Intuit Inc. (NASDAQ:INTU) Position Boosted by Naviter Wealth LLC

Naviter Wealth LLC boosted its position in Intuit Inc. (NASDAQ:INTU) by 5.2% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 2,870 shares of the software maker’s stock after buying an additional 141 shares during the quarter. Naviter Wealth LLC’s holdings in Intuit were worth $1,782,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Kowal Investment Group LLC boosted its holdings in shares of Intuit by 103.7% in the 3rd quarter. Kowal Investment Group LLC now owns 768 shares of the software maker’s stock valued at $477,000 after buying an additional 391 shares during the period. Regent Peak Wealth Advisors LLC boosted its position in Intuit by 6.4% during the 3rd quarter. Regent Peak Wealth Advisors LLC now owns 1,232 shares of the software maker’s stock valued at $765,000 after purchasing an additional 74 shares during the period. Vontobel Holding Ltd. grew its stake in Intuit by 4.7% during the 3rd quarter. Vontobel Holding Ltd. now owns 591,914 shares of the software maker’s stock worth $367,579,000 after buying an additional 26,495 shares during the last quarter. Sumitomo Life Insurance Co. grew its position in shares of Intuit by 1.6% during the third quarter. Sumitomo Life Insurance Co. now owns 8,836 shares of the software maker’s stock worth $5,487,000 after acquiring an additional 137 shares during the last quarter. Finally, SeaCrest Wealth Management LLC increased its holdings in shares of Intuit by 4.4% in the 3rd quarter. SeaCrest Wealth Management LLC now owns 687 shares of the software maker’s stock worth $427,000 after acquiring an additional 29 shares during the period. Institutional investors and hedge funds own 83.66% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on INTU. JPMorgan Chase & Co. boosted their target price on shares of Intuit from $585.00 to $600.00 and gave the company a “neutral” rating in a research note on Friday, August 23rd. Morgan Stanley lowered Intuit from an “overweight” rating to an “equal weight” rating and decreased their price objective for the stock from $750.00 to $685.00 in a report on Wednesday, August 14th. Jefferies Financial Group lifted their target price on Intuit from $770.00 to $790.00 and gave the company a “buy” rating in a research note on Friday, August 23rd. StockNews.com raised Intuit from a “hold” rating to a “buy” rating in a report on Monday, September 30th. Finally, BMO Capital Markets upped their price objective on shares of Intuit from $700.00 to $760.00 and gave the stock an “outperform” rating in a report on Friday, August 23rd. Four analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $735.71.

Intuit Stock Performance

NASDAQ:INTU traded up $1.55 during midday trading on Thursday, reaching $610.94. The stock had a trading volume of 76,352 shares, compared to its average volume of 1,319,720. The stock has a market capitalization of $170.79 billion, a P/E ratio of 56.22, a PEG ratio of 3.04 and a beta of 1.24. Intuit Inc. has a 1-year low of $473.56 and a 1-year high of $676.62. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.29 and a quick ratio of 1.29. The firm’s fifty day simple moving average is $631.07 and its 200-day simple moving average is $627.85.

Intuit (NASDAQ:INTU) last issued 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 return on equity of 18.64% and a net margin of 18.19%. The company had revenue of $3.18 billion for the quarter, compared to the consensus estimate of $3.08 billion. During the same period last year, the business posted $0.40 earnings per share. The firm’s revenue was up 17.4% compared to the same quarter last year. On average, equities research analysts forecast that Intuit Inc. will post 14.04 EPS for the current fiscal year.

Intuit Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 18th. Stockholders of record on Thursday, October 10th will be given a $1.04 dividend. This represents a $4.16 annualized dividend and a dividend yield of 0.68%. This is a boost from Intuit’s previous quarterly dividend of $0.90. The ex-dividend date is Thursday, October 10th. Intuit’s dividend payout ratio is currently 38.38%.

Insider Transactions at Intuit

In other Intuit news, CFO Sandeep Aujla sold 775 shares of the firm’s stock in a transaction on Thursday, October 3rd. The shares were sold at an average price of $601.31, for a total value of $466,015.25. Following the sale, the chief financial officer now directly owns 4,451 shares in the company, valued at $2,676,430.81. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, EVP Alex G. Balazs sold 2,941 shares of the firm’s stock in a transaction on Tuesday, September 10th. The stock was sold at an average price of $628.76, for a total value of $1,849,183.16. Following the completion of the transaction, the executive vice president now directly owns 20 shares of the company’s stock, valued at $12,575.20. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Sandeep Aujla sold 775 shares of the firm’s stock in a transaction dated Thursday, October 3rd. The stock was sold at an average price of $601.31, for a total transaction of $466,015.25. Following the transaction, the chief financial officer now directly owns 4,451 shares of the company’s stock, valued at $2,676,430.81. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 55,297 shares of company stock worth $35,220,046. Insiders own 2.90% of the company’s stock.

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.