Ranch Capital Advisors Inc. Increases Stock Position in Intuit Inc. (NASDAQ:INTU)

Ranch Capital Advisors Inc. lifted its position in shares of Intuit Inc. (NASDAQ:INTU) by 27.8% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 418 shares of the software maker’s stock after acquiring an additional 91 shares during the quarter. Ranch Capital Advisors Inc.’s holdings in Intuit were worth $274,000 as of its most recent SEC filing.

Other institutional investors have also recently modified their holdings of the company. Wellington Management Group LLP increased its position in shares of Intuit by 173.0% in the fourth quarter. Wellington Management Group LLP now owns 3,687,583 shares of the software maker’s stock valued at $2,304,850,000 after buying an additional 2,336,654 shares in the last quarter. Lone Pine Capital LLC acquired a new stake in Intuit in the 4th quarter worth about $467,852,000. Parnassus Investments LLC lifted its position in shares of 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 in the last quarter. Capital World Investors increased its position in shares of Intuit by 54.7% during the fourth quarter. Capital World Investors now owns 1,176,711 shares of the software maker’s stock worth $735,480,000 after purchasing an additional 416,099 shares in the last quarter. Finally, SG Americas Securities LLC lifted its holdings in Intuit by 940.4% in the 1st quarter. SG Americas Securities LLC now owns 315,670 shares of the software maker’s stock valued at $205,186,000 after purchasing an additional 285,328 shares in the last quarter. 83.66% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on the stock. Piper Sandler restated an “overweight” rating and set a $768.00 price target (up from $760.00) on shares of Intuit in a research report on Friday, August 23rd. Erste Group Bank reissued a “hold” rating on shares of Intuit in a research note on Friday, June 14th. Royal Bank of Canada initiated coverage on shares of Intuit in a research report on Wednesday, July 3rd. They set an “outperform” rating and a $760.00 price target on the stock. Susquehanna restated a “positive” rating and set a $757.00 price objective on shares of Intuit in a research report on Friday, August 16th. Finally, BMO Capital Markets boosted their target price on shares of Intuit from $700.00 to $760.00 and gave the company an “outperform” rating in a report on Friday, August 23rd. Five equities research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $720.37.

Insiders Place Their Bets

In other Intuit news, insider Scott D. Cook sold 2,461 shares of the business’s stock in a transaction on Wednesday, September 18th. The shares were sold at an average price of $637.19, for a total transaction of $1,568,124.59. Following the sale, the insider now directly owns 6,453,105 shares in the company, valued at approximately $4,111,853,974.95. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, insider Scott D. Cook sold 2,461 shares of the company’s stock in a transaction that occurred on Wednesday, September 18th. The stock was sold at an average price of $637.19, for a total value of $1,568,124.59. Following the sale, the insider now owns 6,453,105 shares in the company, valued at approximately $4,111,853,974.95. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Mark P. Notarainni sold 965 shares of Intuit stock in a transaction on Tuesday, July 2nd. The stock was sold at an average price of $651.00, for a total value of $628,215.00. Following the transaction, the executive vice president now directly owns 1,020 shares of the company’s stock, valued at $664,020. The disclosure for this sale can be found here. Over the last quarter, insiders sold 22,389 shares of company stock worth $14,231,188. 2.90% of the stock is owned by corporate insiders.

Intuit Price Performance

Shares of NASDAQ INTU opened at $654.24 on Friday. The stock has a fifty day moving average price of $636.76 and a 200 day moving average price of $631.46. Intuit Inc. has a 1-year low of $473.56 and a 1-year high of $676.62. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.29 and a quick ratio of 1.29. The company has a market cap of $182.89 billion, a PE ratio of 60.35, a P/E/G ratio of 3.14 and a beta of 1.24.

Intuit (NASDAQ:INTU) last released its earnings results on Thursday, August 22nd. The software maker reported $1.99 EPS for the quarter, topping the consensus estimate of $1.85 by $0.14. The company had revenue of $3.18 billion during the quarter, compared to analysts’ expectations of $3.08 billion. Intuit had a net margin of 18.19% and a return on equity of 18.64%. The business’s revenue was up 17.4% on a year-over-year basis. During the same quarter last year, the business earned $0.40 EPS. Sell-side analysts forecast that Intuit Inc. will post 14.06 EPS for the current year.

Intuit Increases Dividend

The firm also recently disclosed 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 0.64%. The ex-dividend date of this dividend is Thursday, October 10th. This is a positive change from Intuit’s previous quarterly dividend of $0.90. Intuit’s dividend payout ratio is currently 38.38%.

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.