Northwestern Mutual Wealth Management Co. Boosts Stock Holdings in Intuit Inc. (NASDAQ:INTU)

Northwestern Mutual Wealth Management Co. raised its position in shares of Intuit Inc. (NASDAQ:INTU) by 7.6% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 17,343 shares of the software maker’s stock after acquiring an additional 1,230 shares during the period. Northwestern Mutual Wealth Management Co.’s holdings in Intuit were worth $11,396,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in INTU. LGT Financial Advisors LLC acquired a new stake in Intuit during the 2nd quarter worth approximately $25,000. Cultivar Capital Inc. acquired a new stake in shares of Intuit in the second quarter worth $26,000. Fairway Wealth LLC purchased a new position in shares of Intuit in the 2nd quarter valued at $26,000. Hobbs Group Advisors LLC acquired a new position in shares of Intuit during the 2nd quarter valued at $35,000. Finally, J.Safra Asset Management Corp purchased a new stake in Intuit during the 2nd quarter worth $39,000. 83.66% of the stock is currently owned by institutional investors and hedge funds.

Intuit Price Performance

Shares of INTU opened at $606.28 on Wednesday. The company has a current ratio of 1.29, a quick ratio of 1.29 and a debt-to-equity ratio of 0.30. The firm has a market cap of $169.48 billion, a price-to-earnings ratio of 55.93, a PEG ratio of 3.13 and a beta of 1.24. Intuit Inc. has a 52 week low of $473.56 and a 52 week high of $676.62. The stock has a 50 day moving average of $634.00 and a 200-day moving average of $630.07.

Intuit (NASDAQ:INTU) last released its earnings results on Thursday, August 22nd. The software maker reported $1.99 earnings per share for the quarter, beating the consensus estimate of $1.85 by $0.14. Intuit had a net margin of 18.19% and a return on equity of 18.64%. The firm had revenue of $3.18 billion during the quarter, compared to analyst estimates of $3.08 billion. During the same quarter in the previous year, the firm earned $0.40 earnings per share. The firm’s revenue for the quarter was up 17.4% compared to the same quarter last year. As a group, analysts forecast that Intuit Inc. will post 14.07 EPS for the current year.

Intuit Increases Dividend

The business also recently announced 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. This is an increase from Intuit’s previous quarterly dividend of $0.90. This represents a $4.16 dividend on an annualized basis and a yield of 0.69%. The ex-dividend date of this dividend is Thursday, October 10th. Intuit’s payout ratio is presently 38.38%.

Analyst Upgrades and Downgrades

INTU has been the topic of several research reports. JPMorgan Chase & Co. raised their price objective on Intuit from $585.00 to $600.00 and gave the company a “neutral” rating in a research report on Friday, August 23rd. Barclays reduced their price target on Intuit from $745.00 to $740.00 and set an “overweight” rating on the stock in a research report on Friday, August 23rd. Bank of America increased their price objective on shares of Intuit from $730.00 to $780.00 and gave the company a “buy” rating in a research report on Friday, August 23rd. Susquehanna restated a “positive” rating and issued a $757.00 target price on shares of Intuit in a research note on Friday, August 16th. Finally, Morgan Stanley downgraded shares of Intuit from an “overweight” rating to an “equal weight” rating and dropped their price target for the stock from $750.00 to $685.00 in a research note on Wednesday, August 14th. Four 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, Intuit has an average rating of “Moderate Buy” and an average price target of $735.71.

Insider Activity

In related news, Director Eve B. Burton sold 2,988 shares of the business’s stock in a transaction that occurred 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, Director Eve B. Burton sold 2,988 shares of Intuit stock in a transaction dated Thursday, September 19th. The shares were sold at an average price of $649.87, for a total value of $1,941,811.56. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Sandeep Aujla sold 862 shares of the business’s stock in a transaction dated Wednesday, September 4th. The shares were sold at an average price of $621.03, for a total transaction of $535,327.86. Following the transaction, the chief financial officer now directly owns 3,840 shares of the company’s stock, valued at $2,384,755.20. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 50,522 shares of company stock valued at $32,284,911. 2.90% of the stock is currently owned by insiders.

About Intuit

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.