Kovack Advisors Inc. Has $288,000 Stock Holdings in Intuit Inc. (NASDAQ:INTU)

Kovack Advisors Inc. cut its holdings in shares of Intuit Inc. (NASDAQ:INTU) by 7.3% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 443 shares of the software maker’s stock after selling 35 shares during the period. Kovack Advisors Inc.’s holdings in Intuit were worth $288,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in the business. Norden Group LLC boosted its position in Intuit by 2,540.7% during the 1st quarter. Norden Group LLC now owns 25,984 shares of the software maker’s stock worth $16,884,000 after buying an additional 25,000 shares during the period. Lake Street Private Wealth LLC acquired a new stake in Intuit during the 1st quarter worth approximately $894,000. Redmont Wealth Advisors LLC acquired a new position in shares of Intuit in the 1st quarter worth approximately $81,000. Sivia Capital Partners LLC lifted its position in shares of Intuit by 8.5% in the 1st quarter. Sivia Capital Partners LLC now owns 577 shares of the software maker’s stock worth $375,000 after purchasing an additional 45 shares during the period. Finally, SeaCrest Wealth Management LLC lifted its position in shares of Intuit by 18.5% in the 1st quarter. SeaCrest Wealth Management LLC now owns 616 shares of the software maker’s stock worth $400,000 after purchasing an additional 96 shares during the period. 83.66% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Intuit news, insider Scott D. Cook sold 14,748 shares of the stock in a transaction dated Thursday, May 30th. The shares were sold at an average price of $567.40, for a total transaction of $8,368,015.20. Following the completion of the transaction, the insider now owns 6,701,721 shares in the company, valued at $3,802,556,495.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, insider Scott D. Cook sold 14,748 shares of the firm’s stock in a transaction that occurred on Thursday, May 30th. The shares were sold at an average price of $567.40, for a total value of $8,368,015.20. Following the completion of the transaction, the insider now directly owns 6,701,721 shares in the company, valued at $3,802,556,495.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Scott D. Cook sold 75,000 shares of the firm’s stock in a transaction that occurred on Tuesday, May 28th. The shares were sold at an average price of $597.85, for a total transaction 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 disclosure for this sale can be found here. Insiders sold 195,963 shares of company stock worth $114,442,445 over the last quarter. 2.90% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on INTU shares. Wells Fargo & Company boosted their price target on shares of Intuit from $725.00 to $750.00 and gave the stock an “overweight” rating in a research report on Tuesday, May 21st. Piper Sandler increased their target price on shares of Intuit from $750.00 to $760.00 and gave the stock an “overweight” rating in a research note on Friday, May 24th. KeyCorp increased their target price on shares of Intuit from $720.00 to $740.00 and gave the stock an “overweight” rating in a research note on Monday, May 20th. StockNews.com raised shares of Intuit from a “hold” rating to a “buy” rating in a research note on Monday, May 27th. Finally, Royal Bank of Canada initiated coverage on shares of Intuit in a research note on Wednesday. They set an “outperform” rating and a $760.00 target price on the stock. Five investment analysts have rated the stock with a hold rating and twenty have issued a buy rating to the company. According to data from MarketBeat, Intuit currently has a consensus rating of “Moderate Buy” and a consensus target price of $687.22.

Intuit Stock Performance

NASDAQ INTU opened at $659.90 on Friday. Intuit Inc. has a 52-week low of $444.19 and a 52-week high of $676.62. The company has a 50-day simple moving average of $620.43 and a 200 day simple moving average of $629.18. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.50 and a current ratio of 1.50. The company has a market capitalization of $184.48 billion, a PE ratio of 60.88, a price-to-earnings-growth ratio of 3.77 and a beta of 1.23.

Intuit (NASDAQ:INTU) last issued its 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. The firm had revenue of $6.74 billion during the quarter, compared to analyst estimates of $6.65 billion. Intuit had a net margin of 19.43% and a return on equity of 18.61%. The company’s quarterly revenue was up 11.9% on a year-over-year basis. During the same quarter last year, the business earned $7.80 earnings per share. On average, research analysts predict that Intuit Inc. will post 11.72 EPS for the current year.

Intuit Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, July 18th. Shareholders of record on Wednesday, July 10th will be given 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 yield of 0.55%. Intuit’s dividend payout ratio is presently 33.21%.

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.