Financial Gravity Asset Management Inc. Purchases 135 Shares of Intuit Inc. (NASDAQ:INTU)

Financial Gravity Asset Management Inc. grew its position in shares of Intuit Inc. (NASDAQ:INTU) by 3.9% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 3,637 shares of the software maker’s stock after buying an additional 135 shares during the quarter. Financial Gravity Asset Management Inc.’s holdings in Intuit were worth $2,390,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently modified their holdings of the company. LGT Financial Advisors LLC acquired a new position in Intuit during the 2nd quarter worth about $25,000. Cultivar Capital Inc. bought a new stake in shares of Intuit during the second quarter valued at approximately $26,000. West Branch Capital LLC increased its holdings in shares of Intuit by 79.2% in the first quarter. West Branch Capital LLC now owns 43 shares of the software maker’s stock valued at $28,000 after purchasing an additional 19 shares in the last quarter. Hobbs Group Advisors LLC acquired a new position in Intuit during the 2nd quarter worth $35,000. Finally, Sachetta LLC bought a new position in Intuit in the 4th quarter valued at $39,000. Institutional investors and hedge funds own 83.66% of the company’s stock.

Insiders Place Their Bets

In other news, CFO Sandeep Aujla sold 862 shares of Intuit stock in a transaction that occurred on Wednesday, September 4th. The shares were sold at an average price of $621.03, for a total value of $535,327.86. Following the sale, the chief financial officer now directly owns 3,840 shares in the company, valued at $2,384,755.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, insider Scott D. Cook sold 27,309 shares of the company’s stock in a transaction dated Wednesday, June 12th. The stock was sold at an average price of $593.16, for a total transaction of $16,198,606.44. Following the sale, the insider now owns 6,524,412 shares in the company, valued at $3,870,020,221.92. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Sandeep Aujla sold 862 shares of the firm’s stock in a transaction that occurred on 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 of the company’s stock, valued at $2,384,755.20. The disclosure for this sale can be found here. Insiders sold a total of 116,308 shares of company stock valued at $67,651,926 in the last quarter. 2.90% of the stock is currently owned by insiders.

Intuit Stock Down 1.0 %

Intuit stock opened at $615.12 on Friday. Intuit Inc. has a twelve month low of $473.56 and a twelve month high of $676.62. The company has a quick ratio of 1.50, a current ratio of 1.29 and a debt-to-equity ratio of 0.30. The company has a 50 day moving average of $638.42 and a 200-day moving average of $632.34. The stock has a market capitalization of $171.95 billion, a PE ratio of 56.75, a price-to-earnings-growth ratio of 3.08 and a beta of 1.24.

Intuit (NASDAQ:INTU) last announced its earnings results on Thursday, August 22nd. The software maker reported $1.99 earnings per share for the quarter, topping analysts’ consensus estimates 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 period in the prior year, the business earned $0.40 EPS. The company’s revenue for the quarter was up 17.4% compared to the same quarter last year. On average, equities research analysts anticipate that Intuit Inc. will post 14.06 EPS for the current fiscal year.

Intuit Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, October 18th. Shareholders of record on Thursday, October 10th will be paid a $1.04 dividend. This is a boost from Intuit’s previous quarterly dividend of $0.90. The ex-dividend date of this dividend is Thursday, October 10th. This represents a $4.16 annualized dividend and a yield of 0.68%. Intuit’s payout ratio is presently 38.38%.

Analysts Set New Price Targets

A number of research firms have recently weighed in on INTU. Piper Sandler restated an “overweight” rating and set a $768.00 target price (up previously from $760.00) on shares of Intuit in a research report on Friday, August 23rd. Morgan Stanley downgraded shares of Intuit from an “overweight” rating to an “equal weight” rating and cut their target price for the company from $750.00 to $685.00 in a research report on Wednesday, August 14th. BMO Capital Markets lifted their price target on shares of Intuit from $700.00 to $760.00 and gave the stock an “outperform” rating in a research report on Friday, August 23rd. Jefferies Financial Group increased their price objective on shares of Intuit from $770.00 to $790.00 and gave the company a “buy” rating in a report on Friday, August 23rd. Finally, Royal Bank of Canada initiated coverage on shares of Intuit in a research note on Wednesday, July 3rd. They issued an “outperform” rating and a $760.00 price objective on the stock. Five analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, Intuit currently has a consensus rating of “Moderate Buy” and an average target price of $720.37.

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.