V Square Quantitative Management LLC Increases Stake in Intuit Inc. (NASDAQ:INTU)

18 Oct 2024, 20:38 by Danessa Lincoln · The Markets Daily

V Square Quantitative Management LLC raised its holdings in shares of Intuit Inc. (NASDAQ:INTU – Free Report) by 6.1% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 7,170 shares of the software maker’s stock after buying an additional 413 shares during the period. Intuit comprises 0.7% of V Square Quantitative Management LLC’s portfolio, making the stock its 20th largest holding. V Square Quantitative Management LLC’s holdings in Intuit were worth $4,453,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of INTU. Virtu Financial LLC purchased a new position in shares of Intuit in the fourth quarter valued at about $227,000. Kapitalo Investimentos Ltda purchased a new position in Intuit during the fourth quarter valued at $141,000. Fulton Bank N.A. increased its holdings in Intuit by 14.7% in the 1st quarter. Fulton Bank N.A. now owns 1,549 shares of the software maker’s stock valued at $1,007,000 after acquiring an additional 199 shares during the last quarter. Park Avenue Securities LLC lifted its stake in Intuit by 43.6% in the 1st quarter. Park Avenue Securities LLC now owns 9,929 shares of the software maker’s stock worth $6,454,000 after purchasing an additional 3,016 shares in the last quarter. Finally, Aprio Wealth Management LLC boosted its holdings in shares of Intuit by 26.4% during the 1st quarter. Aprio Wealth Management LLC now owns 440 shares of the software maker’s stock valued at $286,000 after purchasing an additional 92 shares during the last quarter. 83.66% of the stock is currently owned by hedge funds and other institutional investors.

Intuit Stock Up 0.4 %

Intuit stock traded up $2.31 during midday trading on Friday, hitting $611.54. 156,289 shares of the company’s stock were exchanged, compared to its average volume of 1,319,486. Intuit Inc. has a 12 month low of $473.56 and a 12 month high of $676.62. The company has a market cap of $170.95 billion, a PE ratio of 56.20, a P/E/G ratio of 3.04 and a beta of 1.24. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.29 and a current ratio of 1.29. The firm has a 50-day moving average of $630.74 and a two-hundred day moving average of $627.72.

Intuit (NASDAQ:INTU – Get Free Report) last released 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. Intuit had a net margin of 18.19% and a return on equity of 18.64%. The business had revenue of $3.18 billion for the quarter, compared to analysts’ expectations of $3.08 billion. During the same period last year, the business earned $0.40 EPS. The company’s revenue was up 17.4% compared to the same quarter last year. As a group, analysts expect that Intuit Inc. will post 14.04 earnings per share for the current fiscal year.

Intuit Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 18th. Stockholders of record on Thursday, October 10th will be issued a $1.04 dividend. This is an increase from Intuit’s previous quarterly dividend of $0.90. This represents a $4.16 annualized dividend and a dividend yield of 0.68%. The ex-dividend date is Thursday, October 10th. Intuit’s dividend payout ratio is 38.38%.

Insider Activity at Intuit

In other news, Director Eve B. Burton sold 2,988 shares of the company’s stock in a transaction dated Thursday, September 19th. The stock was sold at an average price of $649.87, for a total value of $1,941,811.56. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In other news, CFO Sandeep Aujla sold 4,000 shares of the stock in a transaction dated Thursday, October 10th. The shares were sold at an average price of $617.28, for a total transaction of $2,469,120.00. Following the sale, the chief financial officer now directly owns 452 shares of the company’s stock, valued at $279,010.56. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Eve B. Burton sold 2,988 shares of the firm’s stock in a transaction dated Thursday, September 19th. The shares were sold at an average price of $649.87, for a total value of $1,941,811.56. The disclosure for this sale can be found here. Insiders sold 55,297 shares of company stock worth $35,220,046 over the last three months. Company insiders own 2.90% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on INTU shares. BMO Capital Markets boosted their target price on Intuit from $700.00 to $760.00 and gave the stock an “outperform” rating in a research report on Friday, August 23rd. Royal Bank of Canada began coverage on Intuit in a report on Wednesday, July 3rd. They set an “outperform” rating and a $760.00 price objective on the stock. Piper Sandler reiterated an “overweight” rating and set a $768.00 target price on shares of Intuit in a research report on Friday, September 27th. Morgan Stanley cut shares of Intuit from an “overweight” rating to an “equal weight” rating and reduced their price target for the stock from $750.00 to $685.00 in a research report on Wednesday, August 14th. Finally, Susquehanna reiterated a “positive” rating and set a $757.00 price objective on shares of Intuit in a research report on Friday, August 16th. Four research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $735.71.

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