Precedent Wealth Partners LLC Boosts Stake in Intuit Inc. (NASDAQ:INTU)

Precedent Wealth Partners LLC lifted its holdings in Intuit Inc. (NASDAQ:INTU) by 10.4% during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 963 shares of the software maker’s stock after buying an additional 91 shares during the period. Precedent Wealth Partners LLC’s holdings in Intuit were worth $605,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of INTU. Nordea Investment Management AB increased its position in shares of Intuit by 83.2% during the 4th quarter. Nordea Investment Management AB now owns 590,085 shares of the software maker’s stock valued at $371,984,000 after purchasing an additional 268,060 shares during the last quarter. Harvest Portfolios Group Inc. grew its position in Intuit by 5.4% during the third quarter. Harvest Portfolios Group Inc. now owns 35,902 shares of the software maker’s stock valued at $22,295,000 after buying an additional 1,853 shares during the period. GAMMA Investing LLC increased its holdings in Intuit by 33.7% during the third quarter. GAMMA Investing LLC now owns 3,838 shares of the software maker’s stock worth $2,383,000 after buying an additional 968 shares during the last quarter. Retireful LLC bought a new stake in Intuit in the third quarter worth about $740,000. Finally, Whalen Wealth Management Inc. bought a new position in shares of Intuit during the 4th quarter valued at approximately $621,000. 83.66% of the stock is currently owned by institutional investors.

Intuit Price Performance

Shares of NASDAQ INTU opened at $597.95 on Friday. The stock’s 50-day simple moving average is $636.69 and its two-hundred day simple moving average is $635.10. Intuit Inc. has a twelve month low of $557.29 and a twelve month high of $714.78. The firm has a market capitalization of $167.38 billion, a P/E ratio of 58.05, a P/E/G ratio of 3.01 and a beta of 1.25. The company has a quick ratio of 1.24, a current ratio of 1.24 and a debt-to-equity ratio of 0.31.

Intuit (NASDAQ:INTU) last posted its quarterly earnings data on Thursday, November 21st. The software maker reported $2.50 earnings per share for the quarter, topping the consensus estimate of $2.36 by $0.14. Intuit had a net margin of 17.59% and a return on equity of 18.25%. The company had revenue of $3.28 billion for the quarter, compared to analysts’ expectations of $3.14 billion. During the same period in the prior year, the business earned $1.14 earnings per share. Intuit’s revenue for the quarter was up 10.2% compared to the same quarter last year. As a group, equities analysts anticipate that Intuit Inc. will post 14.09 EPS for the current fiscal year.

Intuit Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, January 17th. Investors of record on Thursday, January 9th were paid a $1.04 dividend. The ex-dividend date was Friday, January 10th. This represents a $4.16 dividend on an annualized basis and a yield of 0.70%. Intuit’s dividend payout ratio is presently 40.39%.

Analyst Upgrades and Downgrades

A number of research firms recently commented on INTU. BNP Paribas cut shares of Intuit from a “neutral” rating to an “underperform” rating and set a $530.00 price target on the stock. in a report on Wednesday, January 15th. Barclays lowered their target price on Intuit from $800.00 to $775.00 and set an “overweight” rating on the stock in a research note on Friday, November 22nd. Stifel Nicolaus cut their price target on Intuit from $795.00 to $725.00 and set a “buy” rating for the company in a research note on Friday, November 22nd. Oppenheimer boosted their price objective on Intuit from $712.00 to $722.00 and gave the company an “outperform” rating in a research note on Friday, November 22nd. Finally, Scotiabank initiated coverage on shares of Intuit in a research report on Monday, November 18th. They set a “sector perform” rating and a $700.00 target price for the company. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and fifteen have issued a buy rating to the company. Based on data from MarketBeat, Intuit has an average rating of “Moderate Buy” and a consensus target price of $726.53.

Insider Buying and Selling at Intuit

In related news, EVP Laura A. Fennell sold 7,700 shares of the stock in a transaction on Tuesday, December 10th. The shares were sold at an average price of $657.64, for a total transaction of $5,063,828.00. Following the transaction, the executive vice president now owns 33,916 shares of the company’s stock, valued at approximately $22,304,518.24. This trade represents a 18.50 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Scott D. Cook sold 75,000 shares of the business’s stock in a transaction on Monday, November 25th. The stock was sold at an average price of $641.82, for a total transaction of $48,136,500.00. Following the completion of the sale, the insider now directly owns 6,378,105 shares of the company’s stock, valued at $4,093,595,351.10. This represents a 1.16 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 293,014 shares of company stock worth $188,992,187 over the last 90 days. Corporate insiders own 2.68% of the company’s stock.

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.