EP Wealth Advisors LLC Boosts Stake in Intuit Inc. (NASDAQ:INTU)

EP Wealth Advisors LLC lifted its holdings in shares of Intuit Inc. (NASDAQ:INTU) by 10.9% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 5,863 shares of the software maker’s stock after buying an additional 576 shares during the period. EP Wealth Advisors LLC’s holdings in Intuit were worth $3,811,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Vanguard Group Inc. grew its position in shares of Intuit by 1.1% during the 1st quarter. Vanguard Group Inc. now owns 26,057,696 shares of the software maker’s stock valued at $16,937,502,000 after acquiring an additional 283,291 shares during the period. Wellington Management Group LLP lifted its holdings in Intuit by 173.0% in the 4th quarter. Wellington Management Group LLP now owns 3,687,583 shares of the software maker’s stock worth $2,304,850,000 after purchasing an additional 2,336,654 shares in the last quarter. Brown Advisory Inc. boosted its stake in Intuit by 2.3% in the 4th quarter. Brown Advisory Inc. now owns 3,548,119 shares of the software maker’s stock worth $2,217,681,000 after purchasing an additional 80,517 shares during the period. Norges Bank purchased a new stake in Intuit during the 4th quarter valued at approximately $2,101,848,000. Finally, Fisher Asset Management LLC raised its position in shares of Intuit by 9.5% during the fourth quarter. Fisher Asset Management LLC now owns 3,114,975 shares of the software maker’s stock valued at $1,946,954,000 after buying an additional 270,432 shares during the last quarter. Institutional investors own 83.66% of the company’s stock.

Insider Activity

In related news, insider Scott D. Cook sold 75,000 shares of the company’s stock in a transaction dated Tuesday, May 28th. The stock was sold at an average price of $597.85, for a total value of $44,838,750.00. Following the completion of the sale, the insider now directly owns 6,791,469 shares of the company’s stock, valued at approximately $4,060,279,741.65. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Intuit news, insider Scott D. Cook sold 75,000 shares of the stock in a transaction that occurred on Tuesday, May 28th. The stock was sold at an average price of $597.85, for a total transaction of $44,838,750.00. Following the completion of the sale, the insider now directly owns 6,791,469 shares of the company’s stock, valued at approximately $4,060,279,741.65. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Mark P. Notarainni sold 965 shares of the firm’s stock in a transaction that occurred on Tuesday, July 2nd. The shares were sold at an average price of $651.00, for a total value of $628,215.00. Following the completion of the sale, the executive vice president now directly owns 1,020 shares of the company’s stock, valued at $664,020. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 195,963 shares of company stock worth $114,442,445. 2.90% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several equities analysts recently weighed in on INTU shares. Jefferies Financial Group reaffirmed a “buy” rating and set a $770.00 target price on shares of Intuit in a research note on Thursday, June 13th. Royal Bank of Canada initiated coverage on Intuit in a research note on Wednesday, July 3rd. They issued an “outperform” rating and a $760.00 price objective on the stock. Citigroup increased their price objective on shares of Intuit from $727.00 to $750.00 and gave the company a “buy” rating in a research report on Friday, June 28th. Bank of America lowered their price objective on Intuit from $760.00 to $730.00 and set a “buy” rating for the company in a research note on Friday, May 24th. Finally, Piper Sandler restated an “overweight” rating and set a $760.00 price objective on shares of Intuit in a report on Friday, July 12th. Four investment analysts have rated the stock with a hold rating and twenty have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Intuit has an average rating of “Moderate Buy” and a consensus target price of $694.27.

Intuit Stock Up 1.1 %

NASDAQ INTU traded up $7.04 during trading hours on Friday, hitting $633.36. 918,595 shares of the company were exchanged, compared to its average volume of 1,330,799. The company has a 50 day moving average of $624.51 and a two-hundred day moving average of $632.46. The company has a quick ratio of 1.50, a current ratio of 1.50 and a debt-to-equity ratio of 0.32. Intuit Inc. has a 52-week low of $473.56 and a 52-week high of $676.62. The firm has a market cap of $177.06 billion, a price-to-earnings ratio of 58.46, a PEG ratio of 3.55 and a beta of 1.23.

Intuit (NASDAQ:INTU) last released its quarterly earnings data on Thursday, May 23rd. The software maker reported $9.88 EPS for the quarter, beating analysts’ consensus estimates of $8.12 by $1.76. Intuit had a return on equity of 18.61% and a net margin of 19.43%. The business had revenue of $6.74 billion for the quarter, compared to the consensus estimate of $6.65 billion. During the same quarter in the prior year, the business posted $7.80 EPS. The business’s revenue for the quarter was up 11.9% on a year-over-year basis. Equities research analysts anticipate that Intuit Inc. will post 11.72 earnings per share for the current year.

Intuit Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, July 18th. Stockholders of record on Wednesday, July 10th were issued a $0.90 dividend. The ex-dividend date of this dividend was Wednesday, July 10th. This represents a $3.60 dividend on an annualized basis and a dividend yield of 0.57%. Intuit’s payout ratio is currently 33.21%.

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.