AlTi Global Inc. Grows Stock Holdings in Intuit Inc. (NASDAQ:INTU)

AlTi Global Inc. raised its stake in Intuit Inc. (NASDAQ:INTU) by 7.4% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 784 shares of the software maker’s stock after buying an additional 54 shares during the period. AlTi Global Inc.’s holdings in Intuit were worth $515,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. LGT Financial Advisors LLC purchased a new position in Intuit in the 2nd quarter valued at approximately $25,000. Cultivar Capital Inc. acquired a new stake in Intuit in the second quarter valued at $26,000. Fairway Wealth LLC acquired a new position in shares of Intuit during the 2nd quarter worth $26,000. Hobbs Group Advisors LLC acquired a new position in shares of Intuit during the 2nd quarter worth $35,000. Finally, J.Safra Asset Management Corp purchased a new stake in shares of Intuit in the 2nd quarter worth about $39,000. 83.66% of the stock is currently owned by institutional investors and hedge funds.

Intuit Stock Performance

Intuit stock opened at $634.74 on Thursday. 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 is $635.93 and its 200-day moving average is $630.96. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.29 and a quick ratio of 1.29. The company has a market cap of $177.44 billion, a price-to-earnings ratio of 58.56, a price-to-earnings-growth ratio of 3.13 and a beta of 1.24.

Intuit (NASDAQ:INTU) last issued its quarterly earnings results on Thursday, August 22nd. The software maker reported $1.99 EPS for the quarter, beating analysts’ consensus estimates of $1.85 by $0.14. Intuit had a return on equity of 18.64% and a net margin of 18.19%. The firm had revenue of $3.18 billion during the quarter, compared to the consensus estimate of $3.08 billion. During the same quarter in the prior year, the business posted $0.40 earnings per share. Intuit’s revenue for the quarter was up 17.4% on a year-over-year basis. Equities analysts anticipate that Intuit Inc. will post 14.07 earnings per share for the current year.

Intuit Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, October 18th. Stockholders of record on Thursday, October 10th will be given a $1.04 dividend. 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 (DPR) is presently 38.38%.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the stock. Susquehanna restated a “positive” rating and set a $757.00 target price on shares of Intuit in a research report on Friday, August 16th. Morgan Stanley downgraded Intuit from an “overweight” rating to an “equal weight” rating and cut their price objective for the stock from $750.00 to $685.00 in a research report on Wednesday, August 14th. Barclays lowered their target price on Intuit from $745.00 to $740.00 and set an “overweight” rating on the stock in a report on Friday, August 23rd. Erste Group Bank reissued a “hold” rating on shares of Intuit in a research report on Friday, June 14th. Finally, Royal Bank of Canada began coverage on Intuit in a research report on Wednesday, July 3rd. They issued an “outperform” rating and a $760.00 price objective on the stock. Six investment analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. Based on data from MarketBeat, Intuit currently has an average rating of “Moderate Buy” and an average price target of $720.37.

Insiders Place Their Bets

In other Intuit news, CFO Sandeep Aujla sold 1,061 shares of the stock in a transaction on Wednesday, July 3rd. The stock was sold at an average price of $651.27, for a total value of $690,997.47. Following the sale, the chief financial officer now directly owns 3,333 shares of the company’s stock, valued at $2,170,682.91. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other news, CFO Sandeep Aujla sold 1,061 shares of the firm’s stock in a transaction on Wednesday, July 3rd. The stock was sold at an average price of $651.27, for a total transaction of $690,997.47. Following the transaction, the chief financial officer now directly owns 3,333 shares of the company’s stock, valued at $2,170,682.91. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Laura A. Fennell sold 30,159 shares of the stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $642.36, for a total transaction of $19,372,935.24. Following the completion of the transaction, the executive vice president now owns 52,038 shares of the company’s stock, valued at $33,427,129.68. The disclosure for this sale can be found here. Over the last three months, insiders have sold 52,548 shares of company stock valued at $33,604,124. Company insiders own 2.90% of the company’s stock.

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.