Meridian Wealth Management LLC Raises Holdings in Intuit Inc. (NASDAQ:INTU)

Meridian Wealth Management LLC boosted its stake in shares of Intuit Inc. (NASDAQ:INTU) by 4.4% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,213 shares of the software maker’s stock after purchasing an additional 51 shares during the quarter. Meridian Wealth Management LLC’s holdings in Intuit were worth $762,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. R Squared Ltd purchased a new position in shares of Intuit in the 4th quarter valued at about $25,000. Heck Capital Advisors LLC acquired a new stake in shares of Intuit in the 4th quarter valued at about $28,000. Migdal Insurance & Financial Holdings Ltd. acquired a new stake in shares of Intuit in the 4th quarter valued at about $28,000. Sugar Maple Asset Management LLC acquired a new stake in shares of Intuit in the 4th quarter valued at about $29,000. Finally, Denver PWM LLC acquired a new stake in shares of Intuit in the 3rd quarter valued at about $32,000. Hedge funds and other institutional investors own 83.66% of the company’s stock.

Intuit Stock Down 0.5 %

INTU opened at $598.07 on Wednesday. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.24 and a quick ratio of 1.24. The business has a 50 day simple moving average of $604.21 and a 200-day simple moving average of $626.30. The stock has a market capitalization of $167.20 billion, a P/E ratio of 58.07, a P/E/G ratio of 2.85 and a beta of 1.24. Intuit Inc. has a 12 month low of $553.24 and a 12 month high of $714.78.

Intuit Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, April 18th. Investors of record on Thursday, April 10th will be paid a $1.04 dividend. This represents a $4.16 annualized dividend and a yield of 0.70%. The ex-dividend date is Thursday, April 10th. Intuit’s payout ratio is currently 38.81%.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the company. Mizuho upped their target price on Intuit from $750.00 to $765.00 and gave the company an “outperform” rating in a research report on Monday. BNP Paribas cut Intuit from a “neutral” rating to an “underperform” rating and set a $530.00 target price for the company. in a research report on Wednesday, January 15th. BMO Capital Markets decreased their target price on Intuit from $760.00 to $714.00 and set an “outperform” rating for the company in a research report on Wednesday, February 26th. JPMorgan Chase & Co. increased their price objective on Intuit from $600.00 to $640.00 and gave the stock a “neutral” rating in a research report on Friday, November 22nd. Finally, Piper Sandler reaffirmed an “overweight” rating and set a $785.00 price objective (up from $765.00) on shares of Intuit in a research report on Wednesday, February 26th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and fourteen have given a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $720.50.

Insider Activity at Intuit

In related news, insider Scott D. Cook sold 73,655 shares of the firm’s stock in a transaction that occurred on Wednesday, December 18th. The stock was sold at an average price of $664.94, for a total value of $48,976,155.70. Following the completion of the transaction, the insider now directly owns 6,301,286 shares of the company’s stock, valued at $4,189,977,112.84. This trade represents a 1.16 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CAO Lauren D. Hotz sold 1,078 shares of the firm’s stock in a transaction that occurred on Friday, January 10th. The shares were sold at an average price of $619.28, for a total value of $667,583.84. Following the completion of the transaction, the chief accounting officer now directly owns 1,864 shares of the company’s stock, valued at $1,154,337.92. The trade was a 36.64 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 224,460 shares of company stock valued at $144,750,747 in the last ninety days. Corporate insiders own 2.68% 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.