Simmons Bank Raises Holdings in Intuit Inc. (NASDAQ:INTU)

Simmons Bank raised its position in shares of Intuit Inc. (NASDAQ:INTU) by 2.3% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 842 shares of the software maker’s stock after acquiring an additional 19 shares during the period. Simmons Bank’s holdings in Intuit were worth $523,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. LGT Financial Advisors LLC acquired a new stake in Intuit during the 2nd quarter worth approximately $25,000. Cultivar Capital Inc. acquired a new stake in shares of Intuit in the second quarter worth $26,000. Fairway Wealth LLC purchased a new position in shares of Intuit in the 2nd quarter valued at $26,000. Northwest Investment Counselors LLC acquired a new position in shares of Intuit during the 3rd quarter valued at $27,000. Finally, Hobbs Group Advisors LLC purchased a new stake in Intuit during the 2nd quarter worth $35,000. 83.66% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, Director Eve B. Burton sold 2,988 shares of the firm’s stock in a transaction that occurred on Thursday, September 19th. The stock was sold at an average price of $649.87, for a total value of $1,941,811.56. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In other Intuit news, CFO Sandeep Aujla sold 862 shares of the company’s stock in a transaction dated Wednesday, September 4th. The shares were sold at an average price of $621.03, for a total value of $535,327.86. Following the completion of the transaction, the chief financial officer now owns 3,840 shares in the company, valued at approximately $2,384,755.20. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Eve B. Burton sold 2,988 shares of the firm’s stock in a transaction that occurred on Thursday, September 19th. The shares were sold at an average price of $649.87, for a total transaction of $1,941,811.56. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 55,297 shares of company stock valued at $35,220,046. 2.90% of the stock is currently owned by insiders.

Intuit Price Performance

Shares of INTU opened at $706.25 on Thursday. Intuit Inc. has a 52 week low of $541.40 and a 52 week high of $714.78. The company has a current ratio of 1.29, a quick ratio of 1.29 and a debt-to-equity ratio of 0.30. The firm has a market cap of $197.95 billion, a price-to-earnings ratio of 67.58, a PEG ratio of 3.42 and a beta of 1.25. The stock has a 50 day moving average of $628.37 and a 200-day moving average of $628.67.

Intuit (NASDAQ:INTU) last released its earnings results on Thursday, August 22nd. The software maker reported $1.99 earnings per share for the quarter, beating the consensus estimate of $1.85 by $0.14. Intuit had a net margin of 18.19% and a return on equity of 18.64%. The firm had revenue of $3.18 billion during the quarter, compared to analyst estimates of $3.08 billion. During the same quarter in the previous year, the firm earned $0.40 earnings per share. The firm’s revenue for the quarter was up 17.4% compared to the same quarter last year. As a group, analysts forecast that Intuit Inc. will post 14.04 EPS for the current year.

Intuit Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, October 18th. Shareholders of record on Thursday, October 10th were issued a $1.04 dividend. The ex-dividend date of this dividend was Thursday, October 10th. This represents a $4.16 dividend on an annualized basis and a yield of 0.59%. This is a boost from Intuit’s previous quarterly dividend of $0.90. Intuit’s dividend payout ratio (DPR) is currently 39.81%.

Wall Street Analyst Weigh In

Several research analysts have commented on the company. Stifel Nicolaus raised their price objective on Intuit from $690.00 to $795.00 and gave the company a “buy” rating in a research report on Friday, August 23rd. Barclays dropped their target price on Intuit from $745.00 to $740.00 and set an “overweight” rating on the stock in a report on Friday, August 23rd. Susquehanna restated a “positive” rating and issued a $757.00 price target on shares of Intuit in a report on Friday, August 16th. Morgan Stanley lowered shares of Intuit from an “overweight” rating to an “equal weight” rating and dropped their price objective for the company from $750.00 to $685.00 in a research note on Wednesday, August 14th. Finally, Piper Sandler restated an “overweight” rating and issued a $768.00 target price on shares of Intuit in a research note on Friday, September 27th. Four investment analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $735.71.

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.