Salomon & Ludwin LLC Acquires 47 Shares of Intuit Inc. (NASDAQ:INTU)

Salomon & Ludwin LLC grew its holdings in Intuit Inc. (NASDAQ:INTUFree Report) by 276.5% during the 1st quarter, HoldingsChannel reports. The firm owned 64 shares of the software maker’s stock after purchasing an additional 47 shares during the quarter. Salomon & Ludwin LLC’s holdings in Intuit were worth $42,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of INTU. Parnassus Investments LLC grew its position in Intuit by 119.0% during the 4th quarter. Parnassus Investments LLC now owns 1,338,139 shares of the software maker’s stock worth $836,377,000 after acquiring an additional 727,185 shares during the last quarter. Maryland State Retirement & Pension System lifted its holdings in Intuit by 1.1% during the 4th quarter. Maryland State Retirement & Pension System now owns 21,268 shares of the software maker’s stock worth $13,293,000 after buying an additional 226 shares during the period. Public Employees Retirement System of Ohio lifted its holdings in Intuit by 1.1% during the 4th quarter. Public Employees Retirement System of Ohio now owns 179,801 shares of the software maker’s stock worth $112,381,000 after buying an additional 1,990 shares during the period. Hixon Zuercher LLC acquired a new position in Intuit during the 4th quarter worth about $1,292,000. Finally, Wellington Management Group LLP lifted its holdings in Intuit by 173.0% during the 4th quarter. Wellington Management Group LLP now owns 3,687,583 shares of the software maker’s stock worth $2,304,850,000 after buying an additional 2,336,654 shares during the period. Institutional investors own 83.66% of the company’s stock.

Insider Activity

In other news, CFO Sandeep Aujla sold 1,061 shares of the company’s stock in a transaction that occurred on Wednesday, July 3rd. The stock was sold at an average price of $651.27, for a total value of $690,997.47. Following the completion of the transaction, the chief financial officer now directly owns 3,333 shares of the company’s stock, valued at $2,170,682.91. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, CFO Sandeep Aujla sold 1,061 shares of the company’s stock in a transaction that occurred on Wednesday, July 3rd. The stock was sold at an average price of $651.27, for a total value of $690,997.47. Following the completion of the transaction, the chief financial officer now directly owns 3,333 shares of the company’s stock, valued at $2,170,682.91. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, EVP Mark P. Notarainni sold 465 shares of the company’s stock in a transaction that occurred on Tuesday, May 28th. The shares were sold at an average price of $604.58, for a total value of $281,129.70. Following the completion of the transaction, the executive vice president now directly owns 869 shares of the company’s stock, valued at $525,380.02. The disclosure for this sale can be found here. Insiders sold a total of 195,963 shares of company stock valued at $114,442,445 over the last three months. Corporate insiders own 2.90% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have commented on INTU. Piper Sandler lifted their target price on Intuit from $750.00 to $760.00 and gave the stock an “overweight” rating in a report on Friday, May 24th. Bank of America cut their target price on Intuit from $760.00 to $730.00 and set a “buy” rating on the stock in a report on Friday, May 24th. Erste Group Bank reaffirmed a “hold” rating on shares of Intuit in a report on Friday, June 14th. Wells Fargo & Company boosted their price objective on Intuit from $725.00 to $750.00 and gave the company an “overweight” rating in a research note on Tuesday, May 21st. Finally, Morgan Stanley boosted their price objective on Intuit from $680.00 to $740.00 and gave the company an “overweight” rating in a research note on Monday, May 13th. Five equities research analysts have rated the stock with a hold rating and twenty have issued a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $687.22.

Read Our Latest Research Report on Intuit

Intuit Stock Performance

Shares of INTU opened at $650.42 on Wednesday. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.50 and a current ratio of 1.50. The stock has a 50 day moving average price of $622.66 and a two-hundred day moving average price of $630.36. The firm has a market capitalization of $181.82 billion, a P/E ratio of 60.00, a P/E/G ratio of 3.77 and a beta of 1.23. Intuit Inc. has a 52 week low of $447.01 and a 52 week high of $676.62.

Intuit (NASDAQ:INTUGet Free Report) last issued its quarterly earnings data on Thursday, May 23rd. The software maker reported $9.88 EPS for the quarter, topping analysts’ consensus estimates of $8.12 by $1.76. The firm had revenue of $6.74 billion during the quarter, compared to analyst estimates of $6.65 billion. Intuit had a return on equity of 18.61% and a net margin of 19.43%. The company’s revenue for the quarter was up 11.9% on a year-over-year basis. During the same period in the previous year, the company posted $7.80 EPS. Equities analysts forecast that Intuit Inc. will post 11.72 earnings per share for the current fiscal year.

Intuit Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, July 18th. Stockholders of record on Wednesday, July 10th will be issued a $0.90 dividend. This represents a $3.60 annualized dividend and a dividend yield of 0.55%. The ex-dividend date of this dividend is Wednesday, July 10th. Intuit’s dividend payout ratio is presently 33.21%.

About Intuit

(Free Report)

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.

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Institutional Ownership by Quarter for Intuit (NASDAQ:INTU)

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