Allworth Financial LP Increases Stock Position in Intuit Inc. (NASDAQ:INTU)

Allworth Financial LP lifted its position in shares of Intuit Inc. (NASDAQ:INTU) by 2.9% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 2,877 shares of the software maker’s stock after purchasing an additional 82 shares during the period. Allworth Financial LP’s holdings in Intuit were worth $1,787,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in the company. LGT Financial Advisors LLC bought a new stake in shares of Intuit during the 2nd quarter worth $25,000. Cultivar Capital Inc. purchased a new position in Intuit in the second quarter valued at about $26,000. Fairway Wealth LLC bought a new position in shares of Intuit during the 2nd quarter valued at approximately $26,000. Northwest Investment Counselors LLC purchased a new stake in shares of Intuit during the 3rd quarter worth approximately $27,000. Finally, Hobbs Group Advisors LLC bought a new stake in shares of Intuit in the 2nd quarter worth approximately $35,000. 83.66% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of research firms have issued reports on INTU. JPMorgan Chase & Co. raised their target price on Intuit from $585.00 to $600.00 and gave the stock a “neutral” rating in a research report on Friday, August 23rd. Morgan Stanley cut Intuit from an “overweight” rating to an “equal weight” rating and lowered their price objective for the company from $750.00 to $685.00 in a research note on Wednesday, August 14th. StockNews.com upgraded shares of Intuit from a “hold” rating to a “buy” rating in a research report on Monday, September 30th. Barclays lowered their price target on shares of Intuit from $745.00 to $740.00 and set an “overweight” rating on the stock in a research report on Friday, August 23rd. Finally, BMO Capital Markets raised 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 research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $735.71.

Insider Buying and Selling at Intuit

In other news, insider Scott D. Cook sold 2,461 shares of the company’s stock in a transaction dated Wednesday, September 18th. The stock was sold at an average price of $637.19, for a total value of $1,568,124.59. Following the completion of the transaction, the insider now directly owns 6,453,105 shares in the company, valued at approximately $4,111,853,974.95. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, insider Scott D. Cook sold 2,461 shares of the business’s stock in a transaction that occurred on Wednesday, September 18th. The shares were sold at an average price of $637.19, for a total value of $1,568,124.59. Following the completion of the sale, the insider now directly owns 6,453,105 shares in the company, valued at approximately $4,111,853,974.95. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Kerry J. Mclean sold 11,079 shares of the stock in a transaction 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 approximately $15,752,985.01. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 55,297 shares of company stock worth $35,220,046 over the last 90 days. Corporate insiders own 2.90% of the company’s stock.

Intuit Price Performance

Shares of NASDAQ INTU opened at $609.27 on Monday. The stock’s 50-day simple moving average is $626.86 and its two-hundred day simple moving average is $626.62. Intuit Inc. has a twelve month low of $473.56 and a twelve month high of $676.62. The firm has a market capitalization of $170.32 billion, a P/E ratio of 56.21, a P/E/G ratio of 2.98 and a beta of 1.24. The company has a quick ratio of 1.29, a current ratio of 1.29 and a debt-to-equity ratio of 0.30.

Intuit (NASDAQ:INTU) last posted its quarterly earnings data on Thursday, August 22nd. The software maker reported $1.99 earnings per share for the quarter, topping 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 analysts’ expectations of $3.08 billion. During the same period in the prior year, the business earned $0.40 earnings per share. Intuit’s revenue for the quarter was up 17.4% compared to the same quarter last year. As a group, equities analysts anticipate that Intuit Inc. will post 14.04 EPS for the current fiscal year.

Intuit Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, October 18th. Investors of record on Thursday, October 10th were given a $1.04 dividend. The ex-dividend date of this dividend was Thursday, October 10th. This is a positive change from Intuit’s previous quarterly dividend of $0.90. This represents a $4.16 annualized dividend and a yield of 0.68%. Intuit’s payout ratio is 38.38%.

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.