Wedmont Private Capital Grows Position in Intuit Inc. (NASDAQ:INTU)

Wedmont Private Capital boosted its position in shares of Intuit Inc. (NASDAQ:INTU) by 4.2% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 3,885 shares of the software maker’s stock after purchasing an additional 156 shares during the period. Wedmont Private Capital’s holdings in Intuit were worth $2,422,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in INTU. State Street Corp boosted its position in Intuit by 1.8% in the 3rd quarter. State Street Corp now owns 12,317,086 shares of the software maker’s stock valued at $7,648,910,000 after buying an additional 221,885 shares during the period. Geode Capital Management LLC raised its stake in shares of Intuit by 1.4% during the third quarter. Geode Capital Management LLC now owns 5,978,713 shares of the software maker’s stock valued at $3,701,762,000 after acquiring an additional 80,463 shares in the last quarter. Fisher Asset Management LLC boosted its holdings in shares of Intuit by 2.9% in the third quarter. Fisher Asset Management LLC now owns 3,827,671 shares of the software maker’s stock valued at $2,376,984,000 after purchasing an additional 107,482 shares during the period. Legal & General Group Plc boosted its holdings in shares of Intuit by 1.0% in the second quarter. Legal & General Group Plc now owns 2,340,555 shares of the software maker’s stock valued at $1,538,236,000 after purchasing an additional 23,995 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in Intuit by 4.0% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,300,789 shares of the software maker’s stock worth $1,428,790,000 after purchasing an additional 87,517 shares in the last quarter. 83.66% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

INTU has been the subject of a number of research reports. StockNews.com lowered shares of Intuit from a “buy” rating to a “hold” rating in a research note on Friday, December 20th. Piper Sandler reiterated an “overweight” rating and set a $765.00 price objective on shares of Intuit in a research note on Friday. Stifel Nicolaus cut their price objective on shares of Intuit from $795.00 to $725.00 and set a “buy” rating on the stock in a report on Friday, November 22nd. Oppenheimer upped their target price on Intuit from $712.00 to $722.00 and gave the stock an “outperform” rating in a report on Friday, November 22nd. Finally, Morgan Stanley lifted their price target on Intuit from $685.00 to $730.00 and gave the company an “equal weight” rating in a report on Friday, November 22nd. Six analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $737.44.

Insider Activity at Intuit

In other news, insider Scott D. Cook sold 75,000 shares of the business’s stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $641.82, for a total value of $48,136,500.00. Following the transaction, the insider now owns 6,378,105 shares of the company’s stock, valued at approximately $4,093,595,351.10. The trade was a 1.16 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Laura A. Fennell sold 4,788 shares of the stock in a transaction on Tuesday, January 7th. The stock was sold at an average price of $613.62, for a total value of $2,938,012.56. Following the sale, the executive vice president now directly owns 30,010 shares of the company’s stock, valued at approximately $18,414,736.20. This represents a 13.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 291,936 shares of company stock worth $188,324,604 in the last 90 days. 2.68% of the stock is owned by insiders.

Intuit Stock Down 1.3 %

NASDAQ:INTU traded down $7.95 during trading hours on Monday, hitting $615.48. The company’s stock had a trading volume of 638,234 shares, compared to its average volume of 1,242,056. The stock has a market capitalization of $172.28 billion, a P/E ratio of 59.76, a price-to-earnings-growth ratio of 3.24 and a beta of 1.25. The company has a current ratio of 1.24, a quick ratio of 1.24 and a debt-to-equity ratio of 0.31. The stock has a fifty day moving average of $649.58 and a 200-day moving average of $638.21. Intuit Inc. has a 52-week low of $557.29 and a 52-week high of $714.78.

Intuit (NASDAQ:INTU) last released its quarterly earnings data on Thursday, November 21st. The software maker reported $2.50 earnings per share for the quarter, topping analysts’ consensus estimates of $2.36 by $0.14. Intuit had a net margin of 17.59% and a return on equity of 18.25%. The company had revenue of $3.28 billion for the quarter, compared to analysts’ expectations of $3.14 billion. During the same quarter last year, the company earned $1.14 earnings per share. The firm’s revenue for the quarter was up 10.2% on a year-over-year basis. On average, equities analysts forecast that Intuit Inc. will post 14.07 earnings per share for the current year.

Intuit Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, January 17th. Stockholders of record on Thursday, January 9th will be issued a $1.04 dividend. The ex-dividend date is Friday, January 10th. This represents a $4.16 dividend on an annualized basis and a dividend yield of 0.68%. Intuit’s payout ratio is 40.39%.

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.