Redmont Wealth Advisors LLC Buys New Stake in Intuit Inc. (NASDAQ:INTU)

Redmont Wealth Advisors LLC purchased a new stake in shares of Intuit Inc. (NASDAQ:INTU) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm purchased 124 shares of the software maker’s stock, valued at approximately $81,000.

Other hedge funds also recently modified their holdings of the company. DiNuzzo Private Wealth Inc. acquired a new position in shares of Intuit during the 4th quarter valued at $25,000. MCF Advisors LLC boosted its stake in shares of Intuit by 119.0% during the 4th 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 shares of Intuit during the 4th quarter worth $38,000. Sachetta LLC bought a new stake in shares of Intuit during the 4th quarter worth $39,000. Finally, Webster Bank N. A. bought a new stake in shares of Intuit during the 4th quarter worth $41,000. 83.66% of the stock is currently owned by institutional investors and hedge funds.

Intuit Stock Performance

Shares of Intuit stock traded up $3.68 during trading on Wednesday, reaching $659.90. The company’s stock had a trading volume of 931,923 shares, compared to its average volume of 1,343,425. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.50 and a current ratio of 1.50. The business’s fifty day moving average price is $619.94 and its 200-day moving average price is $628.97. The firm has a market cap of $184.48 billion, a price-to-earnings ratio of 60.96, a price-to-earnings-growth ratio of 3.76 and a beta of 1.23. Intuit Inc. has a one year low of $444.19 and a one year high of $676.62.

Intuit (NASDAQ:INTU) last posted its quarterly earnings data on Thursday, May 23rd. The software maker reported $9.88 EPS for the quarter, topping analysts’ consensus estimates of $8.12 by $1.76. The business had revenue of $6.74 billion for the quarter, compared to analyst estimates of $6.65 billion. Intuit had a return on equity of 18.61% and a net margin of 19.43%. The firm’s revenue for the quarter was up 11.9% on a year-over-year basis. During the same period in the previous year, the company posted $7.80 earnings per share. As a group, equities research analysts predict that Intuit Inc. will post 11.72 earnings per share for the current year.

Intuit Dividend Announcement

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

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the company. Erste Group Bank reissued a “hold” rating on shares of Intuit in a research note on Friday, June 14th. Royal Bank of Canada assumed coverage on Intuit in a research note on Wednesday. They set an “outperform” rating and a $760.00 price objective for the company. Morgan Stanley raised their target price on Intuit from $680.00 to $740.00 and gave the stock an “overweight” rating in a research report on Monday, May 13th. Wells Fargo & Company raised their target price on Intuit from $725.00 to $750.00 and gave the stock an “overweight” rating in a research report on Tuesday, May 21st. Finally, Susquehanna decreased their target price on Intuit from $775.00 to $757.00 and set a “positive” rating for the company in a research report on Friday, May 24th. Five research analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $687.22.

Insider Activity at Intuit

In related news, CFO Sandeep Aujla sold 1,415 shares of the business’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 $855,480.70. Following the transaction, the chief financial officer now directly owns 2,332 shares in the company, valued at $1,409,880.56. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Intuit news, insider Scott D. Cook sold 75,000 shares of Intuit stock in a transaction that occurred on Tuesday, May 28th. The stock was sold at an average price of $597.85, for a total transaction of $44,838,750.00. Following the sale, the insider now directly owns 6,791,469 shares of the company’s stock, valued at $4,060,279,741.65. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Sandeep Aujla sold 1,415 shares of Intuit stock in a transaction that occurred on Tuesday, May 28th. The shares were sold at an average price of $604.58, for a total value of $855,480.70. Following the sale, the chief financial officer now directly owns 2,332 shares in the company, valued at $1,409,880.56. The disclosure for this sale can be found here. Insiders have sold 193,937 shares of company stock worth $113,123,232 over the last three months. Company insiders own 2.90% of the company’s stock.

Intuit 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.