Intuit Inc. (NASDAQ:INTU) Shares Purchased by Miracle Mile Advisors LLC

Miracle Mile Advisors LLC lifted its position in Intuit Inc. (NASDAQ:INTU) by 7.7% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 3,928 shares of the software maker’s stock after purchasing an additional 281 shares during the quarter. Miracle Mile Advisors LLC’s holdings in Intuit were worth $2,439,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in INTU. Everpar Advisors LLC raised its stake in Intuit by 2.2% during the 3rd quarter. Everpar Advisors LLC now owns 884 shares of the software maker’s stock valued at $549,000 after acquiring an additional 19 shares during the last quarter. Diversified Trust Co raised its stake in Intuit by 19.0% during the 3rd quarter. Diversified Trust Co now owns 5,363 shares of the software maker’s stock valued at $3,330,000 after acquiring an additional 858 shares during the last quarter. GAMMA Investing LLC raised its stake in Intuit by 33.7% during the 3rd quarter. GAMMA Investing LLC now owns 3,838 shares of the software maker’s stock valued at $2,383,000 after acquiring an additional 968 shares during the last quarter. Handelsbanken Fonder AB raised its stake in shares of Intuit by 0.7% during the 3rd quarter. Handelsbanken Fonder AB now owns 303,931 shares of the software maker’s stock worth $188,741,000 after buying an additional 2,060 shares in the last quarter. Finally, Rockland Trust Co. raised its stake in shares of Intuit by 1.6% during the 3rd quarter. Rockland Trust Co. now owns 35,282 shares of the software maker’s stock worth $21,910,000 after buying an additional 539 shares in the last quarter. 83.66% of the stock is owned by institutional investors and hedge funds.

Intuit Price Performance

INTU stock opened at $602.43 on Tuesday. Intuit Inc. has a 52-week low of $473.56 and a 52-week high of $676.62. The stock has a market capitalization of $168.41 billion, a price-to-earnings ratio of 55.57, a price-to-earnings-growth ratio of 3.13 and a beta of 1.24. The company has a quick ratio of 1.29, a current ratio of 1.29 and a debt-to-equity ratio of 0.30. The stock’s fifty day simple moving average is $632.84 and its 200-day simple moving average is $629.49.

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

Intuit Increases Dividend

The business 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 dividend of $1.04 per share. This represents a $4.16 dividend on an annualized basis and a dividend yield of 0.69%. The ex-dividend date of this dividend is Thursday, October 10th. This is a boost from Intuit’s previous quarterly dividend of $0.90. Intuit’s payout ratio is currently 38.38%.

Insiders Place Their Bets

In related news, CFO Sandeep Aujla sold 862 shares of the stock in a transaction dated Wednesday, September 4th. The stock was sold at an average price of $621.03, for a total value of $535,327.86. Following the completion of the transaction, the chief financial officer now owns 3,840 shares of the company’s stock, valued at approximately $2,384,755.20. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In other Intuit news, CFO Sandeep Aujla sold 862 shares of the stock in a transaction on 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 in the company, valued at $2,384,755.20. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Laura A. Fennell sold 30,159 shares of the firm’s stock in a transaction on Friday, September 20th. The stock was sold at an average price of $642.36, for a total transaction of $19,372,935.24. Following the transaction, the executive vice president now directly owns 52,038 shares of the company’s stock, valued at approximately $33,427,129.68. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 51,297 shares of company stock worth $32,750,926 over the last quarter. 2.90% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on the company. StockNews.com raised Intuit from a “hold” rating to a “buy” rating in a research note on Monday, September 30th. Piper Sandler reaffirmed an “overweight” rating and issued a $768.00 price objective on shares of Intuit in a research note on Friday, September 27th. Bank of America raised their price objective on Intuit from $730.00 to $780.00 and gave the company a “buy” rating in a research note on Friday, August 23rd. 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. Finally, JPMorgan Chase & Co. increased their target price on Intuit from $585.00 to $600.00 and gave the company a “neutral” rating in a report on Friday, August 23rd. Four research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. Based on data from MarketBeat, Intuit has a consensus rating of “Moderate Buy” and an average target price of $735.71.

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.