Oppenheimer Asset Management Inc. Grows Position in Intuit Inc. (NASDAQ:INTU)

Oppenheimer Asset Management Inc. raised its holdings in Intuit Inc. (NASDAQ:INTU) by 0.5% in the 3rd quarter, Holdings Channel.com reports. The firm owned 52,322 shares of the software maker’s stock after acquiring an additional 243 shares during the period. Oppenheimer Asset Management Inc.’s holdings in Intuit were worth $32,492,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently modified their holdings of the company. LGT Financial Advisors LLC bought a new position in shares of Intuit in the second quarter valued at approximately $25,000. Cultivar Capital Inc. purchased a new stake in Intuit in the 2nd quarter worth approximately $26,000. Fairway Wealth LLC bought a new position in Intuit in the 2nd quarter valued at $26,000. Northwest Investment Counselors LLC purchased a new position in shares of Intuit during the 3rd quarter valued at $27,000. Finally, Hobbs Group Advisors LLC bought a new position in shares of Intuit in the second quarter worth $35,000. Institutional investors own 83.66% of the company’s stock.

Insiders Place Their Bets

In other Intuit news, EVP Alex G. Balazs sold 2,941 shares of Intuit stock in a transaction that occurred on Tuesday, September 10th. The shares were sold at an average price of $628.76, for a total transaction of $1,849,183.16. Following the transaction, the executive vice president now owns 20 shares of the company’s stock, valued at $12,575.20. The trade was 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 the SEC website. In related news, EVP Alex G. Balazs sold 2,941 shares of the stock in a transaction dated Tuesday, September 10th. The stock was sold at an average price of $628.76, for a total transaction of $1,849,183.16. Following the completion of the sale, the executive vice president now owns 20 shares in the company, valued at approximately $12,575.20. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Eve B. Burton sold 2,988 shares of the company’s stock in a transaction that occurred on Thursday, September 19th. The stock was sold at an average price of $649.87, for a total value of $1,941,811.56. The disclosure for this sale can be found here. Insiders sold a total of 55,297 shares of company stock worth $35,220,046 over the last quarter. 2.90% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on INTU. Susquehanna restated a “positive” rating and issued a $757.00 target price on shares of Intuit in a research note on Friday, August 16th. Barclays lowered their target price on shares of Intuit from $745.00 to $740.00 and set an “overweight” rating on the stock in a research note on Friday, August 23rd. Piper Sandler reiterated an “overweight” rating and set a $768.00 target price on shares of Intuit in a research report on Friday, September 27th. Jefferies Financial Group increased their price target on shares of Intuit from $770.00 to $790.00 and gave the stock a “buy” rating in a report on Friday, August 23rd. Finally, Bank of America lifted their price objective on shares of Intuit from $730.00 to $780.00 and gave the stock a “buy” rating in a report on Friday, August 23rd. Four investment analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $735.71.

Intuit Stock Up 1.3 %

Shares of INTU traded up $8.93 during trading hours on Wednesday, hitting $708.40. The company had a trading volume of 157,542 shares, compared to its average volume of 1,325,463. The stock has a market capitalization of $198.56 billion, a price-to-earnings ratio of 66.93, a P/E/G ratio of 3.41 and a beta of 1.25. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.29 and a current ratio of 1.29. The firm has a fifty day moving average price of $628.37 and a 200-day moving average price of $628.67. Intuit Inc. has a 52-week low of $541.40 and a 52-week high of $708.81.

Intuit (NASDAQ:INTU) last issued its earnings results on Thursday, August 22nd. The software maker reported $1.99 earnings per share for the quarter, topping analysts’ consensus estimates of $1.85 by $0.14. Intuit had a return on equity of 18.64% and a net margin of 18.19%. The business had revenue of $3.18 billion during the quarter, compared to analyst estimates of $3.08 billion. During the same quarter in the previous year, the firm earned $0.40 EPS. Intuit’s revenue was up 17.4% on a year-over-year basis. On average, equities research analysts forecast that Intuit Inc. will post 14.04 EPS for the current fiscal year.

Intuit Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, October 18th. Stockholders of record on Thursday, October 10th were paid a $1.04 dividend. This represents a $4.16 annualized dividend and a dividend yield of 0.59%. This is a positive change from Intuit’s previous quarterly dividend of $0.90. The ex-dividend date of this dividend was Thursday, October 10th. Intuit’s dividend payout ratio is 39.81%.

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.