Ieq Capital LLC Raises Holdings in Intuit Inc. (NASDAQ:INTU)

Ieq Capital LLC increased its stake in shares of Intuit Inc. (NASDAQ:INTU) by 3.1% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 19,565 shares of the software maker’s stock after purchasing an additional 596 shares during the period. Ieq Capital LLC’s holdings in Intuit were worth $12,858,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. LGT Financial Advisors LLC acquired a new stake in shares of Intuit during the 2nd quarter worth about $25,000. Cultivar Capital Inc. acquired a new stake in Intuit during the second quarter worth approximately $26,000. Fairway Wealth LLC purchased a new stake in Intuit in the 2nd quarter worth approximately $26,000. Hobbs Group Advisors LLC acquired a new position in Intuit in the 2nd quarter valued at $35,000. Finally, Trifecta Capital Advisors LLC lifted its stake in shares of Intuit by 145.8% during the 2nd quarter. Trifecta Capital Advisors LLC now owns 59 shares of the software maker’s stock worth $39,000 after purchasing an additional 35 shares during the period. Hedge funds and other institutional investors own 83.66% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on INTU. Royal Bank of Canada assumed coverage on Intuit in a research report on Wednesday, July 3rd. They issued an “outperform” rating and a $760.00 price objective for the company. Jefferies Financial Group upped their price objective 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. Piper Sandler reissued an “overweight” rating and issued a $768.00 target price (up from $760.00) on shares of Intuit in a research report on Friday, August 23rd. StockNews.com raised shares of Intuit from a “hold” rating to a “buy” rating in a research report on Saturday, August 31st. Finally, Erste Group Bank reiterated a “hold” rating on shares of Intuit in a report on Friday, June 14th. Five investment analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $720.37.

Intuit Price Performance

INTU stock opened at $654.24 on Friday. The firm has a market cap of $182.89 billion, a P/E ratio of 60.35, a price-to-earnings-growth ratio of 3.14 and a beta of 1.24. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.29 and a current ratio of 1.29. Intuit Inc. has a 1 year low of $473.56 and a 1 year high of $676.62. The stock has a 50-day simple moving average of $636.76 and a 200-day simple moving average of $631.46.

Intuit (NASDAQ:INTU) last released its quarterly earnings results on Thursday, August 22nd. The software maker reported $1.99 earnings per share for the quarter, topping analysts’ consensus estimates of $1.85 by $0.14. The firm had revenue of $3.18 billion during the quarter, compared to analysts’ expectations of $3.08 billion. Intuit had a return on equity of 18.64% and a net margin of 18.19%. Intuit’s quarterly revenue was up 17.4% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.40 EPS. On average, equities analysts predict that Intuit Inc. will post 14.06 earnings per share for the current fiscal 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 given a $1.04 dividend. This is a boost from Intuit’s previous quarterly dividend of $0.90. This represents a $4.16 dividend on an annualized basis and a yield of 0.64%. The ex-dividend date of this dividend is Thursday, October 10th. Intuit’s dividend payout ratio is presently 38.38%.

Insider Activity

In related news, CFO Sandeep Aujla sold 1,061 shares of the business’s stock in a transaction dated Wednesday, July 3rd. The stock was sold at an average price of $651.27, for a total value of $690,997.47. Following the transaction, the chief financial officer now owns 3,333 shares in the company, valued at $2,170,682.91. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other news, EVP Mark P. Notarainni sold 965 shares of the stock in a transaction that occurred on Tuesday, July 2nd. The stock was sold at an average price of $651.00, for a total transaction of $628,215.00. Following the completion of the transaction, the executive vice president now directly owns 1,020 shares in the company, valued at approximately $664,020. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CFO Sandeep Aujla sold 1,061 shares of Intuit stock in a transaction on Wednesday, July 3rd. The stock was sold at an average price of $651.27, for a total transaction of $690,997.47. Following the completion of the sale, the chief financial officer now owns 3,333 shares of the company’s stock, valued at approximately $2,170,682.91. The disclosure for this sale can be found here. Insiders sold 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.

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.