Vanguard Group Inc. Purchases 294,993 Shares of Intuit Inc. (NASDAQ:INTU)

Key Points

• Vanguard Group Inc. increased its holdings in Intuit Inc. by 1.1%, acquiring an additional 294,993 shares during the first quarter, bringing its total ownership to approximately 27.33 million shares valued at $16.78 billion.
• Multiple analysts have raised their price targets for Intuit, with Morgan Stanley increasing theirs from $785 to $900 and Jefferies setting a target at $850, reflecting strong market sentiment.
• Intuit recently declared a quarterly dividend of $1.04 per share, translating to an annualized yield of only 0.5%, indicating a conservative dividend policy amidst significant earnings growth.

Vanguard Group Inc. raised its stake in Intuit Inc. (NASDAQ:INTU - Free Report) by 1.1% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 27,330,309 shares of the software maker's stock after buying an additional 294,993 shares during the period. Vanguard Group Inc. owned about 9.78% of Intuit worth $16,780,536,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also made changes to their positions in INTU. Legacy Investment Solutions LLC increased its holdings in Intuit by 18.0% in the fourth quarter. Legacy Investment Solutions LLC now owns 118 shares of the software maker's stock valued at $68,000 after buying an additional 18 shares in the last quarter. Financial Management Professionals Inc. grew its holdings in shares of Intuit by 18.4% in the first quarter. Financial Management Professionals Inc. now owns 116 shares of the software maker's stock valued at $71,000 after purchasing an additional 18 shares during the period. Chris Bulman Inc increased its holdings in shares of Intuit by 1.2% during the 1st quarter. Chris Bulman Inc now owns 1,523 shares of the software maker's stock worth $935,000 after buying an additional 18 shares during the last quarter. Kolinsky Wealth Management LLC grew its holdings in shares of Intuit by 1.6% during the 4th quarter. Kolinsky Wealth Management LLC now owns 1,192 shares of the software maker's stock worth $749,000 after purchasing an additional 19 shares during the period. Finally, Norden Group LLC lifted its holdings in shares of Intuit by 1.2% in the 1st quarter. Norden Group LLC now owns 1,663 shares of the software maker's stock worth $1,021,000 after acquiring an additional 19 shares during the last quarter. Institutional investors own 83.66% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts have issued reports on INTU shares. Stifel Nicolaus increased their price target on Intuit from $725.00 to $850.00 and gave the company a "buy" rating in a research report on Friday, May 23rd. Wall Street Zen upgraded Intuit from a "hold" rating to a "buy" rating in a research note on Tuesday, April 29th. Piper Sandler reissued 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. Morgan Stanley upped their price target on Intuit from $785.00 to $900.00 and gave the stock an "overweight" rating in a research note on Monday, July 7th. Finally, Hsbc Global Res upgraded shares of Intuit from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, April 23rd. One 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 issued a strong buy rating to the company. According to MarketBeat.com, Intuit currently has an average rating of "Moderate Buy" and an average target price of $806.27.

Intuit Stock Down 1.7%

NASDAQ:INTU traded down $12.61 during trading hours on Friday, hitting $749.00. 1,670,219 shares of the stock traded hands, compared to its average volume of 1,423,083. Intuit Inc. has a fifty-two week low of $532.65 and a fifty-two week high of $813.70. The company has a current ratio of 1.45, a quick ratio of 1.45 and a debt-to-equity ratio of 0.29. The firm has a market cap of $208.93 billion, a price-to-earnings ratio of 60.80, a PEG ratio of 2.93 and a beta of 1.28. The firm has a 50 day moving average price of $769.33 and a 200 day moving average price of $666.28.

Intuit (NASDAQ:INTU - Get Free Report) last announced its 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. The firm had revenue of $7.75 billion during the quarter, compared to analysts' expectations of $7.56 billion. Intuit had a return on equity of 21.46% and a net margin of 19.07%. The company's revenue was up 15.1% on a year-over-year basis. During the same quarter in the prior year, the business earned $9.88 earnings per share. Equities research analysts anticipate that Intuit Inc. will post 14.09 earnings per share for the current year.

Intuit Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, July 18th. Stockholders of record on Thursday, July 10th were paid a $1.04 dividend. This represents a $4.16 annualized dividend and a dividend yield of 0.6%. The ex-dividend date of this dividend was Thursday, July 10th. Intuit's dividend payout ratio (DPR) is 33.77%.

Insider Buying and Selling

In related news, EVP Kerry J. Mclean sold 16,700 shares of the business's stock in a transaction that occurred on 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 owned 23,101 shares in the company, valued at approximately $16,844,325.16. The trade was a 41.96% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Marianna Tessel sold 34,329 shares of Intuit stock in a transaction that occurred on Tuesday, June 3rd. The shares were sold at an average price of $760.84, for a total transaction of $26,118,876.36. Following the completion of the transaction, the executive vice president directly owned 40,767 shares in the company, valued at approximately $31,017,164.28. The trade was a 45.71% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 279,800 shares of company stock worth $209,725,054. 2.68% of the stock is currently owned by company insiders.

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.