Lake Street Private Wealth LLC Takes $894,000 Position in Intuit Inc. (NASDAQ:INTU)

Lake Street Private Wealth LLC acquired a new position in Intuit Inc. (NASDAQ:INTU) in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 1,375 shares of the software maker’s stock, valued at approximately $894,000.

A number of other hedge funds also recently bought and sold shares of the stock. DiNuzzo Private Wealth Inc. bought a new position in shares of Intuit in the 4th quarter worth $25,000. MCF Advisors LLC lifted its position in shares of Intuit by 119.0% during the fourth quarter. MCF Advisors LLC now owns 46 shares of the software maker’s stock valued at $29,000 after buying an additional 25 shares during the last quarter. Wetzel Investment Advisors Inc. bought a new stake in shares of Intuit in the 4th quarter valued at about $38,000. Sachetta LLC purchased a new position in shares of Intuit in the 4th quarter worth approximately $39,000. Finally, Webster Bank N. A. bought a new position in shares of Intuit during the 4th quarter worth approximately $41,000. Hedge funds and other institutional investors own 83.66% of the company’s stock.

Intuit Trading Up 0.6 %

Shares of Intuit stock opened at $659.90 on Thursday. The firm has a 50-day simple moving average of $619.94 and a two-hundred day simple moving average of $628.97. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.50 and a current ratio of 1.50. Intuit Inc. has a fifty-two week low of $444.19 and a fifty-two week high of $676.62. The company has a market cap of $184.47 billion, a P/E ratio of 60.88, a price-to-earnings-growth ratio of 3.75 and a beta of 1.23.

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

Intuit Dividend Announcement

The business 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 $0.90 dividend. The ex-dividend date of this dividend is Wednesday, July 10th. This represents a $3.60 dividend on an annualized basis and a yield of 0.55%. Intuit’s dividend payout ratio is currently 33.21%.

Analyst Upgrades and Downgrades

Several research firms have issued reports on INTU. Bank of America cut their price target on shares of Intuit from $760.00 to $730.00 and set a “buy” rating on the stock in a report on Friday, May 24th. Stifel Nicolaus reduced their target price on Intuit from $720.00 to $690.00 and set a “buy” rating on the stock in a research report on Friday, May 24th. Jefferies Financial Group reissued a “buy” rating and issued a $770.00 price target on shares of Intuit in a report on Thursday, June 13th. StockNews.com upgraded shares of Intuit from a “hold” rating to a “buy” rating in a report on Monday, May 27th. Finally, Citigroup lifted their target price on shares of Intuit from $727.00 to $750.00 and gave the stock a “buy” rating in a research note on Friday, June 28th. Five equities research analysts have rated the stock with a hold rating and twenty have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $687.22.

Insider Activity at Intuit

In other Intuit news, insider Scott D. Cook sold 75,000 shares of the stock in a transaction on Tuesday, May 28th. The shares were sold at an average price of $597.85, for a total transaction of $44,838,750.00. Following the transaction, 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 legal filing with the SEC, which is accessible through the SEC website. In related news, CFO Sandeep Aujla sold 1,061 shares of the firm’s stock in a transaction dated Wednesday, July 3rd. The shares were sold at an average price of $651.27, for a total value of $690,997.47. Following the transaction, the chief financial officer now directly owns 3,333 shares of the company’s stock, valued at approximately $2,170,682.91. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Scott D. Cook sold 75,000 shares of the business’s stock in a transaction that occurred on Tuesday, May 28th. The stock was sold at an average price of $597.85, for a total value of $44,838,750.00. Following the sale, the insider now owns 6,791,469 shares of the company’s stock, valued at $4,060,279,741.65. The disclosure for this sale can be found here. In the last quarter, insiders have sold 195,963 shares of company stock valued at $114,442,445. 2.90% of the stock is owned by company insiders.

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.