Intuit Inc. (NASDAQ:INTU) Shares Acquired by Stonegate Investment Group LLC

Stonegate Investment Group LLC grew its holdings in Intuit Inc. (NASDAQ:INTU) by 13.6% during the first quarter, HoldingsChannel.com reports. The fund owned 9,193 shares of the software maker’s stock after purchasing an additional 1,102 shares during the quarter. Stonegate Investment Group LLC’s holdings in Intuit were worth $5,976,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in the stock. Norges Bank purchased a new stake in shares of Intuit during the fourth quarter worth about $2,101,848,000. Wellington Management Group LLP boosted its stake in Intuit by 173.0% during the 4th quarter. Wellington Management Group LLP now owns 3,687,583 shares of the software maker’s stock valued at $2,304,850,000 after acquiring an additional 2,336,654 shares during the last quarter. Lone Pine Capital LLC acquired a new position in Intuit during the 4th quarter worth $467,852,000. Parnassus Investments LLC grew its holdings in Intuit by 119.0% during the 4th quarter. Parnassus Investments LLC now owns 1,338,139 shares of the software maker’s stock worth $836,377,000 after acquiring an additional 727,185 shares in the last quarter. Finally, International Assets Investment Management LLC increased its position in shares of Intuit by 60,534.9% in the 4th quarter. International Assets Investment Management LLC now owns 472,952 shares of the software maker’s stock worth $295,609,000 after purchasing an additional 472,172 shares during the last quarter. 83.66% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Intuit

In other news, EVP Kerry J. Mclean sold 3,692 shares of the stock in a transaction that occurred on Tuesday, February 27th. The shares were sold at an average price of $663.84, for a total value of $2,450,897.28. Following the completion of the sale, the executive vice president now directly owns 22,948 shares of the company’s stock, valued at $15,233,800.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, CAO Lauren D. Hotz sold 745 shares of the stock in a transaction that occurred on Monday, February 26th. The stock was sold at an average price of $655.13, for a total value of $488,071.85. Following the transaction, the chief accounting officer now owns 3,180 shares in the company, valued at $2,083,313.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Kerry J. Mclean sold 3,692 shares of the firm’s stock in a transaction that occurred on Tuesday, February 27th. The shares were sold at an average price of $663.84, for a total transaction of $2,450,897.28. Following the transaction, the executive vice president now directly owns 22,948 shares in the company, valued at approximately $15,233,800.32. The disclosure for this sale can be found here. Insiders sold a total of 4,717 shares of company stock valued at $3,117,156 over the last quarter. Company insiders own 2.90% of the company’s stock.

Intuit Price Performance

Shares of NASDAQ:INTU traded down $12.77 on Tuesday, reaching $625.62. 1,309,742 shares of the company traded hands, compared to its average volume of 1,246,179. The stock has a market capitalization of $175.17 billion, a PE ratio of 63.84, a P/E/G ratio of 3.88 and a beta of 1.21. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.17 and a quick ratio of 1.17. The company’s 50 day moving average is $639.51 and its 200-day moving average is $604.93. Intuit Inc. has a fifty-two week low of $400.22 and a fifty-two week high of $671.01.

Intuit (NASDAQ:INTU) last issued its quarterly earnings results on Thursday, February 22nd. The software maker reported $2.63 earnings per share for the quarter, topping analysts’ consensus estimates of $2.30 by $0.33. Intuit had a return on equity of 17.51% and a net margin of 18.35%. The firm had revenue of $3.39 billion for the quarter, compared to analysts’ expectations of $3.39 billion. During the same quarter last year, the business posted $1.05 EPS. Intuit’s revenue was up 11.3% on a year-over-year basis. As a group, analysts anticipate that Intuit Inc. will post 11.27 earnings per share for the current fiscal year.

Intuit Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, April 18th. Stockholders of record on Wednesday, April 10th were issued a $0.90 dividend. The ex-dividend date of this dividend was Tuesday, April 9th. This represents a $3.60 dividend on an annualized basis and a dividend yield of 0.58%. Intuit’s payout ratio is currently 36.73%.

Analysts Set New Price Targets

A number of research analysts have commented on INTU shares. StockNews.com raised Intuit from a “hold” rating to a “buy” rating in a report on Tuesday. JPMorgan Chase & Co. lifted their price target on shares of Intuit from $560.00 to $585.00 and gave the company a “neutral” rating in a report on Friday, February 23rd. Mizuho increased their price objective on shares of Intuit from $670.00 to $725.00 and gave the stock a “buy” rating in a research note on Friday, February 23rd. Oppenheimer upped their target price on Intuit from $678.00 to $712.00 and gave the company an “outperform” rating in a report on Friday, February 23rd. Finally, Piper Sandler boosted their price objective on Intuit from $642.00 to $750.00 and gave the company an “overweight” rating in a research report on Friday, February 23rd. Four research analysts have rated the stock with a hold rating and nineteen have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $650.23.

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.