Edgestream Partners L.P. Takes $2.22 Million Position in Intuit Inc. (NASDAQ:INTU)

Edgestream Partners L.P. acquired a new position in Intuit Inc. (NASDAQ:INTU) in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 4,843 shares of the software maker’s stock, valued at approximately $2,219,000.

Other institutional investors have also recently bought and sold shares of the company. Mogy Joel R Investment Counsel Inc. increased its stake in 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 valued at $32,623,000 after buying an additional 375 shares during the period. KCM Investment Advisors LLC increased its stake in shares of Intuit by 22.9% in the first quarter. KCM Investment Advisors LLC now owns 714 shares of the software maker’s stock worth $318,000 after acquiring an additional 133 shares during the last quarter. Ethic Inc. raised its holdings in shares of Intuit by 31.3% during the first quarter. Ethic Inc. now owns 19,581 shares of the software maker’s stock worth $8,730,000 after acquiring an additional 4,663 shares in the last quarter. abrdn plc raised its holdings in shares of Intuit by 5.8% during the second quarter. abrdn plc now owns 229,932 shares of the software maker’s stock worth $105,353,000 after acquiring an additional 12,607 shares in the last quarter. Finally, HB Wealth Management LLC boosted its position in Intuit by 5.7% during the second quarter. HB Wealth Management LLC now owns 3,311 shares of the software maker’s stock valued at $1,517,000 after purchasing an additional 179 shares during the last quarter. 82.63% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Intuit

In other news, EVP Alex G. Balazs sold 2,307 shares of the firm’s stock in a transaction dated Friday, September 29th. The shares were sold at an average price of $523.58, for a total transaction of $1,207,899.06. Following the completion of the transaction, the executive vice president now directly owns 3,774 shares of the company’s stock, valued at approximately $1,975,990.92. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, EVP Alex G. Balazs sold 2,307 shares of the stock in a transaction that occurred on Friday, September 29th. The stock was sold at an average price of $523.58, for a total value of $1,207,899.06. Following the completion of the transaction, the executive vice president now directly owns 3,774 shares of the company’s stock, valued at approximately $1,975,990.92. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Sandeep Aujla sold 10,732 shares of the business’s stock in a transaction on Tuesday, August 29th. The shares were 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 approximately $124,787.35. The disclosure for this sale can be found here. Insiders have sold 41,073 shares of company stock valued at $22,091,651 in the last 90 days. 3.18% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on INTU shares. Oppenheimer raised their price target on Intuit from $476.00 to $530.00 and gave the stock an “outperform” rating in a research note on Friday, August 25th. Evercore ISI lifted their target price on shares of Intuit from $505.00 to $530.00 and gave the company an “outperform” rating in a research note on Friday, August 25th. Wolfe Research increased their price target on shares of Intuit from $600.00 to $660.00 and gave the stock an “outperform” rating in a research note on Friday, September 29th. UBS Group lifted their price objective on shares of Intuit from $520.00 to $540.00 and gave the company a “neutral” rating in a research note on Friday, August 25th. Finally, Credit Suisse Group increased their target price on shares of Intuit from $500.00 to $570.00 and gave the stock an “outperform” rating in a research report on Friday, August 25th. Three analysts have rated the stock with a hold rating and twenty have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $567.41.

Intuit Stock Up 0.6 %

Shares of INTU opened at $560.16 on Friday. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.47 and a current ratio of 1.47. The company has a 50-day simple moving average of $521.01 and a 200-day simple moving average of $488.62. Intuit Inc. has a 52 week low of $369.94 and a 52 week high of $567.03. The firm has a market capitalization of $157.01 billion, a P/E ratio of 66.37, a P/E/G ratio of 3.37 and a beta of 1.20.

Intuit (NASDAQ:INTU) last posted its quarterly earnings results on Thursday, August 24th. The software maker reported $1.65 EPS for the quarter, beating the consensus estimate of $1.43 by $0.22. Intuit had a return on equity of 16.61% and a net margin of 16.59%. The firm 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 posted $0.22 EPS. The company’s revenue for the quarter was up 12.3% on a year-over-year basis. On average, equities research analysts expect that Intuit Inc. will post 11.25 earnings per share for the current year.

Intuit Increases Dividend

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

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.