SVB Wealth LLC Makes New $7.65 Million Investment in Intuit Inc. (NASDAQ:INTU)

SVB Wealth LLC acquired a new position in Intuit Inc. (NASDAQ:INTU) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 12,164 shares of the software maker’s stock, valued at approximately $7,645,000.

Several other institutional investors have also added to or reduced their stakes in INTU. Mutual Advisors LLC increased its stake in shares of Intuit by 21.5% in the 3rd quarter. Mutual Advisors LLC now owns 2,690 shares of the software maker’s stock worth $1,625,000 after acquiring an additional 476 shares in the last quarter. Pinnacle Associates Ltd. increased its stake in shares of Intuit by 1.7% in the 3rd quarter. Pinnacle Associates Ltd. now owns 1,328 shares of the software maker’s stock worth $830,000 after acquiring an additional 22 shares in the last quarter. Cornerstone Wealth Group LLC increased its stake in shares of Intuit by 2.7% in the 3rd quarter. Cornerstone Wealth Group LLC now owns 686 shares of the software maker’s stock worth $426,000 after acquiring an additional 18 shares in the last quarter. Financial Advocates Investment Management increased its stake in shares of Intuit by 7.4% in the 3rd quarter. Financial Advocates Investment Management now owns 1,220 shares of the software maker’s stock worth $758,000 after acquiring an additional 84 shares in the last quarter. Finally, United Asset Strategies Inc. increased its stake in Intuit by 6.5% during the 3rd quarter. United Asset Strategies Inc. now owns 1,793 shares of the software maker’s stock valued at $1,113,000 after purchasing an additional 109 shares in the last quarter. 83.66% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on INTU. Scotiabank reduced their price objective on shares of Intuit from $700.00 to $600.00 and set a “sector perform” rating for the company in a research note on Thursday. Piper Sandler restated an “overweight” rating and set a $785.00 price objective (up from $765.00) on shares of Intuit in a research note on Wednesday. Jefferies Financial Group raised their price target on shares of Intuit from $790.00 to $800.00 and gave the company a “buy” rating in a report on Friday, November 22nd. JPMorgan Chase & Co. raised their price target on shares of Intuit from $600.00 to $640.00 and gave the company a “neutral” rating in a report on Friday, November 22nd. Finally, Redburn Atlantic initiated coverage on shares of Intuit in a report on Wednesday, February 19th. They set a “neutral” rating on the stock. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and fourteen have given a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $717.88.

Intuit Stock Performance

INTU opened at $613.84 on Friday. The company has a current ratio of 1.24, a quick ratio of 1.24 and a debt-to-equity ratio of 0.31. The company has a market cap of $171.82 billion, a price-to-earnings ratio of 59.60, a PEG ratio of 2.85 and a beta of 1.24. The company’s 50 day moving average is $605.90 and its 200 day moving average is $627.25. Intuit Inc. has a 12-month low of $553.24 and a 12-month high of $714.78.

Intuit Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, April 18th. Shareholders of record on Thursday, April 10th will be issued a dividend of $1.04 per share. This represents a $4.16 annualized dividend and a yield of 0.68%. The ex-dividend date of this dividend is Thursday, April 10th. Intuit’s dividend payout ratio is currently 38.81%.

Insider Buying and Selling at Intuit

In other Intuit news, EVP Mark P. Notarainni sold 3,649 shares of Intuit stock in a transaction that occurred on Thursday, December 5th. The shares were sold at an average price of $646.68, for a total transaction of $2,359,735.32. Following the transaction, the executive vice president now owns 19 shares of the company’s stock, valued at $12,286.92. The trade was a 99.48 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Lauren D. Hotz sold 1,078 shares of Intuit stock in a transaction that occurred on Friday, January 10th. The shares were sold at an average price of $619.28, for a total transaction of $667,583.84. Following the sale, the chief accounting officer now owns 1,864 shares in the company, valued at approximately $1,154,337.92. The trade was a 36.64 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 218,014 shares of company stock valued at $140,855,687 over the last 90 days. 2.68% of the stock is currently owned by corporate insiders.

Intuit Company 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.