NewEdge Advisors LLC Has $14.45 Million Holdings in Intuit Inc. (NASDAQ:INTU)

NewEdge Advisors LLC lifted its holdings in Intuit Inc. (NASDAQ:INTU) by 19.5% during the 2nd quarter, Holdings Channel reports. The fund owned 21,979 shares of the software maker’s stock after acquiring an additional 3,583 shares during the quarter. NewEdge Advisors LLC’s holdings in Intuit were worth $14,445,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also modified their holdings of the company. LGT Financial Advisors LLC acquired a new position in shares of Intuit in the 2nd quarter worth approximately $25,000. Cultivar Capital Inc. bought a new position in Intuit in the 2nd quarter worth approximately $26,000. Fairway Wealth LLC bought a new position in Intuit in the 2nd quarter worth approximately $26,000. Hobbs Group Advisors LLC bought a new position in Intuit in the 2nd quarter worth approximately $35,000. Finally, Trifecta Capital Advisors LLC raised its position in Intuit by 145.8% in the 2nd quarter. Trifecta Capital Advisors LLC now owns 59 shares of the software maker’s stock worth $39,000 after purchasing an additional 35 shares during the last quarter. 83.66% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on INTU. Royal Bank of Canada began coverage on shares of Intuit in a research report on Wednesday, July 3rd. They issued an “outperform” rating and a $760.00 price objective for the company. Bank of America increased their price target on Intuit from $730.00 to $780.00 and gave the company a “buy” rating in a research note on Friday, August 23rd. Jefferies Financial Group raised their price objective on Intuit from $770.00 to $790.00 and gave the stock a “buy” rating in a research note on Friday, August 23rd. Barclays dropped their price objective on Intuit from $745.00 to $740.00 and set an “overweight” rating on the stock in a research note on Friday, August 23rd. Finally, Morgan Stanley cut Intuit from an “overweight” rating to an “equal weight” rating and lowered their target price for the stock from $750.00 to $685.00 in a report on Wednesday, August 14th. Five analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. Based on data from MarketBeat.com, Intuit presently has a consensus rating of “Moderate Buy” and a consensus target price of $735.71.

Intuit Trading Down 2.8 %

Shares of INTU stock opened at $619.03 on Monday. The firm has a 50 day moving average price of $635.09 and a two-hundred day moving average price of $630.41. The company has a quick ratio of 1.29, a current ratio of 1.29 and a debt-to-equity ratio of 0.30. The company has a market capitalization of $173.05 billion, a PE ratio of 57.11, a price-to-earnings-growth ratio of 3.13 and a beta of 1.24. Intuit Inc. has a 12-month low of $473.56 and a 12-month high of $676.62.

Intuit (NASDAQ:INTU) last issued its quarterly earnings data on Thursday, August 22nd. The software maker reported $1.99 earnings per share (EPS) for the quarter, topping 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 business’s revenue for the quarter was up 17.4% compared to the same quarter last year. During the same period last year, the business posted $0.40 earnings per share. As a group, analysts predict that Intuit Inc. will post 14.07 earnings per share for the current year.

Intuit Increases Dividend

The business 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 dividend of $1.04 per share. The ex-dividend date of this dividend is Thursday, October 10th. This is an increase from Intuit’s previous quarterly dividend of $0.90. This represents a $4.16 annualized dividend and a yield of 0.67%. Intuit’s dividend payout ratio (DPR) is 38.38%.

Insiders Place Their Bets

In other news, CFO Sandeep Aujla sold 862 shares of Intuit stock in a transaction that occurred on Wednesday, September 4th. The shares were sold at an average price of $621.03, for a total value of $535,327.86. Following the completion of the sale, the chief financial officer now directly owns 3,840 shares in the company, valued at $2,384,755.20. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other news, CFO Sandeep Aujla sold 862 shares of Intuit stock in a transaction that occurred on Wednesday, September 4th. The shares were sold at an average price of $621.03, for a total value of $535,327.86. Following the completion of the sale, the chief financial officer now directly owns 3,840 shares in the company, valued at $2,384,755.20. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, EVP Mark P. Notarainni sold 965 shares of Intuit stock in a transaction that occurred on Tuesday, July 2nd. The shares were sold at an average price of $651.00, for a total transaction of $628,215.00. Following the completion of the sale, the executive vice president now owns 1,020 shares of the company’s stock, valued at $664,020. The disclosure for this sale can be found here. Insiders sold 52,548 shares of company stock worth $33,604,124 over the last three months. Insiders own 2.90% of the company’s stock.

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.