LPL Financial LLC Acquires 8,266 Shares of Intuit Inc. (NASDAQ:INTU)

LPL Financial LLC lifted its holdings in Intuit Inc. (NASDAQ:INTU) by 4.7% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 183,248 shares of the software maker’s stock after acquiring an additional 8,266 shares during the period. LPL Financial LLC owned 0.07% of Intuit worth $120,433,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. EverSource Wealth Advisors LLC grew its holdings in Intuit by 3.7% during the 4th 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 in the last quarter. Fortitude Family Office LLC increased its holdings in Intuit by 2.8% in the 2nd quarter. Fortitude Family Office LLC now owns 582 shares of the software maker’s stock valued at $382,000 after acquiring an additional 16 shares during the last quarter. WASHINGTON TRUST Co lifted its stake in Intuit by 10.5% in the 2nd quarter. WASHINGTON TRUST Co now owns 168 shares of the software maker’s stock worth $110,000 after purchasing an additional 16 shares in the last quarter. Gemmer Asset Management LLC boosted its holdings in shares of Intuit by 3.7% during the 2nd quarter. Gemmer Asset Management LLC now owns 448 shares of the software maker’s stock valued at $294,000 after purchasing an additional 16 shares during the last quarter. Finally, Hohimer Wealth Management LLC grew its position in shares of Intuit by 0.9% during the fourth quarter. Hohimer Wealth Management LLC now owns 1,816 shares of the software maker’s stock valued at $1,135,000 after purchasing an additional 17 shares in the last quarter. Hedge funds and other institutional investors own 83.66% of the company’s stock.

Insider Buying and Selling

In other Intuit news, EVP Kerry J. Mclean sold 11,079 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $631.61, for a total transaction of $6,997,607.19. Following the transaction, the executive vice president now owns 24,941 shares of the company’s stock, valued at approximately $15,752,985.01. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, EVP Kerry J. Mclean sold 11,079 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $631.61, for a total transaction of $6,997,607.19. Following the transaction, the executive vice president now directly owns 24,941 shares in the company, valued at $15,752,985.01. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, EVP Mark P. Notarainni sold 965 shares of the business’s stock in a transaction that occurred on Tuesday, July 2nd. The stock was sold at an average price of $651.00, for a total transaction of $628,215.00. Following the completion of the transaction, the executive vice president now directly owns 1,020 shares of the company’s stock, valued at approximately $664,020. The disclosure for this sale can be found here. Insiders sold a total of 16,940 shares of company stock valued at $10,721,252 over the last three months. 2.90% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of equities analysts recently commented on the company. Wells Fargo & Company increased their price target on Intuit from $725.00 to $750.00 and gave the company an “overweight” rating in a research note on Tuesday, May 21st. Susquehanna restated a “positive” rating and issued a $757.00 price target on shares of Intuit in a research report on Friday, August 16th. Piper Sandler reiterated an “overweight” rating and set a $768.00 price objective (up previously from $760.00) on shares of Intuit in a research report on Friday, August 23rd. UBS Group boosted their target price on shares of Intuit from $625.00 to $670.00 and gave the stock a “neutral” rating in a report on Monday, May 20th. Finally, JPMorgan Chase & Co. increased their price target on shares of Intuit from $585.00 to $600.00 and gave the company a “neutral” rating in a report on Friday, August 23rd. Five analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $720.37.

Intuit Trading Up 0.4 %

Shares of INTU opened at $646.37 on Friday. The firm has a market capitalization of $180.69 billion, a price-to-earnings ratio of 59.63, a PEG ratio of 3.00 and a beta of 1.24. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.29 and a quick ratio of 1.29. Intuit Inc. has a 1-year low of $473.56 and a 1-year high of $676.62. The company has a 50-day moving average of $636.90 and a 200 day moving average of $632.08.

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

Intuit Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 18th. Investors of record on Thursday, October 10th will be issued a $1.04 dividend. This is an increase from Intuit’s previous quarterly dividend of $0.90. This represents a $4.16 annualized dividend and a dividend yield of 0.64%. The ex-dividend date is Thursday, October 10th. Intuit’s payout ratio 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.