Naviter Wealth LLC Grows Holdings in Intuit Inc. (NASDAQ:INTU)

Naviter Wealth LLC grew its stake in shares of Intuit Inc. (NASDAQ:INTU) by 25.3% in the fourth quarter, Holdings Channel reports. The firm owned 2,087 shares of the software maker’s stock after acquiring an additional 422 shares during the period. Naviter Wealth LLC’s holdings in Intuit were worth $1,304,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the stock. Vanguard Group Inc. boosted its position in Intuit by 0.5% in the 3rd quarter. Vanguard Group Inc. now owns 25,331,318 shares of the software maker’s stock valued at $12,942,784,000 after buying an additional 117,478 shares during the period. FMR LLC grew its position in shares of Intuit by 5.0% during the 3rd quarter. FMR LLC now owns 5,636,635 shares of the software maker’s stock worth $2,879,982,000 after buying an additional 266,803 shares in the last quarter. Morgan Stanley increased its position in Intuit by 3.7% during the 3rd quarter. Morgan Stanley now owns 3,848,401 shares of the software maker’s stock valued at $1,966,304,000 after purchasing an additional 137,198 shares during the period. Northern Trust Corp boosted its stake in shares of Intuit by 5.2% during the third quarter. Northern Trust Corp now owns 3,212,771 shares of the software maker’s stock valued at $1,641,533,000 after purchasing an additional 160,229 shares in the last quarter. Finally, Invesco Ltd. raised its stake in Intuit by 6.6% in the third quarter. Invesco Ltd. now owns 3,091,645 shares of the software maker’s stock worth $1,579,645,000 after buying an additional 190,582 shares in the last quarter. 83.66% of the stock is currently owned by institutional investors.

Intuit Stock Down 0.4 %

Shares of INTU opened at $635.76 on Tuesday. The company has a market capitalization of $178.01 billion, a price-to-earnings ratio of 65.14, a PEG ratio of 3.88 and a beta of 1.21. Intuit Inc. has a 52 week low of $400.22 and a 52 week high of $671.01. The stock’s 50-day moving average price is $639.91 and its 200-day moving average price is $604.28. The company has a quick ratio of 1.17, a current ratio of 1.17 and a debt-to-equity ratio of 0.35.

Intuit (NASDAQ:INTU) last released its quarterly earnings data on Thursday, February 22nd. The software maker reported $2.63 EPS for the quarter, topping the consensus estimate of $2.30 by $0.33. The business had revenue of $3.39 billion for the quarter, compared to analyst estimates of $3.39 billion. Intuit had a return on equity of 17.51% and a net margin of 18.35%. The business’s quarterly revenue was up 11.3% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.05 EPS. On average, sell-side analysts predict that Intuit Inc. will post 11.27 EPS for the current year.

Intuit Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, April 18th. Shareholders of record on Wednesday, April 10th were given a $0.90 dividend. The ex-dividend date was Tuesday, April 9th. This represents a $3.60 dividend on an annualized basis and a dividend yield of 0.57%. Intuit’s dividend payout ratio (DPR) is currently 36.73%.

Analyst Ratings Changes

Several brokerages have issued reports on INTU. KeyCorp increased their target price on Intuit from $700.00 to $720.00 and gave the company an “overweight” rating in a research report on Wednesday, March 27th. Piper Sandler boosted their target price on shares of Intuit from $642.00 to $750.00 and gave the stock an “overweight” rating in a report on Friday, February 23rd. Susquehanna raised their price target on shares of Intuit from $700.00 to $775.00 and gave the company a “positive” rating in a report on Friday, February 23rd. BMO Capital Markets reiterated an “outperform” rating and set a $700.00 price objective on shares of Intuit in a research note on Tuesday, March 26th. Finally, Evercore ISI increased their target price on shares of Intuit from $670.00 to $725.00 and gave the company an “outperform” rating in a research report on Friday, February 23rd. Four investment analysts have rated the stock with a hold rating and nineteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $650.23.

Insider Transactions at Intuit

In other news, EVP Alex G. Balazs sold 280 shares of the business’s stock in a transaction that occurred on Wednesday, March 20th. The stock was sold at an average price of $636.38, for a total value of $178,186.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, EVP Alex G. Balazs sold 280 shares of Intuit stock in a transaction dated Wednesday, March 20th. The shares were sold at an average price of $636.38, for a total value of $178,186.40. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Kerry J. Mclean sold 3,692 shares of the company’s stock in a transaction dated Tuesday, February 27th. The stock was sold at an average price of $663.84, for a total transaction of $2,450,897.28. Following the transaction, the executive vice president now owns 22,948 shares of the company’s stock, valued at approximately $15,233,800.32. The disclosure for this sale can be found here. Insiders have sold a total of 4,717 shares of company stock valued at $3,117,156 in the last ninety days. 2.90% of the stock is currently owned by corporate insiders.

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.