock a "buy" rating in a report on Friday, May 23rd. Evercore ISI upped their price objective on shares of Intuit from $685.00 to $785.00 and gave the company an "outperform" rating in a research report on Friday, May 23rd. CLSA assumed coverage on Intuit in a research note on Thursday. They set an "outperform" rating and a $900.00 target price for the company. Finally, KeyCorp reaffirmed an "overweight" rating and set a $850.00 target price (up from $770.00) 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 issued a hold rating, twenty-one have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $793.05.

Insider Buying and Selling

In other news, EVP Kerry J. Mclean sold 16,700 shares of the company's stock in a transaction dated Tuesday, May 27th. The shares were sold at an average price of $729.16, for a total transaction of $12,176,972.00. Following the completion of the transaction, the executive vice president now owns 23,101 shares in the company, valued at approximately $16,844,325.16. This represents a 41.96% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Alex G. Balazs sold 1,459 shares of the stock in a transaction dated Thursday, June 5th. The stock was sold at an average price of $770.80, for a total transaction of $1,124,597.20. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 271,158 shares of company stock valued at $202,989,194. Insiders own 2.68% of the company's stock.

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.