Intuit Inc. (NASDAQ:INTU) Shares Bought by Bridges Investment Management Inc.

Bridges Investment Management Inc. raised its stake in Intuit Inc. (NASDAQ:INTU) by 536.7% in the second quarter, HoldingsChannel reports. The fund owned 31,987 shares of the software maker’s stock after purchasing an additional 26,963 shares during the period. Bridges Investment Management Inc.’s holdings in Intuit were worth $21,022,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently bought and sold shares of the company. LGT Financial Advisors LLC acquired a new position in Intuit in the second quarter valued at approximately $25,000. Cultivar Capital Inc. acquired a new position in Intuit in the second quarter valued at approximately $26,000. Fairway Wealth LLC acquired a new position in Intuit in the second quarter valued at approximately $26,000. Hobbs Group Advisors LLC acquired a new position in Intuit in the second quarter valued at approximately $35,000. Finally, J.Safra Asset Management Corp acquired a new position in Intuit in the second quarter valued at approximately $39,000. 83.66% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

INTU has been the subject of a number of analyst reports. Barclays decreased their price target on Intuit from $745.00 to $740.00 and set an “overweight” rating for the company in a report on Friday, August 23rd. Erste Group Bank reaffirmed a “hold” rating on shares of Intuit in a research note on Friday, June 14th. Morgan Stanley downgraded Intuit from an “overweight” rating to an “equal weight” rating and reduced their target price for the stock from $750.00 to $685.00 in a research note on Wednesday, August 14th. JPMorgan Chase & Co. upped their target price on Intuit from $585.00 to $600.00 and gave the stock a “neutral” rating in a research note on Friday, August 23rd. Finally, Piper Sandler reaffirmed an “overweight” rating and set a $768.00 target price (up from $760.00) on shares of Intuit in a research note on Friday, August 23rd. Five investment analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $720.37.

Intuit Stock Up 3.3 %

NASDAQ INTU opened at $654.24 on Friday. The business has a fifty day moving average price of $636.76 and a 200 day moving average price of $631.46. Intuit Inc. has a one year low of $473.56 and a one year high of $676.62. 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 company has a market cap of $182.89 billion, a P/E ratio of 60.35, a P/E/G ratio of 3.14 and a beta of 1.24.

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

Intuit Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, October 18th. Shareholders of record on Thursday, October 10th will be issued a $1.04 dividend. This is a boost from Intuit’s previous quarterly dividend of $0.90. This represents a $4.16 annualized dividend and a yield of 0.64%. The ex-dividend date is Thursday, October 10th. Intuit’s dividend payout ratio is presently 38.38%.

Insider Buying and Selling at Intuit

In other Intuit news, CFO Sandeep Aujla sold 1,061 shares of the company’s stock in a transaction on Wednesday, July 3rd. The stock was sold at an average price of $651.27, for a total value of $690,997.47. Following the completion of the sale, the chief financial officer now directly owns 3,333 shares in the company, valued at approximately $2,170,682.91. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. In other news, EVP Mark P. Notarainni sold 965 shares of the stock in a transaction 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 in the company, valued at approximately $664,020. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Sandeep Aujla sold 1,061 shares of the stock in a transaction on Wednesday, July 3rd. The stock was sold at an average price of $651.27, for a total value of $690,997.47. Following the transaction, the chief financial officer now owns 3,333 shares of the company’s stock, valued at $2,170,682.91. The disclosure for this sale can be found here. Insiders sold a total of 22,389 shares of company stock worth $14,231,188 in the last three months. 2.90% of the stock is owned by corporate insiders.

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.