Ritholtz Wealth Management Raises Position in Intuit Inc. (NASDAQ:INTU)

Ritholtz Wealth Management increased its stake in shares of Intuit Inc. (NASDAQ:INTU) by 4.4% during the 3rd quarter, according to its most recent filing with the SEC. The institutional investor owned 4,095 shares of the software maker’s stock after acquiring an additional 174 shares during the period. Ritholtz Wealth Management’s holdings in Intuit were worth $2,543,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of INTU. Evexia Wealth LLC lifted its position in shares of Intuit by 14.7% during the third quarter. Evexia Wealth LLC now owns 20,584 shares of the software maker’s stock worth $12,401,000 after purchasing an additional 2,633 shares in the last quarter. Perfromance Wealth Partners LLC purchased a new stake in Intuit during the 3rd quarter worth $448,000. RFG Holdings Inc. lifted its holdings in Intuit by 11.3% in the 3rd quarter. RFG Holdings Inc. now owns 1,055 shares of the software maker’s stock worth $656,000 after buying an additional 107 shares in the last quarter. Valeo Financial Advisors LLC boosted its position in Intuit by 6.3% in the 3rd quarter. Valeo Financial Advisors LLC now owns 2,435 shares of the software maker’s stock valued at $1,512,000 after buying an additional 144 shares during the last quarter. Finally, Livforsakringsbolaget Skandia Omsesidigt grew its stake in shares of Intuit by 44.5% during the third quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 10,585 shares of the software maker’s stock valued at $6,572,000 after acquiring an additional 3,258 shares in the last quarter. Hedge funds and other institutional investors own 83.66% of the company’s stock.

Insider Activity

In other Intuit news, CFO Sandeep Aujla sold 862 shares of the firm’s stock in a transaction dated Wednesday, September 4th. The shares were sold at an average price of $621.03, for a total value of $535,327.86. Following the completion of the transaction, the chief financial officer now directly owns 3,840 shares in the company, valued at $2,384,755.20. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. In related news, EVP Kerry J. Mclean sold 11,079 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $631.61, for a total transaction of $6,997,607.19. Following the completion of the sale, the executive vice president now directly owns 24,941 shares in the company, valued at approximately $15,752,985.01. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Sandeep Aujla sold 862 shares of the business’s stock in a transaction that occurred on Wednesday, September 4th. The shares were sold at an average price of $621.03, for a total transaction of $535,327.86. Following the transaction, the chief financial officer now directly owns 3,840 shares in the company, valued at $2,384,755.20. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 55,297 shares of company stock valued at $35,220,046 over the last three months. Insiders own 2.90% of the company’s stock.

Intuit Trading Down 0.4 %

Shares of Intuit stock opened at $616.68 on Friday. The business has a fifty day simple moving average of $630.68 and a 200-day simple moving average of $628.58. Intuit Inc. has a fifty-two week low of $473.56 and a fifty-two week high of $676.62. The firm has a market cap of $172.39 billion, a price-to-earnings ratio of 56.89, a price-to-earnings-growth ratio of 3.04 and a beta of 1.24. The company has a quick ratio of 1.29, a current ratio of 1.29 and a debt-to-equity ratio of 0.30.

Intuit (NASDAQ:INTU) last issued its quarterly earnings results on Thursday, August 22nd. The software maker reported $1.99 earnings per share for the quarter, beating analysts’ consensus estimates of $1.85 by $0.14. The company had revenue of $3.18 billion during the quarter, compared to the consensus estimate of $3.08 billion. Intuit had a net margin of 18.19% and a return on equity of 18.64%. Intuit’s revenue was up 17.4% on a year-over-year basis. During the same period in the prior year, the company earned $0.40 EPS. On average, equities analysts forecast that Intuit Inc. will post 14.04 EPS for the current fiscal year.

Intuit Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, October 18th. Stockholders of record on Thursday, October 10th will be given a dividend of $1.04 per share. The ex-dividend date is Thursday, October 10th. This is a positive change from Intuit’s previous quarterly dividend of $0.90. This represents a $4.16 dividend on an annualized basis and a dividend yield of 0.67%. Intuit’s payout ratio is 38.38%.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the company. Royal Bank of Canada began coverage on Intuit in a research note on Wednesday, July 3rd. They set an “outperform” rating and a $760.00 price objective for the company. Citigroup lifted their price target on shares of Intuit from $727.00 to $750.00 and gave the stock a “buy” rating in a research note on Friday, June 28th. Bank of America increased their price objective on shares of Intuit from $730.00 to $780.00 and gave the company a “buy” rating in a research note on Friday, August 23rd. Barclays dropped their target price on shares of Intuit from $745.00 to $740.00 and set an “overweight” rating for the company in a research report on Friday, August 23rd. Finally, Piper Sandler restated an “overweight” rating and issued a $768.00 target price on shares of Intuit in a research note on Friday, September 27th. Four analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $735.71.

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.