Kovack Advisors Inc. Takes $299,000 Position in Intuit Inc. (NASDAQ:INTU)

Kovack Advisors Inc. purchased a new position in shares of Intuit Inc. (NASDAQ:INTU) in the 4th quarter, Holdings Channel reports. The institutional investor purchased 478 shares of the software maker’s stock, valued at approximately $299,000.

A number of other hedge funds have also recently added to or reduced their stakes in INTU. Brookstone Capital Management boosted its position in shares of Intuit by 14.3% during the 3rd quarter. Brookstone Capital Management now owns 2,273 shares of the software maker’s stock worth $1,185,000 after purchasing an additional 285 shares in the last quarter. Commonwealth Equity Services LLC increased its holdings in Intuit by 28.5% in the third quarter. Commonwealth Equity Services LLC now owns 58,605 shares of the software maker’s stock valued at $29,944,000 after buying an additional 13,013 shares in the last quarter. RMR Wealth Builders grew its holdings in shares of Intuit by 62.3% in the 3rd quarter. RMR Wealth Builders now owns 1,828 shares of the software maker’s stock worth $934,000 after acquiring an additional 702 shares during the period. Suncoast Equity Management raised its holdings in Intuit by 1.8% during the third quarter. Suncoast Equity Management now owns 73,179 shares of the software maker’s stock worth $37,390,000 after purchasing an additional 1,286 shares during the last quarter. Finally, Accurate Wealth Management LLC grew its position in shares of Intuit by 67.2% in the third quarter. Accurate Wealth Management LLC now owns 903 shares of the software maker’s stock valued at $487,000 after purchasing an additional 363 shares during the last quarter. Institutional investors and hedge funds own 83.66% of the company’s stock.

Insider Buying and Selling

In other news, CAO Lauren D. Hotz sold 745 shares of the stock in a transaction on Monday, February 26th. The stock was sold at an average price of $655.13, for a total value of $488,071.85. Following the completion of the transaction, the chief accounting officer now owns 3,180 shares of the company’s stock, valued at $2,083,313.40. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, EVP Alex G. Balazs sold 280 shares of the business’s stock in a transaction that occurred on Wednesday, March 20th. The shares were sold at an average price of $636.38, for a total value of $178,186.40. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CAO Lauren D. Hotz sold 745 shares of the company’s stock in a transaction on Monday, February 26th. The shares were sold at an average price of $655.13, for a total value of $488,071.85. Following the completion of the transaction, the chief accounting officer now directly owns 3,180 shares in the company, valued at approximately $2,083,313.40. The disclosure for this sale can be found here. Insiders sold 4,717 shares of company stock valued at $3,117,156 in the last three months. 2.90% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the stock. Evercore ISI boosted their target price on shares of Intuit from $670.00 to $725.00 and gave the company an “outperform” rating in a research note on Friday, February 23rd. Barclays lifted their target price on Intuit from $735.00 to $745.00 and gave the company an “overweight” rating in a report on Friday, February 23rd. Piper Sandler raised their price objective on Intuit from $642.00 to $750.00 and gave the stock an “overweight” rating in a report on Friday, February 23rd. JPMorgan Chase & Co. boosted their target price on Intuit from $560.00 to $585.00 and gave the stock a “neutral” rating in a report on Friday, February 23rd. Finally, Wells Fargo & Company raised their price target on shares of Intuit from $615.00 to $710.00 and gave the company an “overweight” rating in a report on Wednesday, February 21st. Four analysts have rated the stock with a hold rating and nineteen have issued a buy rating to the company. According to data from MarketBeat, Intuit has a consensus rating of “Moderate Buy” and an average price target of $650.23.

Intuit Price Performance

Shares of NASDAQ INTU opened at $638.39 on Tuesday. The company has a current ratio of 1.17, a quick ratio of 1.17 and a debt-to-equity ratio of 0.35. Intuit Inc. has a twelve month low of $400.22 and a twelve month high of $671.01. The business has a 50 day simple moving average of $639.91 and a 200-day simple moving average of $604.28. The company has a market capitalization of $178.75 billion, a price-to-earnings ratio of 65.14, a price-to-earnings-growth ratio of 3.88 and a beta of 1.21.

Intuit (NASDAQ:INTU) last posted its earnings results on Thursday, February 22nd. The software maker reported $2.63 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.30 by $0.33. Intuit had a return on equity of 17.51% and a net margin of 18.35%. The company had revenue of $3.39 billion for the quarter, compared to analysts’ expectations of $3.39 billion. During the same period last year, the business posted $1.05 earnings per share. The firm’s quarterly revenue was up 11.3% compared to the same quarter last year. As a group, equities research analysts expect that Intuit Inc. will post 11.27 earnings per share for the current year.

Intuit Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, April 18th. Stockholders of record on Wednesday, April 10th were given a dividend of $0.90 per share. The ex-dividend date was Tuesday, April 9th. This represents a $3.60 annualized dividend and a dividend yield of 0.56%. Intuit’s dividend payout ratio is presently 36.73%.

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.