Channel Wealth LLC Makes New $233,000 Investment in Intuit Inc. (NASDAQ:INTU)

Channel Wealth LLC bought a new position in shares of Intuit Inc. (NASDAQ:INTU) during the first quarter, Holdings Channel reports. The institutional investor bought 380 shares of the software maker’s stock, valued at approximately $233,000.

Other institutional investors and hedge funds also recently modified their holdings of the company. Zurcher Kantonalbank Zurich Cantonalbank grew its position in shares of Intuit by 2.2% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 171,605 shares of the software maker’s stock worth $107,854,000 after acquiring an additional 3,648 shares during the last quarter. Capitolis Liquid Global Markets LLC bought a new position in Intuit in the 4th quarter valued at about $109,988,000. Universal Beteiligungs und Servicegesellschaft mbH bought a new position in Intuit in the 4th quarter valued at about $237,244,000. V Square Quantitative Management LLC grew its position in Intuit by 7.0% in the 4th quarter. V Square Quantitative Management LLC now owns 7,671 shares of the software maker’s stock valued at $4,821,000 after buying an additional 501 shares in the last quarter. Finally, Alberta Investment Management Corp bought a new position in Intuit in the 4th quarter valued at about $10,757,000. 83.66% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on INTU. Wells Fargo & Company reiterated an “overweight” rating and issued a $825.00 target price (up previously from $775.00) on shares of Intuit in a research report on Friday, May 23rd. Oppenheimer reiterated an “outperform” rating and issued a $742.00 target price (up previously from $642.00) on shares of Intuit in a research report on Friday, May 23rd. Evercore ISI increased their target price on shares of Intuit from $685.00 to $785.00 and gave the company an “outperform” rating in a research report on Friday, May 23rd. BMO Capital Markets reiterated an “outperform” rating and issued a $820.00 target price (up previously from $714.00) on shares of Intuit in a research report on Friday, May 23rd. Finally, The Goldman Sachs Group increased their target price on shares of Intuit from $750.00 to $860.00 and gave the company a “buy” rating in a research report on Monday, May 19th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, twenty have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $785.33.

Intuit Stock Performance

Shares of INTU opened at $766.81 on Thursday. Intuit Inc. has a one year low of $532.65 and a one year high of $769.68. The company has a 50-day moving average of $640.03 and a two-hundred day moving average of $624.89. The stock has a market cap of $213.90 billion, a price-to-earnings ratio of 74.45, a PEG ratio of 2.85 and a beta of 1.24. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.24 and a quick ratio of 1.24.

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

Intuit Announces Dividend

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

Insider Buying and Selling

In related news, Director Eve B. Burton sold 1,702 shares of the firm’s stock in a transaction that occurred on Thursday, March 20th. The shares were sold at an average price of $600.00, for a total transaction of $1,021,200.00. Following the completion of the sale, the director now directly owns 8 shares in the company, valued at approximately $4,800. This trade represents a 99.53% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Scott D. Cook sold 72,442 shares of the firm’s stock in a transaction that occurred on Tuesday, May 27th. The shares were sold at an average price of $741.29, for a total transaction of $53,700,530.18. Following the transaction, the insider now directly owns 6,063,495 shares in the company, 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. Over the last three months, insiders sold 189,804 shares of company stock worth $138,081,963. 2.68% of the stock is owned by company insiders.

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.