Stonegate Investment Group LLC Purchases 279 Shares of Intuit Inc. (NASDAQ:INTU)

by · The Markets Daily

Stonegate Investment Group LLC increased its position in shares of Intuit Inc. (NASDAQ:INTU – Free Report) by 2.9% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 9,916 shares of the software maker’s stock after buying an additional 279 shares during the period. Stonegate Investment Group LLC’s holdings in Intuit were worth $6,158,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of INTU. Vanguard Group Inc. boosted its holdings in Intuit by 1.1% in 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 purchasing an additional 283,291 shares during the period. Legal & General Group Plc boosted its holdings in Intuit by 1.0% in the 2nd 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. Ameriprise Financial Inc. boosted its holdings in Intuit by 17.3% in the 2nd quarter. Ameriprise Financial Inc. now owns 1,616,811 shares of the software maker’s stock valued at $1,062,578,000 after purchasing an additional 238,486 shares during the period. Principal Financial Group Inc. boosted its holdings in Intuit by 4.2% in the 2nd quarter. Principal Financial Group Inc. now owns 1,407,862 shares of the software maker’s stock valued at $925,262,000 after purchasing an additional 56,370 shares during the period. Finally, Capital World Investors boosted its holdings in Intuit by 1.0% in the 1st quarter. Capital World Investors now owns 1,188,779 shares of the software maker’s stock valued at $772,706,000 after purchasing an additional 12,068 shares during the period. 83.66% of the stock is owned by institutional investors.

Intuit Price Performance

Shares of Intuit stock traded up $4.43 during mid-day trading on Friday, reaching $613.66. 412,235 shares of the stock were exchanged, compared to its average volume of 1,320,753. The company has a market cap of $171.55 billion, a price-to-earnings ratio of 56.20, a price-to-earnings-growth ratio of 3.04 and a beta of 1.24. The company has a current ratio of 1.29, a quick ratio of 1.29 and a debt-to-equity ratio of 0.30. The firm has a 50-day simple moving average of $630.74 and a 200 day simple moving average of $627.72. Intuit Inc. has a fifty-two week low of $473.56 and a fifty-two week high of $676.62.

Intuit (NASDAQ:INTU – Get Free Report) last announced its earnings results on Thursday, August 22nd. The software maker reported $1.99 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.85 by $0.14. The business had revenue of $3.18 billion during the quarter, compared to analysts’ expectations of $3.08 billion. Intuit had a net margin of 18.19% and a return on equity of 18.64%. The firm’s revenue for the quarter was up 17.4% on a year-over-year basis. During the same quarter last year, the company posted $0.40 EPS. On average, sell-side analysts predict that Intuit Inc. will post 14.04 EPS for the current fiscal year.

Intuit Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 18th. Shareholders of record on Thursday, October 10th will be given a $1.04 dividend. This represents a $4.16 annualized dividend and a yield of 0.68%. The ex-dividend date is Thursday, October 10th. This is a boost from Intuit’s previous quarterly dividend of $0.90. Intuit’s dividend payout ratio (DPR) is presently 38.38%.

Analyst Upgrades and Downgrades

INTU has been the subject of a number of research reports. Piper Sandler reissued an “overweight” rating and issued a $768.00 price target on shares of Intuit in a report on Friday, September 27th. StockNews.com raised shares of Intuit from a “hold” rating to a “buy” rating in a report on Monday, September 30th. Stifel Nicolaus increased their price target on shares of Intuit from $690.00 to $795.00 and gave the company a “buy” rating in a report on Friday, August 23rd. JPMorgan Chase & Co. raised their price objective on shares of Intuit from $585.00 to $600.00 and gave the stock a “neutral” rating in a report on Friday, August 23rd. Finally, Susquehanna reaffirmed a “positive” rating and set a $757.00 price objective on shares of Intuit in a report on Friday, August 16th. Four research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. Based on data from MarketBeat, Intuit presently has a consensus rating of “Moderate Buy” and a consensus price target of $735.71.

View Our Latest Stock Analysis on INTU

Insider Buying and Selling at Intuit

In other Intuit news, EVP Laura A. Fennell sold 30,159 shares of the firm’s stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $642.36, for a total value of $19,372,935.24. Following the completion of the sale, the executive vice president now owns 52,038 shares in the company, valued at approximately $33,427,129.68. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 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 sale, the chief financial officer now owns 3,840 shares in the company, valued at approximately $2,384,755.20. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Laura A. Fennell sold 30,159 shares of the firm’s stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $642.36, for a total transaction of $19,372,935.24. Following the completion of the sale, the executive vice president now owns 52,038 shares of the company’s stock, valued at $33,427,129.68. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 55,297 shares of company stock worth $35,220,046. 2.90% of the stock is currently owned by corporate insiders.

Intuit Company Profile

(Free Report)

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.

Featured Articles