Legacy Financial Advisors Inc. Acquires 24 Shares of Intuit Inc. (NASDAQ:INTU)

Legacy Financial Advisors Inc. grew its holdings in Intuit Inc. (NASDAQ:INTU) by 2.2% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,106 shares of the software maker’s stock after acquiring an additional 24 shares during the period. Legacy Financial Advisors Inc.’s holdings in Intuit were worth $727,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of INTU. Aveo Capital Partners LLC acquired a new stake in shares of Intuit in the fourth quarter worth about $203,000. 9258 Wealth Management LLC raised its stake in shares of Intuit by 29.0% in the 4th quarter. 9258 Wealth Management LLC now owns 650 shares of the software maker’s stock valued at $406,000 after acquiring an additional 146 shares in the last quarter. Gryphon Financial Partners LLC lifted its holdings in Intuit by 31.6% in the 4th quarter. Gryphon Financial Partners LLC now owns 1,635 shares of the software maker’s stock worth $1,022,000 after purchasing an additional 393 shares during the last quarter. EverSource Wealth Advisors LLC lifted its holdings in Intuit by 3.7% in the 4th quarter. EverSource Wealth Advisors LLC now owns 449 shares of the software maker’s stock worth $281,000 after purchasing an additional 16 shares during the last quarter. Finally, Tidemark LLC acquired a new position in Intuit during the fourth quarter valued at approximately $41,000. Institutional investors and hedge funds own 83.66% of the company’s stock.

Intuit Stock Performance

NASDAQ:INTU opened at $644.99 on Friday. The firm has a market capitalization of $180.31 billion, a PE ratio of 59.50, a price-to-earnings-growth ratio of 3.14 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. Intuit Inc. has a 12-month low of $473.56 and a 12-month high of $676.62. The firm has a 50-day moving average price of $636.82 and a 200 day moving average price of $631.30.

Intuit (NASDAQ:INTU) last issued its 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 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 period in the prior year, the firm posted $0.40 EPS. Research analysts anticipate that Intuit Inc. will post 14.06 earnings per share for the current fiscal year.

Intuit Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, October 18th. Investors of record on Thursday, October 10th will be given a dividend of $1.04 per share. The ex-dividend date is Thursday, October 10th. This represents a $4.16 dividend on an annualized basis and a dividend yield of 0.64%. This is a boost from Intuit’s previous quarterly dividend of $0.90. Intuit’s dividend payout ratio (DPR) is 38.38%.

Insider Activity at Intuit

In other Intuit news, EVP Mark P. Notarainni sold 965 shares of the company’s stock in a transaction dated Tuesday, July 2nd. The shares were sold at an average price of $651.00, for a total transaction of $628,215.00. Following the sale, the executive vice president now directly owns 1,020 shares of the company’s stock, valued at $664,020. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In related news, CFO Sandeep Aujla sold 1,061 shares of the firm’s 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 directly owns 3,333 shares of the company’s stock, valued at approximately $2,170,682.91. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Mark P. Notarainni sold 965 shares of the business’s stock in a transaction on Tuesday, July 2nd. The stock was sold at an average price of $651.00, for a total value 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 disclosure for this sale can be found here. Insiders sold 22,389 shares of company stock valued at $14,231,188 in the last ninety days. Insiders own 2.90% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the stock. Susquehanna restated a “positive” rating and issued a $757.00 price objective on shares of Intuit in a research note on Friday, August 16th. Barclays cut their target price on shares of Intuit from $745.00 to $740.00 and set an “overweight” rating for the company in a research report on Friday, August 23rd. BMO Capital Markets raised their price target on Intuit from $700.00 to $760.00 and gave the company an “outperform” rating in a research report on Friday, August 23rd. Piper Sandler reissued an “overweight” rating and set a $768.00 price objective (up previously from $760.00) on shares of Intuit in a research report on Friday, August 23rd. Finally, Erste Group Bank reaffirmed a “hold” rating on shares of Intuit in a report on Friday, June 14th. Six investment analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Intuit currently has an average rating of “Moderate Buy” and an average price target of $720.37.

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.