Graypoint LLC Boosts Stake in Intuit Inc. (NASDAQ:INTU)

Graypoint LLC grew its holdings in shares of Intuit Inc. (NASDAQ:INTU) by 65.8% during the 4th quarter, HoldingsChannel reports. The fund owned 4,045 shares of the software maker’s stock after acquiring an additional 1,606 shares during the quarter. Graypoint LLC’s holdings in Intuit were worth $2,542,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in INTU. RMR Wealth Builders raised its stake in shares of Intuit by 7.6% during the fourth quarter. RMR Wealth Builders now owns 2,511 shares of the software maker’s stock valued at $1,578,000 after acquiring an additional 177 shares during the last quarter. Tilia Fiduciary Partners Inc. raised its holdings in Intuit by 2.0% in the fourth quarter. Tilia Fiduciary Partners Inc. now owns 3,075 shares of the software maker’s stock worth $1,933,000 after purchasing an additional 59 shares in the last quarter. Jacobs & Co. CA increased its stake in shares of Intuit by 2.8% in the 4th quarter. Jacobs & Co. CA now owns 13,348 shares of the software maker’s stock worth $8,389,000 after acquiring an additional 359 shares in the last quarter. Harbor Capital Advisors Inc. boosted its stake in Intuit by 2.3% during the fourth quarter. Harbor Capital Advisors Inc. now owns 3,353 shares of the software maker’s stock worth $2,107,000 after acquiring an additional 76 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC increased its stake in shares of Intuit by 1.0% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 29,600 shares of the software maker’s stock valued at $18,382,000 after purchasing an additional 293 shares in the last quarter. 83.66% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research analysts have issued reports on INTU shares. Piper Sandler reissued an “overweight” rating and issued a $765.00 target price on shares of Intuit in a report on Friday. Barclays dropped their target price on shares of Intuit from $800.00 to $775.00 and set an “overweight” rating on the stock in a research note on Friday, November 22nd. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $760.00 price objective on shares of Intuit in a research report on Friday, November 22nd. Stifel Nicolaus lowered their target price on shares of Intuit from $795.00 to $725.00 and set a “buy” rating on the stock in a research note on Friday, November 22nd. Finally, Scotiabank initiated coverage on shares of Intuit in a research note on Monday, November 18th. They issued a “sector perform” rating and a $700.00 price target for the company. Six research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $737.44.

Intuit Price Performance

NASDAQ:INTU traded down $1.58 on Friday, reaching $623.43. 2,130,734 shares of the company’s stock traded hands, compared to its average volume of 1,289,913. The firm has a market cap of $174.51 billion, a PE ratio of 60.53, a P/E/G ratio of 3.24 and a beta of 1.25. The company has a quick ratio of 1.24, a current ratio of 1.24 and a debt-to-equity ratio of 0.31. The stock has a 50-day simple moving average of $649.55 and a 200-day simple moving average of $638.16. Intuit Inc. has a 12 month low of $557.29 and a 12 month high of $714.78.

Intuit (NASDAQ:INTU) last posted its quarterly earnings results on Thursday, November 21st. The software maker reported $2.50 EPS for the quarter, topping analysts’ consensus estimates of $2.36 by $0.14. Intuit had a return on equity of 18.25% and a net margin of 17.59%. The company had revenue of $3.28 billion for the quarter, compared to analysts’ expectations of $3.14 billion. During the same period in the previous year, the firm earned $1.14 EPS. The firm’s revenue was up 10.2% compared to the same quarter last year. Equities research analysts forecast that Intuit Inc. will post 14.07 earnings per share for the current year.

Intuit Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, January 17th. Shareholders of record on Thursday, January 9th will be paid a $1.04 dividend. This represents a $4.16 annualized dividend and a yield of 0.67%. The ex-dividend date is Friday, January 10th. Intuit’s payout ratio is currently 40.39%.

Insider Buying and Selling at Intuit

In other news, EVP Mark P. Notarainni sold 3,649 shares of the firm’s stock in a transaction that occurred on Thursday, December 5th. The stock was sold at an average price of $646.68, for a total value of $2,359,735.32. Following the completion of the sale, the executive vice president now directly owns 19 shares of the company’s stock, valued at $12,286.92. This trade represents a 99.48 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Scott D. Cook sold 75,000 shares of the stock in a transaction on Monday, November 25th. The shares were sold at an average price of $641.82, for a total value of $48,136,500.00. Following the sale, the insider now owns 6,378,105 shares in the company, valued at $4,093,595,351.10. The trade was a 1.16 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 291,936 shares of company stock valued at $188,324,604 in the last 90 days. Insiders own 2.68% of the company’s stock.

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.