Trajan Wealth LLC Raises Stock Holdings in Intuit Inc. (NASDAQ:INTU)

Key Points

• Trajan Wealth LLC increased its holdings in Intuit Inc. by 11.0%, acquiring an additional 3,158 shares, bringing their total to 31,811 shares valued at approximately $19.53 million.
• Intuit's quarterly earnings surpassed analysts' expectations with $11.65 earnings per share, compared to estimates of $10.89, alongside a 15.1% increase in revenue year-over-year.
• Recent analyst ratings are generally positive, with many firms raising their target price for Intuit, reflecting a consensus target price of $806.27 and an average rating of "Moderate Buy."

Trajan Wealth LLC grew its stake in Intuit Inc. (NASDAQ:INTU - Free Report) by 11.0% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 31,811 shares of the software maker's stock after acquiring an additional 3,158 shares during the quarter. Intuit comprises approximately 1.1% of Trajan Wealth LLC's portfolio, making the stock its 24th biggest holding. Trajan Wealth LLC's holdings in Intuit were worth $19,531,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Trillium Asset Management LLC lifted its position in shares of Intuit by 66.9% in the first quarter. Trillium Asset Management LLC now owns 28,674 shares of the software maker's stock valued at $17,605,000 after acquiring an additional 11,491 shares in the last quarter. Trust Asset Management LLC lifted its position in Intuit by 1.4% during the first quarter. Trust Asset Management LLC now owns 3,221 shares of the software maker's stock worth $1,978,000 after buying an additional 43 shares during the period. AIA Group Ltd lifted its position in Intuit by 517.8% during the first quarter. AIA Group Ltd now owns 8,310 shares of the software maker's stock worth $5,102,000 after buying an additional 6,965 shares during the period. SouthState Corp lifted its position in Intuit by 15.0% during the first quarter. SouthState Corp now owns 667 shares of the software maker's stock worth $409,000 after buying an additional 87 shares during the period. Finally, Cobblestone Capital Advisors LLC NY purchased a new position in Intuit during the first quarter worth about $473,000. 83.66% of the stock is currently owned by hedge funds and other institutional investors.

Intuit Price Performance

Shares of NASDAQ INTU opened at $706.09 on Tuesday. Intuit Inc. has a fifty-two week low of $532.65 and a fifty-two week high of $813.70. The business has a 50 day moving average price of $768.10 and a two-hundred day moving average price of $668.87. The company has a quick ratio of 1.45, a current ratio of 1.45 and a debt-to-equity ratio of 0.29. The firm has a market cap of $196.96 billion, a PE ratio of 57.31, a price-to-earnings-growth ratio of 2.89 and a beta of 1.28.

Intuit (NASDAQ:INTU - Get Free Report) last issued its quarterly earnings data 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 return on equity of 21.46% and a net margin of 19.07%. The firm had revenue of $7.75 billion during the quarter, compared to analyst estimates of $7.56 billion. During the same quarter last year, the firm earned $9.88 EPS. Intuit's quarterly revenue was up 15.1% on a year-over-year basis. Sell-side analysts expect that Intuit Inc. will post 14.09 earnings per share for the current fiscal year.

Intuit Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, July 18th. Shareholders 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 0.6%. The ex-dividend date was Thursday, July 10th. Intuit's dividend payout ratio (DPR) is 33.77%.

Insider Activity at Intuit

In other Intuit news, EVP Marianna Tessel sold 34,329 shares of the stock in a transaction that occurred on Tuesday, June 3rd. The stock was sold at an average price of $760.84, for a total transaction of $26,118,876.36. Following the transaction, the executive vice president owned 40,767 shares of the company's stock, valued at $31,017,164.28. This trade represents a 45.71% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Laura A. Fennell sold 25,648 shares of the stock in a transaction that occurred on Thursday, May 29th. The stock was sold at an average price of $752.25, for a total value of $19,293,708.00. Following the transaction, the executive vice president directly owned 22,796 shares in the company, valued at approximately $17,148,291. This represents a 52.94% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 279,800 shares of company stock worth $209,725,054 over the last quarter. 2.68% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the company. Scotiabank upgraded Intuit from a "sector perform" rating to a "sector outperform" rating and increased their target price for the stock from $600.00 to $700.00 in a research report on Thursday, April 17th. JPMorgan Chase & Co. increased their target price on Intuit from $660.00 to $770.00 and gave the stock an "overweight" rating in a research report on Friday, May 23rd. UBS Group set a $750.00 target price on Intuit and gave the stock a "neutral" rating in a research report on Friday, May 23rd. Piper Sandler reiterated an "overweight" rating and set a $825.00 target price (up from $785.00) on shares of Intuit in a research report on Friday, May 23rd. Finally, Susquehanna reiterated a "positive" rating 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 given a hold rating, twenty-one have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $806.27.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.