Miracle Mile Advisors LLC Purchases 78 Shares of Intuit Inc. (NASDAQ:INTU)

Miracle Mile Advisors LLC boosted its stake in Intuit Inc. (NASDAQ:INTU) by 2.3% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 3,516 shares of the software maker’s stock after purchasing an additional 78 shares during the period. Miracle Mile Advisors LLC’s holdings in Intuit were worth $2,285,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of the business. DiNuzzo Private Wealth Inc. bought a new stake in shares of Intuit in the 4th quarter worth about $25,000. MCF Advisors LLC increased its stake in Intuit by 119.0% during the 4th quarter. MCF Advisors LLC now owns 46 shares of the software maker’s stock valued at $29,000 after purchasing an additional 25 shares in the last quarter. Wetzel Investment Advisors Inc. acquired a new stake in shares of Intuit in the fourth quarter worth $38,000. Sachetta LLC acquired a new stake in shares of Intuit in the fourth quarter worth $39,000. Finally, Webster Bank N. A. acquired a new stake in Intuit during the fourth quarter valued at $41,000. Hedge funds and other institutional investors own 83.66% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on INTU. Jefferies Financial Group reaffirmed a “buy” rating and set a $770.00 price objective on shares of Intuit in a report on Thursday, June 13th. Bank of America cut their price objective on shares of 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 price target on shares of Intuit from $775.00 to $757.00 and set a “positive” rating for the company in a research report on Friday, May 24th. Stifel Nicolaus dropped their price objective on shares of Intuit from $720.00 to $690.00 and set a “buy” rating for the company in a report on Friday, May 24th. Finally, Wells Fargo & Company lifted their price objective on shares of Intuit from $725.00 to $750.00 and gave the company an “overweight” rating in a report on Tuesday, May 21st. Five research analysts have rated the stock with a hold rating and nineteen have issued a buy rating to the stock. According to MarketBeat, Intuit has an average rating of “Moderate Buy” and an average price target of $683.91.

Intuit Price Performance

Intuit stock opened at $650.77 on Tuesday. Intuit Inc. has a 52 week low of $444.19 and a 52 week high of $676.62. The company has a quick ratio of 1.50, a current ratio of 1.50 and a debt-to-equity ratio of 0.32. The firm’s 50-day simple moving average is $618.61 and its 200 day simple moving average is $628.28. The firm has a market capitalization of $181.92 billion, a PE ratio of 60.03, a P/E/G ratio of 3.76 and a beta of 1.23.

Intuit (NASDAQ:INTU) last released its quarterly earnings data on Thursday, May 23rd. The software maker reported $9.88 EPS for the quarter, topping the consensus estimate of $8.12 by $1.76. Intuit had a net margin of 19.43% and a return on equity of 18.61%. The business had revenue of $6.74 billion for the quarter, compared to analyst estimates of $6.65 billion. During the same period in the previous year, the firm earned $7.80 EPS. The business’s revenue for the quarter was up 11.9% compared to the same quarter last year. On average, equities research analysts predict that Intuit Inc. will post 11.72 EPS for the current fiscal year.

Intuit Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, July 18th. Stockholders of record on Wednesday, July 10th will be paid a dividend of $0.90 per share. The ex-dividend date is Wednesday, July 10th. This represents a $3.60 dividend on an annualized basis and a dividend yield of 0.55%. Intuit’s dividend payout ratio is currently 33.21%.

Insider Buying and Selling

In related news, EVP Mark P. Notarainni sold 465 shares of Intuit stock in a transaction on Tuesday, May 28th. The shares were sold at an average price of $604.58, for a total value of $281,129.70. Following the completion of the sale, the executive vice president now owns 869 shares in the company, valued at $525,380.02. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other Intuit news, insider Scott D. Cook sold 75,000 shares of Intuit stock in a transaction on Tuesday, May 28th. The shares were sold at an average price of $597.85, for a total value of $44,838,750.00. Following the completion of the transaction, the insider now owns 6,791,469 shares of the company’s stock, valued at $4,060,279,741.65. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Mark P. Notarainni sold 465 shares of Intuit stock in a transaction on Tuesday, May 28th. The stock was sold at an average price of $604.58, for a total transaction of $281,129.70. Following the completion of the transaction, the executive vice president now directly owns 869 shares of the company’s stock, valued at approximately $525,380.02. The disclosure for this sale can be found here. Over the last quarter, insiders sold 193,937 shares of company stock worth $113,123,232. 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.