Wealth Group Ltd. Purchases Shares of 803 Intuit Inc. (NASDAQ:INTU)

Key Points

• Wealth Group Ltd. made a new investment of approximately $493,000 in Intuit Inc. during the first quarter, acquiring 803 shares of the stock.
• Intuit reported $11.65 earnings per share for the last quarter, surpassing analysts' expectations and showing a 15.1% year-over-year revenue increase to $7.75 billion.
• Several analysts have raised their price targets for Intuit, with Goldman Sachs setting it at $860.00 and KeyCorp maintaining an overweight rating with a target of $850.00.

Wealth Group Ltd. purchased a new position in Intuit Inc. (NASDAQ:INTU - Free Report) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 803 shares of the software maker's stock, valued at approximately $493,000.

Several other hedge funds also recently bought and sold shares of the company. Geode Capital Management LLC raised its holdings in shares of Intuit by 2.2% in the fourth quarter. Geode Capital Management LLC now owns 6,111,097 shares of the software maker's stock worth $3,833,720,000 after buying an additional 132,384 shares during the period. Wellington Management Group LLP boosted its position 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 purchasing an additional 620,559 shares in the last quarter. Northern Trust Corp grew its position in shares of 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 purchasing an additional 498,030 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in Intuit by 33.5% during the fourth 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 buying an additional 771,232 shares during the last quarter. Finally, GAMMA Investing LLC grew its position in Intuit by 69,701.9% in the first quarter. GAMMA Investing LLC now owns 2,825,582 shares of the software maker's stock worth $17,348,790,000 after acquiring an additional 2,821,534 shares during the period. Institutional investors own 83.66% of the company's stock.

Intuit Stock Down 1.0%

Shares of Intuit stock traded down $8.32 during trading on Thursday, reaching $799.07. The stock had a trading volume of 222,847 shares, compared to its average volume of 1,765,801. The company has a market capitalization of $222.90 billion, a price-to-earnings ratio of 64.98, a P/E/G ratio of 3.58 and a beta of 1.27. Intuit Inc. has a 52 week low of $532.65 and a 52 week high of $813.70. The stock has a fifty day moving average price of $763.60 and a two-hundred day moving average price of $659.50. 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 (NASDAQ:INTU - Get Free Report) last released its earnings results on Thursday, May 22nd. The software maker reported $11.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $10.89 by $0.76. The business had revenue of $7.75 billion for the quarter, compared to analyst estimates of $7.56 billion. Intuit had a return on equity of 21.46% and a net margin of 19.07%. Intuit's revenue was up 15.1% on a year-over-year basis. During the same quarter in the prior year, the company posted $9.88 earnings per share. Sell-side analysts predict that Intuit Inc. will post 14.09 EPS for the current fiscal year.

Intuit Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, July 18th. Stockholders of record on Thursday, July 10th were paid a dividend of $1.04 per share. The ex-dividend date was Thursday, July 10th. This represents a $4.16 dividend on an annualized basis and a dividend yield of 0.52%. Intuit's dividend payout ratio (DPR) is currently 33.77%.

Insider Activity

In other news, CFO Sandeep Aujla sold 16,061 shares of Intuit stock in a transaction that occurred on Tuesday, May 27th. The shares were sold at an average price of $726.13, for a total value of $11,662,373.93. Following the completion of the sale, the chief financial officer directly owned 197 shares in the company, valued at approximately $143,047.61. The trade was a 98.79% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Marianna Tessel sold 34,329 shares of the firm's stock in a transaction on Tuesday, June 3rd. The stock was sold at an average price of $760.84, for a total value of $26,118,876.36. Following the completion of the transaction, the executive vice president owned 40,767 shares in the company, valued at $31,017,164.28. The trade was a 45.71% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 279,800 shares of company stock worth $209,725,054. Corporate insiders own 2.68% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on INTU. Stifel Nicolaus increased their price objective on Intuit from $725.00 to $850.00 and gave the company a "buy" rating in a 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 report on Friday, May 23rd. KeyCorp reissued an "overweight" rating and set a $850.00 price target (up from $770.00) on shares of Intuit in a research report on Friday, May 23rd. CLSA assumed coverage on Intuit in a research report on Thursday, June 26th. They issued an "outperform" rating and a $900.00 target price on the stock. Finally, Citigroup reissued a "buy" rating and set a $789.00 price objective (up from $726.00) on shares of Intuit in a research note on Friday, May 23rd. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating, twenty-one have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $806.27.

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.