Kimelman & Baird LLC Buys New Shares in Intuit Inc. (NASDAQ:INTU)

Kimelman & Baird LLC purchased a new position in Intuit Inc. (NASDAQ:INTU) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 75 shares of the software maker’s stock, valued at approximately $49,000.

Other institutional investors have also recently made changes to their positions in the company. Aveo Capital Partners LLC purchased a new position in Intuit during the fourth quarter valued at approximately $203,000. 9258 Wealth Management LLC lifted its stake in shares of Intuit by 29.0% during the 4th quarter. 9258 Wealth Management LLC now owns 650 shares of the software maker’s stock valued at $406,000 after buying an additional 146 shares in the last quarter. Peapack Gladstone Financial Corp boosted its holdings in Intuit by 1.3% in the 4th quarter. Peapack Gladstone Financial Corp now owns 17,921 shares of the software maker’s stock worth $11,202,000 after buying an additional 229 shares during the period. Belpointe Asset Management LLC increased its stake in Intuit by 4.8% in the 4th quarter. Belpointe Asset Management LLC now owns 628 shares of the software maker’s stock worth $393,000 after buying an additional 29 shares in the last quarter. Finally, CIBC Private Wealth Group LLC raised its holdings in Intuit by 33.7% during the fourth quarter. CIBC Private Wealth Group LLC now owns 165,486 shares of the software maker’s stock valued at $103,434,000 after acquiring an additional 41,681 shares during the period. Institutional investors own 83.66% of the company’s stock.

Insider Buying and Selling at Intuit

In other news, CFO Sandeep Aujla sold 862 shares of the stock in a transaction that occurred on Wednesday, September 4th. The stock was sold at an average price of $621.03, for a total value of $535,327.86. Following the sale, the chief financial officer now directly owns 3,840 shares in the company, valued at $2,384,755.20. The sale was disclosed in a document filed with the SEC, which is available at this link. In related news, CFO Sandeep Aujla sold 862 shares of the firm’s stock in a transaction dated Wednesday, September 4th. The shares were sold at an average price of $621.03, for a total value of $535,327.86. Following the transaction, the chief financial officer now owns 3,840 shares of the company’s stock, valued at approximately $2,384,755.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Alex G. Balazs sold 2,941 shares of the business’s stock in a transaction dated Tuesday, September 10th. The shares were sold at an average price of $628.76, for a total transaction of $1,849,183.16. Following the completion of the sale, the executive vice president now directly owns 20 shares of the company’s stock, valued at $12,575.20. The disclosure for this sale can be found here. Insiders sold 51,583 shares of company stock worth $32,975,909 over the last 90 days. Company insiders own 2.90% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on the company. Royal Bank of Canada assumed coverage on Intuit in a research note on Wednesday, July 3rd. They issued an “outperform” rating and a $760.00 price objective for the company. Barclays cut their price objective on shares of Intuit from $745.00 to $740.00 and set an “overweight” rating for the company in a report on Friday, August 23rd. Bank of America boosted their target price on shares of Intuit from $730.00 to $780.00 and gave the stock a “buy” rating in a report on Friday, August 23rd. Jefferies Financial Group raised their target price on shares of Intuit from $770.00 to $790.00 and gave the company a “buy” rating in a research note on Friday, August 23rd. Finally, BMO Capital Markets boosted their price target on shares of Intuit from $700.00 to $760.00 and gave the stock an “outperform” rating in a research note on Friday, August 23rd. Four analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. Based on data from MarketBeat.com, Intuit presently has an average rating of “Moderate Buy” and an average price target of $735.71.

Intuit Price Performance

NASDAQ:INTU opened at $621.00 on Tuesday. The firm has a market capitalization of $173.60 billion, a price-to-earnings ratio of 57.29, a PEG ratio of 3.13 and a beta of 1.24. 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 business has a 50 day simple moving average of $634.62 and a 200-day simple moving average of $630.21. Intuit Inc. has a 1 year low of $473.56 and a 1 year high of $676.62.

Intuit (NASDAQ:INTU) last posted its quarterly earnings data on Thursday, August 22nd. The software maker reported $1.99 earnings per share for the quarter, beating 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 business had revenue of $3.18 billion for the quarter, compared to analysts’ expectations of $3.08 billion. The business’s revenue was up 17.4% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.40 earnings per share. Equities analysts forecast that Intuit Inc. will post 14.07 EPS for the current year.

Intuit Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 18th. Shareholders of record on Thursday, October 10th will be paid a $1.04 dividend. The ex-dividend date is Thursday, October 10th. This represents a $4.16 annualized dividend and a yield of 0.67%. This is an increase from Intuit’s previous quarterly dividend of $0.90. Intuit’s dividend payout ratio (DPR) is presently 38.38%.

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.