CCLA Investment Management Grows Position in Intuit Inc. (NASDAQ:INTU)

CCLA Investment Management grew its stake in shares of Intuit Inc. (NASDAQ:INTU) by 1.0% in the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 181,754 shares of the software maker’s stock after acquiring an additional 1,845 shares during the quarter. Intuit accounts for 1.8% of CCLA Investment Management’s portfolio, making the stock its 23rd largest position. CCLA Investment Management’s holdings in Intuit were worth $118,442,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of INTU. LGT Financial Advisors LLC acquired a new stake in shares of Intuit during the second quarter worth $25,000. Cultivar Capital Inc. acquired a new stake in shares of Intuit during the second quarter worth $26,000. Fairway Wealth LLC acquired a new stake in shares of Intuit during the second quarter worth $26,000. Hobbs Group Advisors LLC acquired a new stake in shares of Intuit during the second quarter worth $35,000. Finally, Trifecta Capital Advisors LLC boosted its holdings in shares of Intuit by 145.8% during the second quarter. Trifecta Capital Advisors LLC now owns 59 shares of the software maker’s stock worth $39,000 after purchasing an additional 35 shares during the last quarter. Hedge funds and other institutional investors own 83.66% of the company’s stock.

Intuit Trading Down 0.2 %

Shares of INTU opened at $644.82 on Wednesday. The stock’s 50-day moving average is $636.25 and its two-hundred day moving average is $631.29. The stock has a market cap of $180.26 billion, a PE ratio of 59.49, a P/E/G ratio of 3.14 and a beta of 1.24. Intuit Inc. has a 12 month low of $473.56 and a 12 month high of $676.62. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.29 and a quick ratio of 1.29.

Intuit (NASDAQ:INTU) last announced its earnings results on Thursday, August 22nd. The software maker reported $1.99 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.85 by $0.14. Intuit had a return on equity of 18.64% and a net margin of 18.19%. The business had revenue of $3.18 billion for the quarter, compared to analyst estimates of $3.08 billion. During the same period in the previous year, the company earned $0.40 earnings per share. The company’s revenue for the quarter was up 17.4% compared to the same quarter last year. Equities analysts forecast that Intuit Inc. will post 14.06 earnings per share for the current fiscal year.

Intuit Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 18th. Stockholders of record on Thursday, October 10th will be given a dividend of $1.04 per share. This represents a $4.16 dividend on an annualized basis and a dividend yield of 0.65%. This is a positive change from Intuit’s previous quarterly dividend of $0.90. The ex-dividend date is Thursday, October 10th. Intuit’s payout ratio is presently 38.38%.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on INTU shares. Piper Sandler restated an “overweight” rating and set a $768.00 price objective (up previously from $760.00) on shares of Intuit in a report on Friday, August 23rd. Barclays decreased their price objective on Intuit from $745.00 to $740.00 and set an “overweight” rating on the stock in a report on Friday, August 23rd. Citigroup lifted their target price on Intuit from $727.00 to $750.00 and gave the company a “buy” rating in a report on Friday, June 28th. StockNews.com upgraded Intuit from a “hold” rating to a “buy” rating in a report on Saturday, August 31st. Finally, Wells Fargo & Company lifted their target price on Intuit from $725.00 to $750.00 and gave the company an “overweight” rating in a report on Tuesday, May 21st. Five equities research analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $720.37.

Insider Transactions at Intuit

In other news, CFO Sandeep Aujla sold 1,061 shares of Intuit stock in a transaction dated Wednesday, July 3rd. The stock was sold at an average price of $651.27, for a total transaction of $690,997.47. Following the sale, the chief financial officer now directly owns 3,333 shares of the company’s stock, valued at $2,170,682.91. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other news, CFO Sandeep Aujla sold 1,061 shares of Intuit stock in a transaction dated Wednesday, July 3rd. The stock was sold at an average price of $651.27, for a total transaction of $690,997.47. Following the sale, the chief financial officer now directly owns 3,333 shares of the company’s stock, valued at $2,170,682.91. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, EVP Mark P. Notarainni sold 965 shares of the business’s stock in a transaction dated Tuesday, July 2nd. The shares were sold at an average price of $651.00, for a total value of $628,215.00. Following the completion of the sale, the executive vice president now directly owns 1,020 shares of the company’s stock, valued at $664,020. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 16,940 shares of company stock valued at $10,721,252. 2.90% of the stock is currently owned by 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.