FORVIS Wealth Advisors LLC Makes New Investment in Intuit Inc. (NASDAQ:INTU)

FORVIS Wealth Advisors LLC acquired a new stake in shares of Intuit Inc. (NASDAQ:INTU) in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor acquired 3,508 shares of the software maker’s stock, valued at approximately $1,607,000.

A number of other institutional investors have also recently made changes to their positions in the company. Bank Julius Baer & Co. Ltd Zurich increased its holdings in shares of Intuit by 99,673.1% in the 2nd quarter. Bank Julius Baer & Co. Ltd Zurich now owns 157,291,233 shares of the software maker’s stock worth $72,069,270,000 after buying an additional 157,133,584 shares during the last quarter. Norges Bank purchased a new position in Intuit in the fourth quarter worth about $1,173,468,000. Moneta Group Investment Advisors LLC increased its stake in Intuit by 118,345.5% during the fourth quarter. Moneta Group Investment Advisors LLC now owns 2,088,194 shares of the software maker’s stock worth $812,767,000 after acquiring an additional 2,086,431 shares during the last quarter. Morgan Stanley raised its position in Intuit by 42.5% during the fourth quarter. Morgan Stanley now owns 3,444,913 shares of the software maker’s stock valued at $1,340,830,000 after purchasing an additional 1,027,752 shares during the period. Finally, Artisan Partners Limited Partnership lifted its stake in shares of Intuit by 220.5% in the 1st quarter. Artisan Partners Limited Partnership now owns 992,218 shares of the software maker’s stock valued at $442,361,000 after purchasing an additional 682,644 shares during the last quarter. Hedge funds and other institutional investors own 82.63% of the company’s stock.

Intuit Stock Performance

INTU stock opened at $514.54 on Friday. Intuit Inc. has a 1-year low of $369.94 and a 1-year high of $558.64. The business has a 50-day moving average price of $521.32 and a 200 day moving average price of $483.41. The company has a market capitalization of $144.23 billion, a P/E ratio of 60.96, a PEG ratio of 3.17 and a beta of 1.20. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.47 and a quick ratio of 1.47.

Intuit (NASDAQ:INTU) last posted its earnings results on Thursday, August 24th. The software maker reported $1.65 EPS for the quarter, beating analysts’ consensus estimates of $1.43 by $0.22. Intuit had a net margin of 16.59% and a return on equity of 16.61%. The business had revenue of $2.71 billion for the quarter, compared to the consensus estimate of $2.64 billion. During the same quarter last year, the firm posted $0.22 EPS. The company’s revenue for the quarter was up 12.3% on a year-over-year basis. As a group, equities research analysts forecast that Intuit Inc. will post 11.25 EPS for the current fiscal year.

Intuit Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, October 17th. Shareholders of record on Monday, October 9th were issued a dividend of $0.90 per share. The ex-dividend date of this dividend was Thursday, October 5th. This represents a $3.60 dividend on an annualized basis and a yield of 0.70%. This is a positive change from Intuit’s previous quarterly dividend of $0.78. Intuit’s dividend payout ratio is currently 42.65%.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on INTU. Bank of America increased their price target on Intuit from $530.00 to $580.00 and gave the company a “buy” rating in a report on Friday, August 25th. BMO Capital Markets boosted their price objective on shares of Intuit from $560.00 to $605.00 and gave the company an “outperform” rating in a research report on Thursday, September 7th. HSBC began coverage on shares of Intuit in a report on Friday, September 29th. They issued a “hold” rating and a $520.00 target price for the company. Evercore ISI upped their price target on shares of Intuit from $505.00 to $530.00 and gave the company an “outperform” rating in a report on Friday, August 25th. Finally, Argus raised their price objective on shares of Intuit from $580.00 to $640.00 and gave the stock a “buy” rating in a research note on Wednesday, September 6th. Three research analysts have rated the stock with a hold rating and twenty have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $567.41.

Insiders Place Their Bets

In other news, Director Raul Vazquez sold 1,938 shares of Intuit stock in a transaction on Thursday, October 5th. The stock was sold at an average price of $516.52, for a total value of $1,001,015.76. Following the transaction, the director now directly owns 1,631 shares in the company, valued at approximately $842,444.12. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other news, Director Raul Vazquez sold 1,938 shares of the firm’s stock in a transaction dated Thursday, October 5th. The shares were sold at an average price of $516.52, for a total value of $1,001,015.76. Following the sale, the director now directly owns 1,631 shares in the company, valued at approximately $842,444.12. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Marianna Tessel sold 7,310 shares of Intuit stock in a transaction that occurred on Tuesday, August 29th. The stock was sold at an average price of $531.31, for a total transaction of $3,883,876.10. Following the completion of the transaction, the executive vice president now directly owns 28,840 shares in the company, valued at approximately $15,322,980.40. The disclosure for this sale can be found here. Insiders sold a total of 41,073 shares of company stock worth $22,091,651 over the last 90 days. Company insiders own 3.18% of the company’s stock.

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.