Creative Planning Acquires 2,836 Shares of Intuit Inc. (NASDAQ:INTU)

Creative Planning grew its holdings in Intuit Inc. (NASDAQ:INTU) by 5.6% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 53,552 shares of the software maker’s stock after buying an additional 2,836 shares during the period. Creative Planning’s holdings in Intuit were worth $33,256,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also recently made changes to their positions in the company. LGT Financial Advisors LLC bought a new stake in Intuit in the second quarter worth $25,000. Cultivar Capital Inc. bought a new stake in shares of Intuit in the 2nd quarter worth about $26,000. Fairway Wealth LLC purchased a new position in shares of Intuit during the 2nd quarter worth about $26,000. Hobbs Group Advisors LLC bought a new position in Intuit during the 2nd quarter valued at about $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 period. 83.66% of the stock is currently owned by institutional investors.

Intuit Price Performance

Shares of INTU opened at $613.29 on Monday. The stock has a market capitalization of $171.44 billion, a PE ratio of 56.58, a PEG ratio of 3.04 and a beta of 1.24. The company has a 50 day moving average price of $630.40 and a 200-day moving average price of $627.57. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.29 and a current ratio of 1.29. Intuit Inc. has a fifty-two week low of $473.56 and a fifty-two week high of $676.62.

Intuit (NASDAQ:INTU) last posted its earnings results 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 return on equity of 18.64% and a net margin of 18.19%. The company had revenue of $3.18 billion during the quarter, compared to analyst estimates of $3.08 billion. During the same quarter in the prior year, the business earned $0.40 earnings per share. Intuit’s revenue was up 17.4% on a year-over-year basis. Equities analysts predict that Intuit Inc. will post 14.04 earnings per share for the current fiscal year.

Intuit Increases Dividend

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

Wall Street Analyst Weigh In

Several brokerages have issued reports on INTU. Barclays dropped their target price on Intuit from $745.00 to $740.00 and set an “overweight” rating for the company in a research report on Friday, August 23rd. Royal Bank of Canada initiated coverage on Intuit in a research report on Wednesday, July 3rd. They issued an “outperform” rating and a $760.00 price objective on the stock. BMO Capital Markets increased their target price on Intuit from $700.00 to $760.00 and gave the stock an “outperform” rating in a research note on Friday, August 23rd. Susquehanna reissued a “positive” rating and set a $757.00 target price on shares of Intuit in a research note on Friday, August 16th. Finally, Piper Sandler reaffirmed an “overweight” rating and issued a $768.00 price target on shares of Intuit in a research note on Friday, September 27th. Four investment analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Intuit currently has a consensus rating of “Moderate Buy” and a consensus target price of $735.71.

Insiders Place Their Bets

In other news, CFO Sandeep Aujla sold 775 shares of the firm’s stock in a transaction dated Thursday, October 3rd. The shares were sold at an average price of $601.31, for a total value of $466,015.25. Following the sale, the chief financial officer now directly owns 4,451 shares in the company, valued at approximately $2,676,430.81. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, CFO Sandeep Aujla sold 775 shares of the stock in a transaction that occurred on Thursday, October 3rd. The shares were sold at an average price of $601.31, for a total transaction of $466,015.25. Following the completion of the sale, the chief financial officer now owns 4,451 shares of the company’s stock, valued at $2,676,430.81. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Eve B. Burton sold 2,988 shares of Intuit stock in a transaction on Thursday, September 19th. The stock was sold at an average price of $649.87, for a total transaction of $1,941,811.56. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 55,297 shares of company stock worth $35,220,046. 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.