First Trust Direct Indexing L.P. Purchases 1,061 Shares of Intuit Inc. (NASDAQ:INTU)

First Trust Direct Indexing L.P. lifted its position in Intuit Inc. (NASDAQ:INTU) by 16.5% in the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 7,490 shares of the software maker’s stock after acquiring an additional 1,061 shares during the period. First Trust Direct Indexing L.P.’s holdings in Intuit were worth $4,869,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. DiNuzzo Private Wealth Inc. bought a new stake in shares of Intuit in the 4th quarter worth approximately $25,000. MCF Advisors LLC boosted its holdings in Intuit by 119.0% in the fourth quarter. MCF Advisors LLC now owns 46 shares of the software maker’s stock worth $29,000 after acquiring an additional 25 shares in the last quarter. Wetzel Investment Advisors Inc. bought a new stake in Intuit in the fourth quarter worth $38,000. Sachetta LLC bought a new position in shares of Intuit during the fourth quarter valued at $39,000. Finally, Webster Bank N. A. purchased a new position in shares of Intuit in the 4th quarter worth about $41,000. 83.66% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on INTU. Wells Fargo & Company raised their price objective on shares of Intuit from $725.00 to $750.00 and gave the company an “overweight” rating in a research note on Tuesday, May 21st. Morgan Stanley boosted their price objective on shares of Intuit from $680.00 to $740.00 and gave the stock an “overweight” rating in a report on Monday, May 13th. KeyCorp increased their target price on Intuit from $720.00 to $740.00 and gave the company an “overweight” rating in a research note on Monday, May 20th. Stifel Nicolaus reduced their target price on Intuit from $720.00 to $690.00 and set a “buy” rating for the company in a report on Friday, May 24th. Finally, UBS Group upped their price target on Intuit from $625.00 to $670.00 and gave the company a “neutral” rating in a report on Monday, May 20th. Five analysts have rated the stock with a hold rating and twenty have given a buy rating to the stock. According to MarketBeat, Intuit has an average rating of “Moderate Buy” and an average price target of $687.22.

Insider Buying and Selling at Intuit

In other news, EVP Mark P. Notarainni sold 465 shares of the firm’s stock in a transaction dated Tuesday, May 28th. The stock was sold at an average price of $604.58, for a total transaction of $281,129.70. Following the completion of the transaction, the executive vice president now owns 869 shares in the company, valued at $525,380.02. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, EVP Mark P. Notarainni sold 465 shares of the firm’s stock in a transaction on Tuesday, May 28th. The shares were sold at an average price of $604.58, for a total value of $281,129.70. Following the completion of the transaction, the executive vice president now directly owns 869 shares of the company’s stock, valued at $525,380.02. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CFO Sandeep Aujla sold 1,061 shares of the company’s stock in a transaction on Wednesday, July 3rd. The shares were sold at an average price of $651.27, for a total transaction of $690,997.47. Following the sale, the chief financial officer now directly owns 3,333 shares in the company, valued at approximately $2,170,682.91. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 195,963 shares of company stock worth $114,442,445. Insiders own 2.90% of the company’s stock.

Intuit Price Performance

NASDAQ:INTU traded up $3.68 during trading hours on Thursday, hitting $659.90. 931,929 shares of the stock traded hands, compared to its average volume of 1,530,018. The company has a market cap of $184.47 billion, a price-to-earnings ratio of 60.88, a price-to-earnings-growth ratio of 3.75 and a beta of 1.23. Intuit Inc. has a 1 year low of $444.19 and a 1 year high of $676.62. The stock has a 50 day moving average price of $620.43 and a 200 day moving average price of $629.18. The company has a quick ratio of 1.50, a current ratio of 1.50 and a debt-to-equity ratio of 0.32.

Intuit (NASDAQ:INTU) last released its earnings results on Thursday, May 23rd. The software maker reported $9.88 earnings per share for the quarter, beating analysts’ consensus estimates of $8.12 by $1.76. Intuit had a net margin of 19.43% and a return on equity of 18.61%. The company had revenue of $6.74 billion for the quarter, compared to analysts’ expectations of $6.65 billion. During the same quarter in the previous year, the company earned $7.80 EPS. Intuit’s revenue for the quarter was up 11.9% on a year-over-year basis. Sell-side analysts forecast that Intuit Inc. will post 11.72 EPS for the current fiscal year.

Intuit Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, July 18th. Stockholders of record on Wednesday, July 10th will be given a dividend of $0.90 per share. This represents a $3.60 annualized dividend and a dividend yield of 0.55%. The ex-dividend date is Wednesday, July 10th. Intuit’s payout ratio is currently 33.21%.

About Intuit

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.