IFG Advisory LLC Invests $259,000 in Intuit Inc. (NASDAQ:INTU)

IFG Advisory LLC bought a new position in shares of Intuit Inc. (NASDAQ:INTU) during the second quarter, HoldingsChannel.com reports. The institutional investor bought 394 shares of the software maker’s stock, valued at approximately $259,000.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Rothschild Investment LLC bought a new position in Intuit during the 2nd quarter worth $233,000. Canal Capital Management LLC increased its stake in Intuit by 4.3% during the 2nd quarter. Canal Capital Management LLC now owns 7,989 shares of the software maker’s stock worth $5,251,000 after acquiring an additional 328 shares during the period. Birch Hill Investment Advisors LLC increased its stake in Intuit by 0.9% during the 2nd quarter. Birch Hill Investment Advisors LLC now owns 85,619 shares of the software maker’s stock worth $56,270,000 after acquiring an additional 726 shares during the period. Americana Partners LLC increased its stake in Intuit by 7.3% during the 2nd quarter. Americana Partners LLC now owns 5,130 shares of the software maker’s stock worth $3,371,000 after acquiring an additional 349 shares during the period. Finally, Jaffetilchin Investment Partners LLC increased its stake in Intuit by 23.7% during the 2nd quarter. Jaffetilchin Investment Partners LLC now owns 402 shares of the software maker’s stock worth $264,000 after acquiring an additional 77 shares during the period. Institutional investors own 83.66% of the company’s stock.

Insider Activity at Intuit

In related news, insider Scott D. Cook sold 75,000 shares of the company’s stock in a transaction dated Monday, June 10th. The stock was sold at an average price of $567.75, for a total transaction of $42,581,250.00. Following the sale, the insider now owns 6,626,721 shares in the company, valued at approximately $3,762,320,847.75. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, insider Scott D. Cook sold 75,000 shares of the company’s stock in a transaction dated Monday, June 10th. The stock was sold at an average price of $567.75, for a total transaction of $42,581,250.00. Following the sale, the insider now owns 6,626,721 shares in the company, valued at approximately $3,762,320,847.75. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Scott D. Cook sold 27,309 shares of the company’s stock in a transaction dated Wednesday, June 12th. The shares were sold at an average price of $593.16, for a total value of $16,198,606.44. Following the sale, the insider now owns 6,524,412 shares in the company, valued at approximately $3,870,020,221.92. The disclosure for this sale can be found here. Insiders have sold a total of 104,367 shares of company stock worth $60,118,991 in the last 90 days. Corporate insiders own 2.90% of the company’s stock.

Intuit Stock Up 1.2 %

Shares of INTU opened at $630.26 on Tuesday. The company has a market capitalization of $176.19 billion, a PE ratio of 58.14, a PEG ratio of 3.08 and a beta of 1.23. Intuit Inc. has a 12 month low of $473.56 and a 12 month high of $676.62. The stock’s 50-day moving average price is $640.26 and its two-hundred day moving average price is $633.08. The company has a current ratio of 1.29, a quick ratio of 1.50 and a debt-to-equity ratio of 0.30.

Intuit (NASDAQ:INTU) last announced its earnings results on Thursday, August 22nd. The software maker reported $1.99 EPS for the quarter, topping the consensus estimate of $1.85 by $0.14. The firm had revenue of $3.18 billion for the quarter, compared to the consensus estimate of $3.08 billion. Intuit had a return on equity of 18.64% and a net margin of 18.19%. The business’s quarterly revenue was up 17.4% compared to the same quarter last year. During the same period in the previous year, the business earned $0.40 EPS. On average, analysts anticipate that Intuit Inc. will post 14.06 EPS for the current year.

Intuit Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 18th. Investors of record on Thursday, October 10th will be given a dividend of $1.04 per share. This is a positive change from Intuit’s previous quarterly dividend of $0.90. The ex-dividend date of this dividend is Thursday, October 10th. This represents a $4.16 annualized dividend and a dividend yield of 0.66%. Intuit’s dividend payout ratio is presently 38.38%.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on INTU. Barclays decreased their price target on Intuit from $745.00 to $740.00 and set an “overweight” rating on the stock in a research note on Friday, August 23rd. Bank of America lifted their price target on Intuit from $730.00 to $780.00 and gave the company a “buy” rating in a research note on Friday, August 23rd. Piper Sandler reiterated an “overweight” rating and issued a $768.00 price target (up previously from $760.00) on shares of Intuit in a research note on Friday, August 23rd. JPMorgan Chase & Co. lifted their price target on Intuit from $585.00 to $600.00 and gave the company a “neutral” rating in a research note on Friday, August 23rd. Finally, Stifel Nicolaus lifted their price target on Intuit from $690.00 to $795.00 and gave the company a “buy” rating in a research note on Friday, August 23rd. Five equities research analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the stock. Based on data from MarketBeat.com, Intuit has a consensus rating of “Moderate Buy” and an average target price of $716.35.

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.