EverSource Wealth Advisors LLC Raises Holdings in Intuit Inc. (NASDAQ:INTU)

EverSource Wealth Advisors LLC increased its stake in shares of Intuit Inc. (NASDAQ:INTU) by 14.9% in the 2nd quarter, HoldingsChannel reports. The firm owned 525 shares of the software maker’s stock after buying an additional 68 shares during the quarter. EverSource Wealth Advisors LLC’s holdings in Intuit were worth $340,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Intech Investment Management LLC lifted its position in shares of Intuit by 134.7% in the first quarter. Intech Investment Management LLC now owns 4,601 shares of the software maker’s stock valued at $2,991,000 after acquiring an additional 2,641 shares in the last quarter. Parnassus Investments LLC grew its position in shares of Intuit by 119.0% in the fourth quarter. Parnassus Investments LLC now owns 1,338,139 shares of the software maker’s stock valued at $836,377,000 after purchasing an additional 727,185 shares during the period. Public Employees Retirement System of Ohio increased its stake in shares of Intuit by 1.1% during 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 acquiring an additional 1,990 shares during the last quarter. Wellington Management Group LLP increased its position in Intuit by 173.0% during the fourth quarter. Wellington Management Group LLP now owns 3,687,583 shares of the software maker’s stock worth $2,304,850,000 after purchasing an additional 2,336,654 shares during the last quarter. Finally, Cetera Advisors LLC raised its position in shares of Intuit by 33.4% in the 1st quarter. Cetera Advisors LLC now owns 10,607 shares of the software maker’s stock worth $6,895,000 after buying an additional 2,655 shares during the period. Hedge funds and other institutional investors own 83.66% of the company’s stock.

Intuit Stock Performance

Shares of INTU stock opened at $638.20 on Wednesday. The company’s 50-day simple moving average is $635.93 and its 200-day simple moving average is $630.96. Intuit Inc. has a one year low of $473.56 and a one year high of $676.62. The stock has a market capitalization of $178.41 billion, a price-to-earnings ratio of 58.87, a PEG ratio of 3.14 and a beta of 1.24. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.29 and a current ratio of 1.29.

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

Intuit Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 18th. Stockholders of record on Thursday, October 10th will be paid a $1.04 dividend. This is a boost from Intuit’s previous quarterly dividend of $0.90. The ex-dividend date is Thursday, October 10th. This represents a $4.16 annualized dividend and a dividend yield of 0.65%. Intuit’s dividend payout ratio is presently 38.38%.

Insider Activity

In other Intuit news, EVP Mark P. Notarainni sold 965 shares of the firm’s stock in a transaction dated Tuesday, July 2nd. The shares were sold at an average price of $651.00, for a total transaction of $628,215.00. Following the transaction, the executive vice president now owns 1,020 shares of the company’s stock, valued at approximately $664,020. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In other news, EVP Mark P. Notarainni sold 965 shares of the firm’s stock in a transaction dated Tuesday, July 2nd. The shares were sold at an average price of $651.00, for a total transaction of $628,215.00. Following the completion of the transaction, the executive vice president now owns 1,020 shares in the company, valued at approximately $664,020. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, EVP Laura A. Fennell sold 30,159 shares of the business’s stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $642.36, for a total transaction of $19,372,935.24. Following the completion of the sale, the executive vice president now owns 52,038 shares in the company, valued at $33,427,129.68. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 52,548 shares of company stock valued at $33,604,124. Company insiders own 2.90% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on INTU shares. Stifel Nicolaus lifted their price objective on Intuit from $690.00 to $795.00 and gave the company a “buy” rating in a research note on Friday, August 23rd. Bank of America boosted their price objective on shares of Intuit from $730.00 to $780.00 and gave the stock a “buy” rating in a research note on Friday, August 23rd. Piper Sandler reissued an “overweight” rating and issued a $768.00 target price (up previously from $760.00) on shares of Intuit in a research note on Friday, August 23rd. StockNews.com lowered shares of Intuit from a “buy” rating to a “hold” rating in a report on Friday, September 20th. Finally, Erste Group Bank reiterated a “hold” rating on shares of Intuit in a report on Friday, June 14th. Six investment analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. According to MarketBeat.com, Intuit currently has a consensus rating of “Moderate Buy” and an average target price of $720.37.

Intuit 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.