Miracle Mile Advisors LLC Has $2.29 Million Position in Intuit Inc. (NASDAQ:INTU)

Miracle Mile Advisors LLC boosted its position in Intuit Inc. (NASDAQ:INTU) by 2.3% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,516 shares of the software maker’s stock after purchasing an additional 78 shares during the period. Miracle Mile Advisors LLC’s holdings in Intuit were worth $2,285,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Parnassus Investments LLC grew its position in shares of Intuit by 119.0% in the 4th quarter. Parnassus Investments LLC now owns 1,338,139 shares of the software maker’s stock valued at $836,377,000 after buying an additional 727,185 shares during the last quarter. Maryland State Retirement & Pension System grew its position in shares of Intuit by 1.1% in the 4th quarter. Maryland State Retirement & Pension System now owns 21,268 shares of the software maker’s stock valued at $13,293,000 after buying an additional 226 shares during the last quarter. Public Employees Retirement System of Ohio grew its position in shares of Intuit by 1.1% in the 4th quarter. Public Employees Retirement System of Ohio now owns 179,801 shares of the software maker’s stock valued at $112,381,000 after buying an additional 1,990 shares during the last quarter. Glenmede Trust Co. NA grew its position in shares of Intuit by 12.7% in the 3rd quarter. Glenmede Trust Co. NA now owns 18,397 shares of the software maker’s stock valued at $9,400,000 after buying an additional 2,074 shares during the last quarter. Finally, Hixon Zuercher LLC bought a new stake in shares of Intuit in the 4th quarter valued at about $1,292,000. Institutional investors own 83.66% of the company’s stock.

Intuit Stock Performance

Shares of Intuit stock opened at $650.77 on Tuesday. The company has a market cap of $181.92 billion, a PE ratio of 60.03, a price-to-earnings-growth ratio of 3.76 and a beta of 1.23. Intuit Inc. has a 52 week low of $444.19 and a 52 week high of $676.62. The business has a 50 day moving average price of $618.61 and a 200-day moving average price of $628.28. The company has a quick ratio of 1.50, a current ratio of 1.50 and a debt-to-equity ratio of 0.32.

Intuit (NASDAQ:INTU) last issued its quarterly earnings data on Thursday, May 23rd. The software maker reported $9.88 EPS for the quarter, topping the consensus estimate of $8.12 by $1.76. The firm had revenue of $6.74 billion during the quarter, compared to the consensus estimate of $6.65 billion. Intuit had a return on equity of 18.61% and a net margin of 19.43%. The company’s quarterly revenue was up 11.9% compared to the same quarter last year. During the same period in the prior year, the business posted $7.80 earnings per share. Equities analysts anticipate that Intuit Inc. will post 11.72 earnings per share for the current fiscal year.

Intuit Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, July 18th. Investors of record on Wednesday, July 10th will be given a dividend of $0.90 per share. This represents a $3.60 dividend on an annualized basis and a dividend yield of 0.55%. The ex-dividend date of this dividend is Wednesday, July 10th. Intuit’s payout ratio is 33.21%.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the company. Bank of America cut their target price on Intuit from $760.00 to $730.00 and set a “buy” rating on the stock in a research report on Friday, May 24th. Citigroup upped their target price on Intuit from $727.00 to $750.00 and gave the company a “buy” rating in a research report on Friday. UBS Group upped their target price on Intuit from $625.00 to $670.00 and gave the company a “neutral” rating in a research report on Monday, May 20th. Susquehanna cut their target price on Intuit from $775.00 to $757.00 and set a “positive” rating on the stock in a research report on Friday, May 24th. Finally, Erste Group Bank restated a “hold” rating on shares of Intuit in a research report on Friday, June 14th. Five analysts have rated the stock with a hold rating and nineteen have assigned a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $683.91.

Insider Activity at Intuit

In related news, EVP Mark P. Notarainni sold 465 shares of the stock in a transaction that occurred on Tuesday, May 28th. The stock was sold at an average price of $604.58, for a total transaction of $281,129.70. Following the completion of the sale, the executive vice president now directly owns 869 shares of the company’s stock, valued at $525,380.02. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, EVP Mark P. Notarainni sold 465 shares of the stock in a transaction that occurred on Tuesday, May 28th. The stock was sold at an average price of $604.58, for a total transaction of $281,129.70. Following the completion of the sale, the executive vice president now directly owns 869 shares of the company’s stock, valued at $525,380.02. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Scott D. Cook sold 27,309 shares of the stock in a transaction that occurred on 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 directly owns 6,524,412 shares of the company’s stock, valued at $3,870,020,221.92. The disclosure for this sale can be found here. Over the last three months, insiders sold 193,937 shares of company stock valued at $113,123,232. 2.90% of the stock is owned by 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.