MQS Management LLC Takes $373,000 Position in Intuit Inc. (NASDAQ:INTU)

MQS Management LLC purchased a new position in shares of Intuit Inc. (NASDAQ:INTU) during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 600 shares of the software maker’s stock, valued at approximately $373,000.

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

Intuit Stock Performance

INTU stock opened at $700.76 on Friday. The business’s fifty day moving average is $630.03 and its 200-day moving average is $629.21. The company has a market cap of $196.42 billion, a P/E ratio of 67.20, a price-to-earnings-growth ratio of 3.42 and a beta of 1.25. The company has a quick ratio of 1.29, a current ratio of 1.29 and a debt-to-equity ratio of 0.30. Intuit Inc. has a twelve month low of $552.68 and a twelve month high of $714.78.

Intuit (NASDAQ:INTU) last announced its quarterly earnings results on Thursday, August 22nd. The software maker reported $1.99 EPS for the quarter, beating 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 company had revenue of $3.18 billion during the quarter, compared to analysts’ expectations of $3.08 billion. During the same period in the prior year, the business posted $0.40 EPS. Intuit’s revenue was up 17.4% on a year-over-year basis. Equities research analysts forecast that Intuit Inc. will post 14.04 EPS for the current year.

Intuit Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 18th. Stockholders of record on Thursday, October 10th were paid a dividend of $1.04 per share. This represents a $4.16 dividend on an annualized basis and a dividend yield of 0.59%. This is an increase from Intuit’s previous quarterly dividend of $0.90. The ex-dividend date was Thursday, October 10th. Intuit’s dividend payout ratio is currently 39.81%.

Insider Buying and Selling at Intuit

In related news, CFO Sandeep Aujla sold 4,000 shares of the company’s stock in a transaction dated Thursday, October 10th. The shares were sold at an average price of $617.28, for a total transaction of $2,469,120.00. Following the completion of the sale, the chief financial officer now owns 452 shares of the company’s stock, valued at $279,010.56. This represents a 89.85 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Scott D. Cook sold 2,461 shares of the firm’s stock in a transaction that occurred on Wednesday, September 18th. The shares were sold at an average price of $637.19, for a total transaction of $1,568,124.59. Following the completion of the sale, the insider now owns 6,453,105 shares in the company, valued at $4,111,853,974.95. This represents a 0.04 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 55,297 shares of company stock worth $35,220,046 over the last ninety days. 2.90% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on the company. Bank of America lifted their price target on Intuit from $730.00 to $780.00 and gave the stock a “buy” rating in a research note on Friday, August 23rd. JPMorgan Chase & Co. raised their target price on Intuit from $585.00 to $600.00 and gave the stock a “neutral” rating in a research report on Friday, August 23rd. StockNews.com raised Intuit from a “hold” rating to a “buy” rating in a research note on Monday, September 30th. Piper Sandler reaffirmed an “overweight” rating and set a $768.00 price objective on shares of Intuit in a research report on Friday, September 27th. Finally, BMO Capital Markets boosted their price target on shares of Intuit from $700.00 to $760.00 and gave the company an “outperform” rating in a report on Friday, August 23rd. 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.com, the company has an average 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.