EFG Asset Management Americas Corp. Raises Stock Position in Intuit Inc. (NASDAQ:INTU)

EFG Asset Management Americas Corp. grew its stake in Intuit Inc. (NASDAQ:INTU) by 42.0% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 12,040 shares of the software maker’s stock after buying an additional 3,564 shares during the period. Intuit accounts for 1.6% of EFG Asset Management Americas Corp.’s investment portfolio, making the stock its 19th largest holding. EFG Asset Management Americas Corp.’s holdings in Intuit were worth $7,913,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently modified their holdings of INTU. JFS Wealth Advisors LLC grew its position in shares of Intuit by 1.0% during the fourth quarter. JFS Wealth Advisors LLC now owns 1,564 shares of the software maker’s stock worth $978,000 after acquiring an additional 16 shares during the last quarter. EverSource Wealth Advisors LLC raised its holdings in shares of Intuit by 3.7% in the fourth quarter. EverSource Wealth Advisors LLC now owns 449 shares of the software maker’s stock valued at $281,000 after buying an additional 16 shares during the last quarter. Fortitude Family Office LLC boosted its stake in shares of Intuit by 2.8% during the second quarter. Fortitude Family Office LLC now owns 582 shares of the software maker’s stock worth $382,000 after buying an additional 16 shares during the period. WASHINGTON TRUST Co grew its holdings in shares of Intuit by 10.5% during the second quarter. WASHINGTON TRUST Co now owns 168 shares of the software maker’s stock worth $110,000 after buying an additional 16 shares during the last quarter. Finally, Gemmer Asset Management LLC grew its holdings in shares of Intuit by 3.7% during the second quarter. Gemmer Asset Management LLC now owns 448 shares of the software maker’s stock worth $294,000 after buying an additional 16 shares during the last quarter. 83.66% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts have weighed in on the company. Wells Fargo & Company increased their price objective on Intuit from $725.00 to $750.00 and gave the stock an “overweight” rating in a research report on Tuesday, May 21st. BMO Capital Markets lifted their price objective on shares of Intuit from $700.00 to $760.00 and gave the company an “outperform” rating in a research report on Friday, August 23rd. Jefferies Financial Group upped their price objective on shares of Intuit from $770.00 to $790.00 and gave the stock a “buy” rating in a research report on Friday, August 23rd. Citigroup lifted their target price on shares of Intuit from $727.00 to $750.00 and gave the company a “buy” rating in a report on Friday, June 28th. Finally, UBS Group increased their price target on shares of Intuit from $625.00 to $670.00 and gave the stock a “neutral” rating in a report on Monday, May 20th. Five research analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the stock. According to MarketBeat, Intuit presently has a consensus rating of “Moderate Buy” and a consensus target price of $720.37.

Insider Buying and Selling

In other news, insider Scott D. Cook sold 75,000 shares of the business’s stock in a transaction that occurred on Monday, June 10th. The shares were sold at an average price of $567.75, for a total value of $42,581,250.00. Following the completion of the transaction, the insider now owns 6,626,721 shares of the company’s stock, valued at $3,762,320,847.75. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In other news, insider Scott D. Cook sold 75,000 shares of the stock in a transaction dated Monday, June 10th. The shares were sold at an average price of $567.75, for a total transaction of $42,581,250.00. Following the transaction, the insider now directly owns 6,626,721 shares in the company, valued at approximately $3,762,320,847.75. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO Sandeep Aujla sold 1,061 shares of the business’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 of the company’s stock, valued at $2,170,682.91. The disclosure for this sale can be found here. In the last quarter, insiders sold 116,308 shares of company stock worth $67,651,926. 2.90% of the stock is owned by corporate insiders.

Intuit Price Performance

Shares of NASDAQ:INTU traded down $6.36 during midday trading on Friday, hitting $615.12. 999,734 shares of the stock were exchanged, compared to its average volume of 1,330,498. The stock has a market cap of $171.95 billion, a P/E ratio of 56.75, a PEG ratio of 3.08 and a beta of 1.23. Intuit Inc. has a twelve month low of $473.56 and a twelve month high of $676.62. The company has a 50 day moving average price of $638.42 and a 200-day moving average price of $632.43. The company has a current ratio of 1.29, a quick ratio of 1.50 and a debt-to-equity ratio of 0.30.

Intuit (NASDAQ:INTU) last announced its quarterly earnings results on Thursday, August 22nd. The software maker reported $1.99 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.85 by $0.14. Intuit had a net margin of 18.19% and a return on equity of 18.64%. The company had revenue of $3.18 billion for the quarter, compared to the consensus estimate of $3.08 billion. During the same quarter in the prior year, the firm earned $0.40 earnings per share. The company’s revenue for the quarter was up 17.4% compared to the same quarter last year. On average, research analysts forecast that Intuit Inc. will post 14.06 earnings per share for the current year.

Intuit Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 18th. Investors of record on Thursday, October 10th will be paid a dividend of $1.04 per share. The ex-dividend date is Thursday, October 10th. This represents a $4.16 dividend on an annualized basis and a dividend yield of 0.68%. This is a positive change from Intuit’s previous quarterly dividend of $0.90. Intuit’s dividend payout ratio (DPR) is presently 38.38%.

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.