Meitav Investment House Ltd. Buys 254 Shares of Intuit Inc. (NASDAQ:INTU)

Meitav Investment House Ltd. raised its stake in shares of Intuit Inc. (NASDAQ:INTU) by 30.3% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,092 shares of the software maker’s stock after acquiring an additional 254 shares during the quarter. Meitav Investment House Ltd.’s holdings in Intuit were worth $497,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also bought and sold shares of INTU. Mogy Joel R Investment Counsel Inc. boosted its position in shares of Intuit by 0.5% in the 1st quarter. Mogy Joel R Investment Counsel Inc. now owns 73,174 shares of the software maker’s stock worth $32,623,000 after purchasing an additional 375 shares in the last quarter. KCM Investment Advisors LLC grew its stake in Intuit by 22.9% during the 1st quarter. KCM Investment Advisors LLC now owns 714 shares of the software maker’s stock valued at $318,000 after purchasing an additional 133 shares during the last quarter. Ethic Inc. grew its stake in Intuit by 31.3% during the 1st quarter. Ethic Inc. now owns 19,581 shares of the software maker’s stock valued at $8,730,000 after purchasing an additional 4,663 shares during the last quarter. abrdn plc lifted its holdings in shares of Intuit by 5.8% in the 2nd quarter. abrdn plc now owns 229,932 shares of the software maker’s stock valued at $105,353,000 after buying an additional 12,607 shares during the period. Finally, HB Wealth Management LLC lifted its holdings in shares of Intuit by 5.7% in the 2nd quarter. HB Wealth Management LLC now owns 3,311 shares of the software maker’s stock valued at $1,517,000 after buying an additional 179 shares during the period. Institutional investors own 82.63% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on INTU shares. Oppenheimer boosted their price objective on Intuit from $476.00 to $530.00 and gave the company an “outperform” rating in a report on Friday, August 25th. Argus boosted their price objective on Intuit from $580.00 to $640.00 and gave the company a “buy” rating in a report on Wednesday, September 6th. Wolfe Research boosted their price objective on Intuit from $600.00 to $660.00 and gave the company an “outperform” rating in a report on Friday, September 29th. Stifel Nicolaus boosted their price objective on Intuit from $475.00 to $550.00 and gave the company a “buy” rating in a report on Friday, August 25th. Finally, Barclays boosted their price objective on Intuit from $495.00 to $570.00 and gave the company an “overweight” rating in a report on Friday, August 18th. Three equities research analysts have rated the stock with a hold rating and twenty have issued a buy rating to the stock. According to data from MarketBeat, Intuit presently has a consensus rating of “Moderate Buy” and an average price target of $567.41.

Insider Activity

In other news, CFO Sandeep Aujla sold 10,732 shares of the company’s stock in a transaction that occurred on Tuesday, August 29th. The stock was sold at an average price of $531.01, for a total value of $5,698,799.32. Following the completion of the sale, the chief financial officer now directly owns 235 shares in the company, valued at $124,787.35. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, CFO Sandeep Aujla sold 10,732 shares of the company’s stock in a transaction that occurred on Tuesday, August 29th. The stock was sold at an average price of $531.01, for a total value of $5,698,799.32. Following the completion of the sale, the chief financial officer now directly owns 235 shares in the company, valued at $124,787.35. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Raul Vazquez sold 1,938 shares of the company’s stock in a transaction that occurred on 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 completion of the sale, the director now owns 1,631 shares of the company’s stock, valued at $842,444.12. The disclosure for this sale can be found here. Insiders sold 41,073 shares of company stock worth $22,091,651 over the last ninety days. Corporate insiders own 3.18% of the company’s stock.

Intuit Price Performance

Shares of Intuit stock opened at $560.16 on Friday. The business has a 50 day simple moving average of $521.01 and a two-hundred day simple moving average of $488.26. Intuit Inc. has a 12 month low of $369.94 and a 12 month high of $567.03. The stock has a market capitalization of $157.01 billion, a P/E ratio of 66.37, a PEG ratio of 3.37 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 announced 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 return on equity of 16.61% and a net margin of 16.59%. The business had revenue of $2.71 billion during the quarter, compared to analysts’ expectations of $2.64 billion. During the same quarter in the prior year, the firm earned $0.22 earnings per share. The business’s revenue was up 12.3% compared to the same quarter last year. As a group, analysts predict that Intuit Inc. will post 11.25 EPS for the current fiscal year.

Intuit Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, October 17th. Stockholders of record on Monday, October 9th were given a $0.90 dividend. The ex-dividend date of this dividend was Thursday, October 5th. This is a positive change from Intuit’s previous quarterly dividend of $0.78. This represents a $3.60 dividend on an annualized basis and a dividend yield of 0.64%. Intuit’s dividend payout ratio is 42.65%.

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.