Portside Wealth Group LLC Raises Holdings in Intuit Inc. (NASDAQ:INTU)

Portside Wealth Group LLC raised its position in Intuit Inc. (NASDAQ:INTU) by 13.6% during the first quarter, according to its most recent filing with the SEC. The institutional investor owned 628 shares of the software maker’s stock after purchasing an additional 75 shares during the period. Portside Wealth Group LLC’s holdings in Intuit were worth $395,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. R Squared Ltd acquired a new position in Intuit during the fourth quarter worth about $25,000. Copia Wealth Management purchased a new position in Intuit in the 4th quarter worth approximately $25,000. NewSquare Capital LLC lifted its stake in Intuit by 72.0% in the 4th quarter. NewSquare Capital LLC now owns 43 shares of the software maker’s stock worth $27,000 after purchasing an additional 18 shares in the last quarter. Migdal Insurance & Financial Holdings Ltd. acquired a new position in shares of Intuit during the 4th quarter worth approximately $28,000. Finally, Summit Securities Group LLC purchased a new stake in shares of Intuit in the fourth quarter valued at approximately $28,000. Hedge funds and other institutional investors own 83.66% of the company’s stock.

Analyst Upgrades and Downgrades

INTU has been the topic of a number of recent research reports. Scotiabank raised Intuit from a “sector perform” rating to a “sector outperform” rating and boosted their price objective for the stock from $600.00 to $700.00 in a research note on Thursday, April 17th. Mizuho upped their price objective on shares of Intuit from $750.00 to $765.00 and gave the company an “outperform” rating in a report on Monday, March 3rd. Oppenheimer reaffirmed an “outperform” rating and set a $742.00 target price (up from $642.00) on shares of Intuit in a research note on Friday, May 23rd. Barclays reissued an “overweight” rating and issued a $815.00 price target (up previously from $775.00) on shares of Intuit in a research note on Friday, May 23rd. Finally, Wells Fargo & Company reaffirmed an “overweight” rating and set a $825.00 price target (up previously from $775.00) on shares of Intuit in a research report on Friday, May 23rd. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, twenty have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $785.33.

Insider Transactions at Intuit

In other news, Director Eve B. Burton sold 1,702 shares of the stock in a transaction dated Thursday, March 20th. The stock was sold at an average price of $600.00, for a total value of $1,021,200.00. Following the transaction, the director now owns 8 shares in the company, valued at approximately $4,800. This represents a 99.53% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Scott D. Cook sold 72,442 shares of the business’s stock in a transaction that occurred on Tuesday, May 27th. The stock was sold at an average price of $741.29, for a total value of $53,700,530.18. Following the sale, the insider now owns 6,063,495 shares of the company’s stock, valued at approximately $4,494,808,208.55. The trade was a 1.18% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 189,804 shares of company stock valued at $138,081,963. Insiders own 2.68% of the company’s stock.

Intuit Price Performance

Shares of INTU opened at $766.81 on Thursday. The company has a market cap of $213.90 billion, a P/E ratio of 74.45, a PEG ratio of 2.85 and a beta of 1.24. Intuit Inc. has a fifty-two week low of $532.65 and a fifty-two week high of $769.68. The company has a quick ratio of 1.24, a current ratio of 1.24 and a debt-to-equity ratio of 0.31. The firm’s 50 day moving average price is $640.03 and its 200 day moving average price is $624.89.

Intuit (NASDAQ:INTU) last posted its quarterly earnings data on Thursday, May 22nd. The software maker reported $11.65 earnings per share for the quarter, topping analysts’ consensus estimates of $10.89 by $0.76. The business had revenue of $7.75 billion for the quarter, compared to analyst estimates of $7.56 billion. Intuit had a return on equity of 18.25% and a net margin of 17.59%. The company’s revenue was up 15.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $9.88 earnings per share. On average, research analysts forecast that Intuit Inc. will post 14.09 earnings per share for the current fiscal year.

Intuit Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 18th. Stockholders of record on Thursday, July 10th will be issued a $1.04 dividend. The ex-dividend date of this dividend is Thursday, July 10th. This represents a $4.16 dividend on an annualized basis and a dividend yield of 0.54%. Intuit’s payout ratio is 33.77%.

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.