Federated Hermes Inc. Grows Stock Position in Intuit Inc. (NASDAQ:INTU)

Federated Hermes Inc. increased its stake in Intuit Inc. (NASDAQ:INTU) by 83.6% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 114,950 shares of the software maker’s stock after buying an additional 52,334 shares during the quarter. Federated Hermes Inc.’s holdings in Intuit were worth $71,847,000 as of its most recent filing with the SEC.

A number of other large investors have also modified their holdings of INTU. NewSquare Capital LLC acquired a new stake in shares of Intuit in the third quarter valued at about $25,000. Cape Investment Advisory Inc. acquired a new position in shares of Intuit in the 3rd quarter worth approximately $26,000. Steward Financial Group LLC grew its position in shares of Intuit by 50.0% in the 3rd quarter. Steward Financial Group LLC now owns 60 shares of the software maker’s stock worth $30,000 after acquiring an additional 20 shares in the last quarter. Aspire Private Capital LLC lifted its holdings in shares of Intuit by 144.4% in the 3rd quarter. Aspire Private Capital LLC now owns 66 shares of the software maker’s stock worth $34,000 after purchasing an additional 39 shares during the last quarter. Finally, Webster Bank N. A. bought a new stake in shares of Intuit in the 4th quarter worth approximately $41,000. Institutional investors and hedge funds own 83.66% of the company’s stock.

Insiders Place Their Bets

In other Intuit news, EVP Alex G. Balazs sold 280 shares of the business’s stock in a transaction dated Wednesday, March 20th. The stock was sold at an average price of $636.38, for a total value of $178,186.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, EVP Alex G. Balazs sold 280 shares of the business’s stock in a transaction dated Wednesday, March 20th. The stock was sold at an average price of $636.38, for a total transaction of $178,186.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Kerry J. Mclean sold 3,692 shares of the business’s stock in a transaction dated Tuesday, February 27th. The stock was sold at an average price of $663.84, for a total value of $2,450,897.28. Following the transaction, the executive vice president now directly owns 22,948 shares of the company’s stock, valued at approximately $15,233,800.32. The disclosure for this sale can be found here. Insiders sold 4,717 shares of company stock valued at $3,117,156 over the last quarter. Insiders own 2.90% of the company’s stock.

Intuit Price Performance

INTU opened at $608.38 on Friday. The stock has a market cap of $170.35 billion, a price-to-earnings ratio of 62.08, a PEG ratio of 3.73 and a beta of 1.21. Intuit Inc. has a 1 year low of $400.22 and a 1 year high of $671.01. The company has a current ratio of 1.17, a quick ratio of 1.17 and a debt-to-equity ratio of 0.35. The stock has a fifty day moving average price of $643.99 and a 200 day moving average price of $598.45.

Intuit (NASDAQ:INTU) last announced its quarterly earnings results on Thursday, February 22nd. The software maker reported $2.63 earnings per share for the quarter, topping analysts’ consensus estimates of $2.30 by $0.33. Intuit had a return on equity of 17.51% and a net margin of 18.35%. The company had revenue of $3.39 billion during the quarter, compared to analysts’ expectations of $3.39 billion. During the same quarter in the previous year, the firm earned $1.05 earnings per share. The business’s quarterly revenue was up 11.3% compared to the same quarter last year. Analysts forecast that Intuit Inc. will post 11.27 EPS for the current fiscal year.

Intuit Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, April 18th. Shareholders of record on Wednesday, April 10th were given a $0.90 dividend. The ex-dividend date of this dividend was Tuesday, April 9th. This represents a $3.60 dividend on an annualized basis and a dividend yield of 0.59%. Intuit’s dividend payout ratio is currently 36.73%.

Analyst Ratings Changes

Several brokerages have weighed in on INTU. JPMorgan Chase & Co. lifted their target price on Intuit from $560.00 to $585.00 and gave the company a “neutral” rating in a research note on Friday, February 23rd. BMO Capital Markets reaffirmed an “outperform” rating and set a $700.00 target price on shares of Intuit in a research note on Tuesday, March 26th. Piper Sandler boosted their price objective on Intuit from $642.00 to $750.00 and gave the stock an “overweight” rating in a research note on Friday, February 23rd. Oppenheimer boosted their price objective on Intuit from $678.00 to $712.00 and gave the stock an “outperform” rating in a research note on Friday, February 23rd. Finally, Wells Fargo & Company boosted their price objective on Intuit from $615.00 to $710.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 21st. Four investment analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $645.00.

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 four segments: Small Business & Self-Employed, Consumer, Credit Karma, and ProTax.