Magnolia Capital Advisors LLC Takes Position in Intuit Inc. (NASDAQ:INTU)

Magnolia Capital Advisors LLC bought a new stake in shares of Intuit Inc. (NASDAQ:INTU) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 6,324 shares of the software maker’s stock, valued at approximately $4,156,000.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. LGT Financial Advisors LLC acquired a new stake in Intuit in the 2nd quarter worth about $25,000. Cultivar Capital Inc. purchased a new position in shares of Intuit in the second quarter valued at approximately $26,000. Fairway Wealth LLC acquired a new stake in shares of Intuit in the second quarter worth approximately $26,000. Hobbs Group Advisors LLC purchased a new stake in shares of Intuit during the second quarter worth approximately $35,000. Finally, J.Safra Asset Management Corp acquired a new position in Intuit in the 2nd quarter valued at $39,000. Institutional investors and hedge funds own 83.66% of the company’s stock.

Insider Buying and Selling at Intuit

In other news, CFO Sandeep Aujla sold 1,061 shares of the stock in a transaction dated Wednesday, July 3rd. The shares were sold at an average price of $651.27, for a total transaction of $690,997.47. Following the sale, the chief financial officer now 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 can be accessed through the SEC website. In other news, CFO Sandeep Aujla sold 1,061 shares of the company’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 sale, the chief financial officer now owns 3,333 shares of the company’s stock, valued at $2,170,682.91. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Eve B. Burton sold 2,988 shares of the stock in a transaction on Thursday, September 19th. The shares were sold at an average price of $649.87, for a total value of $1,941,811.56. The disclosure for this sale can be found here. Insiders sold a total of 52,548 shares of company stock valued at $33,604,124 in the last three months. 2.90% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on INTU. StockNews.com cut shares of Intuit from a “buy” rating to a “hold” rating in a research note on Friday, September 20th. Morgan Stanley lowered shares of Intuit from an “overweight” rating to an “equal weight” rating and lowered their price target for the stock from $750.00 to $685.00 in a research report on Wednesday, August 14th. Piper Sandler reissued an “overweight” rating and issued a $768.00 target price on shares of Intuit in a research note on Friday. Susquehanna restated a “positive” rating and issued a $757.00 price target on shares of Intuit in a research report on Friday, August 16th. Finally, Citigroup increased their price target on Intuit from $727.00 to $750.00 and gave the company a “buy” rating in a report on Friday, June 28th. Six analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $720.37.

Intuit Price Performance

Intuit stock opened at $619.03 on Friday. The company’s 50 day simple moving average is $635.09 and its 200-day simple moving average is $630.58. 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 Inc. has a 1 year low of $473.56 and a 1 year high of $676.62. The company has a market capitalization of $173.05 billion, a price-to-earnings ratio of 57.11, a price-to-earnings-growth ratio of 3.13 and a beta of 1.24.

Intuit (NASDAQ:INTU) last announced its earnings results on Thursday, August 22nd. The software maker reported $1.99 earnings per share (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 company had revenue of $3.18 billion for the quarter, compared to analyst estimates of $3.08 billion. During the same quarter in the previous year, the company earned $0.40 earnings per share. The firm’s quarterly revenue was up 17.4% compared to the same quarter last year. As a group, equities research analysts expect 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. Investors of record on Thursday, October 10th will be issued a dividend of $1.04 per share. This represents a $4.16 dividend on an annualized basis and a yield of 0.67%. This is a boost from Intuit’s previous quarterly dividend of $0.90. The ex-dividend date of this dividend is Thursday, October 10th. Intuit’s dividend payout ratio (DPR) is 38.38%.

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.