MV Capital Management Inc. increased its position in Intuit Inc. (NASDAQ:INTU) by 19.7% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,475 shares of the software maker’s stock after buying an additional 571 shares during the quarter. MV Capital Management Inc.’s holdings in Intuit were worth $1,331,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other institutional investors also recently made changes to their positions in the company. MUFG Americas Holdings Corp increased its stake in Intuit by 1,600.0% in the 4th quarter. MUFG Americas Holdings Corp now owns 68 shares of the software maker’s stock worth $26,000 after purchasing an additional 64 shares during the period. TRU Independence Asset Management 2 LLC purchased a new position in Intuit in the 4th quarter worth approximately $29,000. Encompass Wealth Advisors LLC purchased a new position in Intuit in the 4th quarter worth approximately $29,000. Concord Wealth Partners purchased a new position in Intuit in the 4th quarter worth approximately $37,000. Finally, Piscataqua Savings Bank purchased a new position in Intuit in the 1st quarter worth approximately $37,000. 83.82% of the stock is currently owned by institutional investors and hedge funds.
In other news, Director Dennis D. Powell sold 5,000 shares of the company’s stock in a transaction on Thursday, May 27th. The stock was sold at an average price of $431.67, for a total transaction of $2,158,350.00. Following the transaction, the director now directly owns 4,234 shares of the company’s stock, valued at $1,827,690.78. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Michelle M. Clatterbuck sold 414 shares of the company’s stock in a transaction on Thursday, May 27th. The shares were sold at an average price of $436.21, for a total value of $180,590.94. Following the transaction, the chief financial officer now directly owns 546 shares in the company, valued at $238,170.66. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 168,912 shares of company stock worth $72,890,386. Corporate insiders own 3.38% of the company’s stock.
Intuit (NASDAQ:INTU) last released its earnings results on Monday, May 24th. The software maker reported $6.07 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $6.19 by ($0.12). Intuit had a return on equity of 28.76% and a net margin of 23.93%. The company had revenue of $4.17 billion during the quarter, compared to the consensus estimate of $4.27 billion. During the same period last year, the firm posted $4.49 earnings per share. The company’s revenue was up 39.0% compared to the same quarter last year. Equities research analysts predict that Intuit Inc. will post 7.26 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, July 19th. Stockholders of record on Monday, July 12th will be issued a dividend of $0.59 per share. This represents a $2.36 dividend on an annualized basis and a dividend yield of 0.50%. The ex-dividend date is Friday, July 9th. Intuit’s payout ratio is currently 35.98%.
A number of equities analysts have commented on the company. Mizuho lifted their price target on Intuit from $450.00 to $500.00 and gave the stock a “buy” rating in a research note on Wednesday, May 26th. Oppenheimer reissued a “buy” rating and set a $474.00 target price on shares of Intuit in a research note on Wednesday, May 26th. Credit Suisse Group reissued an “outperform” rating and set a $460.00 target price on shares of Intuit in a research note on Tuesday, March 16th. Piper Sandler boosted their target price on Intuit from $470.00 to $498.00 and gave the company an “overweight” rating in a research note on Wednesday, May 26th. Finally, Barclays boosted their target price on Intuit from $482.00 to $540.00 and gave the company an “overweight” rating in a research note on Wednesday, May 26th. Five equities research analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and one has issued a strong buy rating to the stock. The company presently has an average rating of “Buy” and an average price target of $465.71.
Intuit Company 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 three segments: Small Business & Self-Employed, Consumer, and Strategic Partner.
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