Hoxton Planning & Management LLC Raises Stake in Intuit Inc. (NASDAQ:INTU)

Hoxton Planning & Management LLC lifted its position in shares of Intuit Inc. (NASDAQ:INTU) by 4.2% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,310 shares of the software maker’s stock after buying an additional 53 shares during the quarter. Hoxton Planning & Management LLC’s holdings in Intuit were worth $814,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of INTU. LGT Financial Advisors LLC acquired a new stake in shares of Intuit in the second quarter worth approximately $25,000. Cultivar Capital Inc. acquired a new stake in shares of Intuit in the second quarter worth approximately $26,000. Fairway Wealth LLC acquired a new stake in shares of Intuit in the second quarter worth approximately $26,000. Hobbs Group Advisors LLC acquired a new stake in shares of Intuit in the second quarter worth approximately $35,000. Finally, Trifecta Capital Advisors LLC boosted its position in shares of Intuit by 145.8% in the second quarter. Trifecta Capital Advisors LLC now owns 59 shares of the software maker’s stock worth $39,000 after acquiring an additional 35 shares during the last quarter. 83.66% of the stock is currently owned by hedge funds and other institutional investors.

Intuit Trading Up 1.8 %

INTU opened at $613.37 on Wednesday. The firm has a market capitalization of $171.47 billion, a P/E ratio of 56.58, a P/E/G ratio of 3.13 and a beta of 1.24. The firm’s 50 day moving average is $632.16 and its 200-day moving average is $629.14. Intuit Inc. has a 52-week low of $473.56 and a 52-week high of $676.62. 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 (NASDAQ:INTU) last issued its quarterly earnings results on Thursday, August 22nd. The software maker reported $1.99 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.85 by $0.14. The business had revenue of $3.18 billion during the quarter, compared to analyst estimates 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% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.40 earnings per share. Analysts expect that Intuit Inc. will post 14.07 EPS for the current fiscal year.

Intuit Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, October 18th. Investors of record on Thursday, October 10th will be paid a $1.04 dividend. This represents a $4.16 dividend on an annualized basis and a dividend yield of 0.68%. 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 payout ratio is 38.38%.

Insider Buying and Selling

In other Intuit news, EVP Alex G. Balazs sold 2,941 shares of the business’s stock in a transaction on 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 owns 20 shares in the company, valued at $12,575.20. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, insider Scott D. Cook sold 2,461 shares of the firm’s stock in a transaction dated Wednesday, September 18th. The shares were sold at an average price of $637.19, for a total value of $1,568,124.59. Following the transaction, the insider now directly owns 6,453,105 shares in the company, valued at approximately $4,111,853,974.95. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Alex G. Balazs sold 2,941 shares of the firm’s stock in a transaction dated Tuesday, September 10th. The stock was sold at an average price of $628.76, for a total transaction of $1,849,183.16. Following the completion of the transaction, the executive vice president now owns 20 shares in the company, valued at approximately $12,575.20. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 51,297 shares of company stock worth $32,750,926. Insiders own 2.90% of the company’s stock.

Analyst Upgrades and Downgrades

INTU has been the topic of several research analyst reports. Erste Group Bank reissued a “hold” rating on shares of Intuit in a research report on Friday, June 14th. JPMorgan Chase & Co. raised their target price on shares of Intuit from $585.00 to $600.00 and gave the stock a “neutral” rating in a research report on Friday, August 23rd. Barclays reduced their price target on shares of Intuit from $745.00 to $740.00 and set an “overweight” rating on the stock in a research report on Friday, August 23rd. Piper Sandler reaffirmed an “overweight” rating and set a $768.00 price target on shares of Intuit in a research report on Friday, September 27th. Finally, Bank of America lifted their price target 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. Four investment analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $735.71.

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.