Revolve Wealth Partners LLC Acquires Shares of 383 Intuit Inc. (NASDAQ:INTU)

Revolve Wealth Partners LLC bought a new position in shares of Intuit Inc. (NASDAQ:INTU) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 383 shares of the software maker’s stock, valued at approximately $249,000.

A number of other hedge funds and other institutional investors have also modified their holdings of the business. Norges Bank acquired a new position in Intuit in the fourth quarter worth about $2,101,848,000. Wellington Management Group LLP grew its stake in Intuit by 173.0% in 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 in the last quarter. Lone Pine Capital LLC acquired a new position in Intuit in the fourth quarter valued at approximately $467,852,000. Parnassus Investments LLC boosted its stake in 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 acquiring an additional 727,185 shares during the period. Finally, International Assets Investment Management LLC boosted its stake in Intuit by 60,534.9% in the fourth quarter. International Assets Investment Management LLC now owns 472,952 shares of the software maker’s stock valued at $295,609,000 after acquiring an additional 472,172 shares during the period. 83.66% of the stock is owned by hedge funds and other institutional investors.

Intuit Stock Up 2.2 %

Shares of Intuit stock opened at $651.44 on Friday. Intuit Inc. has a 1 year low of $444.19 and a 1 year high of $676.62. The stock has a 50-day moving average price of $616.71 and a 200 day moving average price of $627.26. The company has a current ratio of 1.50, a quick ratio of 1.50 and a debt-to-equity ratio of 0.32. The company has a market cap of $182.11 billion, a P/E ratio of 60.10, a P/E/G ratio of 3.66 and a beta of 1.21.

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

Intuit Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, July 18th. Stockholders of record on Wednesday, July 10th will be issued 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 is Wednesday, July 10th. Intuit’s dividend payout ratio is 33.21%.

Insider Activity

In other news, CFO Sandeep Aujla sold 1,415 shares of the stock in a transaction dated Tuesday, May 28th. The stock was sold at an average price of $604.58, for a total transaction of $855,480.70. Following the transaction, the chief financial officer now owns 2,332 shares of the company’s stock, valued at approximately $1,409,880.56. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, CFO Sandeep Aujla sold 1,415 shares of the stock in a transaction dated Tuesday, May 28th. The stock was sold at an average price of $604.58, for a total transaction of $855,480.70. Following the transaction, the chief financial officer now owns 2,332 shares of the company’s stock, valued at approximately $1,409,880.56. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Scott D. Cook sold 27,309 shares of the firm’s 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 completion of the sale, the insider now directly owns 6,524,412 shares in the company, valued at approximately $3,870,020,221.92. The disclosure for this sale can be found here. In the last quarter, insiders have sold 193,937 shares of company stock valued at $113,123,232. Insiders own 2.90% of the company’s stock.

Analyst Ratings Changes

INTU has been the subject of a number of research reports. KeyCorp lifted their target price on Intuit from $720.00 to $740.00 and gave the company an “overweight” rating in a research note on Monday, May 20th. Stifel Nicolaus reduced their price objective on Intuit from $720.00 to $690.00 and set a “buy” rating for the company in a research report on Friday, May 24th. Bank of America reduced their price objective on Intuit from $760.00 to $730.00 and set a “buy” rating for the company in a research report on Friday, May 24th. Susquehanna dropped their target price on Intuit from $775.00 to $757.00 and set a “positive” rating on the stock in a report on Friday, May 24th. Finally, Wells Fargo & Company increased their price target on Intuit from $725.00 to $750.00 and gave the company an “overweight” rating in a research note on Tuesday, May 21st. Five equities research analysts have rated the stock with a hold rating and nineteen have assigned a buy rating to the company’s stock. According to MarketBeat, Intuit presently has a consensus rating of “Moderate Buy” and a consensus price target of $679.41.

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.