Intuit Inc. (NASDAQ:INTU) Shares Acquired by Portside Wealth Group LLC

Portside Wealth Group LLC lifted its position in shares of Intuit Inc. (NASDAQ:INTU) by 12.0% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 558 shares of the software maker’s stock after acquiring an additional 60 shares during the quarter. Portside Wealth Group LLC’s holdings in Intuit were worth $347,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of INTU. Fortitude Family Office LLC increased its position in shares of Intuit by 2.8% in the second quarter. Fortitude Family Office LLC now owns 582 shares of the software maker’s stock valued at $382,000 after buying an additional 16 shares in the last quarter. WASHINGTON TRUST Co increased its holdings in Intuit by 10.5% in the 2nd quarter. WASHINGTON TRUST Co now owns 168 shares of the software maker’s stock worth $110,000 after acquiring an additional 16 shares in the last quarter. Gemmer Asset Management LLC raised its position in Intuit by 3.7% during the second quarter. Gemmer Asset Management LLC now owns 448 shares of the software maker’s stock worth $294,000 after acquiring an additional 16 shares during the period. Stonebrook Private Inc. lifted its holdings in Intuit by 4.5% during the first quarter. Stonebrook Private Inc. now owns 398 shares of the software maker’s stock valued at $259,000 after purchasing an additional 17 shares in the last quarter. Finally, PFG Investments LLC grew its position in shares of Intuit by 1.1% in the second quarter. PFG Investments LLC now owns 1,558 shares of the software maker’s stock valued at $1,024,000 after purchasing an additional 17 shares during the period. Hedge funds and other institutional investors own 83.66% of the company’s stock.

Intuit Stock Performance

Shares of Intuit stock opened at $684.22 on Friday. The business’s fifty day simple moving average is $625.54 and its 200-day simple moving average is $627.81. 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 firm has a market cap of $191.78 billion, a PE ratio of 65.48, a price-to-earnings-growth ratio of 3.17 and a beta of 1.25. Intuit Inc. has a 52 week low of $513.97 and a 52 week high of $688.88.

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

Intuit Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, October 18th. Stockholders of record on Thursday, October 10th were given a dividend of $1.04 per share. This is a positive change from Intuit’s previous quarterly dividend of $0.90. This represents a $4.16 annualized dividend and a dividend yield of 0.61%. The ex-dividend date was Thursday, October 10th. Intuit’s dividend payout ratio (DPR) is currently 39.81%.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on INTU shares. Barclays reduced their price target on shares of Intuit from $745.00 to $740.00 and set an “overweight” rating for the company in a research report on Friday, August 23rd. Piper Sandler reiterated an “overweight” rating and set a $768.00 price target on shares of Intuit in a research report on Friday, September 27th. Jefferies Financial Group increased their price objective on Intuit from $770.00 to $790.00 and gave the company a “buy” rating in a research note on Friday, August 23rd. Bank of America upped their target price on shares of Intuit from $730.00 to $780.00 and gave the stock a “buy” rating in a report on Friday, August 23rd. Finally, Morgan Stanley downgraded shares of Intuit from an “overweight” rating to an “equal weight” rating and decreased their price target for the stock from $750.00 to $685.00 in a research note on Wednesday, August 14th. Four analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $735.71.

Insider Activity

In related news, CFO Sandeep Aujla sold 775 shares of the firm’s stock in a transaction dated Thursday, October 3rd. The stock was sold at an average price of $601.31, for a total transaction of $466,015.25. Following the completion of the transaction, the chief financial officer now directly owns 4,451 shares in the company, valued at $2,676,430.81. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other news, EVP Laura A. Fennell sold 30,159 shares of the company’s stock in a transaction on Friday, September 20th. The stock was sold at an average price of $642.36, for a total transaction of $19,372,935.24. Following the sale, the executive vice president now owns 52,038 shares of the company’s stock, valued at approximately $33,427,129.68. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Sandeep Aujla sold 775 shares of Intuit stock in a transaction on Thursday, October 3rd. The shares were sold at an average price of $601.31, for a total value of $466,015.25. Following the completion of the transaction, the chief financial officer now owns 4,451 shares of the company’s stock, valued at approximately $2,676,430.81. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 55,297 shares of company stock valued at $35,220,046. 2.90% of the stock is currently owned by corporate insiders.

Intuit Company 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.