Western Pacific Wealth Management LP Trims Stake in Intuit Inc. (NASDAQ:INTU)

Western Pacific Wealth Management LP cut its position in Intuit Inc. (NASDAQ:INTU) by 13.1% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 219 shares of the software maker’s stock after selling 33 shares during the quarter. Western Pacific Wealth Management LP’s holdings in Intuit were worth $136,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in INTU. LGT Financial Advisors LLC purchased a new position in shares of Intuit during the second quarter worth about $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 position in Intuit in the 2nd quarter valued at $26,000. Northwest Investment Counselors LLC purchased a new stake in shares of Intuit in the third quarter valued at about $27,000. Finally, Hobbs Group Advisors LLC acquired a new position in shares of Intuit during the second quarter worth about $35,000. Hedge funds and other institutional investors own 83.66% of the company’s stock.

Intuit Trading Up 4.0 %

Intuit stock opened at $674.15 on Friday. The stock has a market cap of $188.96 billion, a PE ratio of 64.51, a P/E/G ratio of 3.03 and a beta of 1.25. Intuit Inc. has a 52 week low of $513.97 and a 52 week high of $676.62. The company has a current ratio of 1.29, a quick ratio of 1.29 and a debt-to-equity ratio of 0.30. The stock has a 50-day moving average price of $623.43 and a 200 day moving average price of $626.96.

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 net margin of 18.19% and a return on equity of 18.64%. The firm had revenue of $3.18 billion for the quarter, compared to analyst estimates of $3.08 billion. During the same quarter last year, the business earned $0.40 earnings per share. Intuit’s revenue was up 17.4% compared to the same quarter last year. Equities research analysts predict that Intuit Inc. will post 14.04 earnings per share for the current fiscal year.

Intuit Increases Dividend

The business 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. The ex-dividend date was Thursday, October 10th. This represents a $4.16 dividend on an annualized basis and a dividend yield of 0.62%. This is an increase from Intuit’s previous quarterly dividend of $0.90. Intuit’s dividend payout ratio is currently 39.81%.

Insider Buying and Selling

In other news, CFO Sandeep Aujla sold 4,000 shares of the business’s stock in a transaction on 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 directly owns 452 shares of the company’s stock, valued at $279,010.56. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other Intuit news, EVP Alex G. Balazs sold 2,941 shares of the business’s stock in a transaction that occurred on Tuesday, September 10th. The shares were sold at an average price of $628.76, for a total transaction of $1,849,183.16. Following the completion of the sale, the executive vice president now directly owns 20 shares in the company, valued at $12,575.20. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Sandeep Aujla sold 4,000 shares of the firm’s stock in a transaction on 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 transaction, the chief financial officer now directly owns 452 shares in the company, valued at approximately $279,010.56. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 55,297 shares of company stock valued at $35,220,046. Insiders own 2.90% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the company. JPMorgan Chase & Co. lifted their price objective on Intuit from $585.00 to $600.00 and gave the company a “neutral” rating in a report on Friday, August 23rd. Stifel Nicolaus upped their price objective on Intuit from $690.00 to $795.00 and gave the stock a “buy” rating in a report on Friday, August 23rd. Piper Sandler reissued an “overweight” rating and issued a $768.00 target price on shares of Intuit in a report on Friday, September 27th. BMO Capital Markets boosted their target price 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. Finally, Susquehanna reiterated a “positive” rating and issued a $757.00 price target on shares of Intuit in a report on Friday, August 16th. Four equities research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company. According to data from MarketBeat, Intuit has an average rating of “Moderate Buy” and an average target price of $735.71.

Intuit 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.