Valmark Advisers Inc. Increases Stock Holdings in Intuit Inc. (NASDAQ:INTU)

Valmark Advisers Inc. lifted its holdings in Intuit Inc. (NASDAQ:INTU) by 1.1% during the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 1,828 shares of the software maker’s stock after purchasing an additional 20 shares during the period. Valmark Advisers Inc.’s holdings in Intuit were worth $1,201,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in INTU. Cultivar Capital Inc. bought a new stake in shares of Intuit during the 2nd quarter valued at $26,000. West Branch Capital LLC raised its stake in shares of Intuit by 79.2% in the first quarter. West Branch Capital LLC now owns 43 shares of the software maker’s stock worth $28,000 after buying an additional 19 shares during the period. Hobbs Group Advisors LLC purchased a new position in shares of Intuit during the 2nd quarter valued at about $35,000. Sachetta LLC purchased a new stake in Intuit in the 4th quarter worth approximately $39,000. Finally, J.Safra Asset Management Corp bought a new stake in Intuit during the 2nd quarter worth approximately $39,000. Hedge funds and other institutional investors own 83.66% of the company’s stock.

Insiders Place Their Bets

In other news, EVP Mark P. Notarainni sold 965 shares of the company’s stock in a transaction dated Tuesday, July 2nd. The shares were sold at an average price of $651.00, for a total value of $628,215.00. Following the transaction, the executive vice president now directly owns 1,020 shares in the company, valued at $664,020. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, insider Scott D. Cook sold 27,309 shares of Intuit stock in a transaction that occurred on Wednesday, June 12th. The shares were sold at an average price of $593.16, for a total transaction of $16,198,606.44. Following the transaction, the insider now directly owns 6,524,412 shares of the company’s stock, valued at $3,870,020,221.92. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Mark P. Notarainni sold 965 shares of the stock in a transaction on Tuesday, July 2nd. The shares were sold at an average price of $651.00, for a total value of $628,215.00. Following the sale, the executive vice president now directly owns 1,020 shares in the company, valued at approximately $664,020. The disclosure for this sale can be found here. Insiders have sold a total of 104,367 shares of company stock worth $60,118,991 over the last quarter. Company insiders own 2.90% of the company’s stock.

Intuit Trading Up 1.2 %

INTU stock opened at $630.26 on Monday. Intuit Inc. has a twelve month low of $473.56 and a twelve month high of $676.62. The stock has a market capitalization of $176.19 billion, a price-to-earnings ratio of 58.14, a price-to-earnings-growth ratio of 3.08 and a beta of 1.23. The company has a quick ratio of 1.50, a current ratio of 1.29 and a debt-to-equity ratio of 0.30. The firm’s fifty day simple moving average is $640.13 and its two-hundred day simple moving average is $633.32.

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 analysts’ consensus estimates 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 analyst estimates of $3.08 billion. During the same period in the prior year, the company posted $0.40 EPS. The firm’s revenue for the quarter was up 17.4% on a year-over-year basis. As a group, analysts anticipate that Intuit Inc. will post 14.06 earnings per share for the current year.

Intuit Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 18th. Shareholders of record on Thursday, October 10th will be given a $1.04 dividend. This represents a $4.16 annualized dividend and a yield of 0.66%. The ex-dividend date of this dividend is Thursday, October 10th. This is an increase from Intuit’s previous quarterly dividend of $0.90. Intuit’s dividend payout ratio is 33.21%.

Wall Street Analysts Forecast Growth

INTU has been the subject of a number of analyst reports. Piper Sandler reissued an “overweight” rating and issued a $768.00 price objective (up from $760.00) on shares of Intuit in a research note on Friday, August 23rd. JPMorgan Chase & Co. boosted their price objective on Intuit from $585.00 to $600.00 and gave the company a “neutral” rating in a research report on Friday, August 23rd. KeyCorp increased their target price on Intuit from $720.00 to $740.00 and gave the stock an “overweight” rating in a research report on Monday, May 20th. StockNews.com upgraded Intuit from a “hold” rating to a “buy” rating in a research note on Saturday. Finally, Royal Bank of Canada started coverage on shares of Intuit in a research report on Wednesday, July 3rd. They set an “outperform” rating and a $760.00 price objective on the stock. Five analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the stock. Based on data from MarketBeat, Intuit has a consensus rating of “Moderate Buy” and a consensus price target of $716.35.

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.