Intuit Inc. (NASDAQ:INTU) Shares Purchased by Summit Trail Advisors LLC

Summit Trail Advisors LLC raised its holdings in shares of Intuit Inc. (NASDAQ:INTU) by 60.9% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 4,013 shares of the software maker’s stock after buying an additional 1,519 shares during the period. Summit Trail Advisors LLC’s holdings in Intuit were worth $2,637,000 at the end of the most recent reporting period.

Several other large investors also recently made changes to their positions in the business. EverSource Wealth Advisors LLC grew its holdings in Intuit by 3.7% in the 4th quarter. EverSource Wealth Advisors LLC now owns 449 shares of the software maker’s stock worth $281,000 after buying an additional 16 shares in the last quarter. Fortitude Family Office LLC grew its stake in shares of Intuit by 2.8% in the second quarter. Fortitude Family Office LLC now owns 582 shares of the software maker’s stock worth $382,000 after purchasing an additional 16 shares in the last quarter. WASHINGTON TRUST Co increased its holdings in shares of Intuit by 10.5% during the second quarter. WASHINGTON TRUST Co now owns 168 shares of the software maker’s stock valued at $110,000 after purchasing an additional 16 shares during the period. Gemmer Asset Management LLC raised its stake in shares of Intuit by 3.7% during the second quarter. Gemmer Asset Management LLC now owns 448 shares of the software maker’s stock valued at $294,000 after purchasing an additional 16 shares in the last quarter. Finally, Capital Advisors Ltd. LLC grew its position in Intuit by 2.6% in the 1st quarter. Capital Advisors Ltd. LLC now owns 659 shares of the software maker’s stock valued at $429,000 after buying an additional 17 shares in the last quarter. Institutional investors and hedge funds own 83.66% of the company’s stock.

Intuit Trading Down 1.4 %

Shares of INTU opened at $644.99 on Friday. The stock’s 50-day moving average price is $636.82 and its 200 day moving average price is $631.30. The company has a quick ratio of 1.29, a current ratio of 1.29 and a debt-to-equity ratio of 0.30. Intuit Inc. has a 12-month low of $473.56 and a 12-month high of $676.62. The firm has a market capitalization of $180.31 billion, a price-to-earnings ratio of 59.50, a P/E/G ratio of 3.14 and a beta of 1.24.

Intuit (NASDAQ:INTU) last released its quarterly earnings data on Thursday, August 22nd. The software maker reported $1.99 EPS for the quarter, topping analysts’ consensus estimates of $1.85 by $0.14. Intuit had a net margin of 18.19% and a return on equity of 18.64%. The company had revenue of $3.18 billion during the quarter, compared to the consensus estimate of $3.08 billion. During the same period last year, the firm earned $0.40 EPS. The firm’s revenue for the quarter was up 17.4% compared to the same quarter last year. As a group, research analysts predict that Intuit Inc. will post 14.06 earnings per share for the current year.

Intuit Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, October 18th. Stockholders of record on Thursday, October 10th will be paid a $1.04 dividend. This represents a $4.16 annualized dividend and a dividend yield of 0.64%. The ex-dividend date of this dividend is Thursday, October 10th. This is an increase from Intuit’s previous quarterly dividend of $0.90. Intuit’s payout ratio is currently 38.38%.

Analyst Upgrades and Downgrades

INTU has been the subject of several analyst reports. Barclays reduced their target price on Intuit from $745.00 to $740.00 and set an “overweight” rating for the company in a report on Friday, August 23rd. Piper Sandler reaffirmed an “overweight” rating and set a $768.00 price objective (up from $760.00) on shares of Intuit in a research note on Friday, August 23rd. Jefferies Financial Group lifted their target price on shares of Intuit from $770.00 to $790.00 and gave the stock a “buy” rating in a research report on Friday, August 23rd. Erste Group Bank restated a “hold” rating on shares of Intuit in a research report on Friday, June 14th. Finally, Stifel Nicolaus lifted their price objective on shares of Intuit from $690.00 to $795.00 and gave the stock a “buy” rating in a research report on Friday, August 23rd. Six equities research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $720.37.

Insider Buying and Selling at Intuit

In other news, Director Eve B. Burton sold 2,988 shares of Intuit stock in a transaction that occurred on Thursday, September 19th. The shares were sold at an average price of $649.87, for a total value of $1,941,811.56. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, Director Eve B. Burton sold 2,988 shares of the stock in a transaction on Thursday, September 19th. The stock was sold at an average price of $649.87, for a total transaction of $1,941,811.56. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO Sandeep Aujla sold 1,061 shares of Intuit stock in a transaction dated Wednesday, July 3rd. The shares were sold at an average price of $651.27, for a total value of $690,997.47. Following the completion of the transaction, the chief financial officer now directly owns 3,333 shares of the company’s stock, valued at $2,170,682.91. The disclosure for this sale can be found here. Insiders have sold a total of 22,389 shares of company stock worth $14,231,188 over the last ninety days. Corporate 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.