Ground Swell Capital LLC Invests $599,000 in Intuit Inc. (NASDAQ:INTU)

Ground Swell Capital LLC purchased a new stake in Intuit Inc. (NASDAQ:INTU) during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 911 shares of the software maker’s stock, valued at approximately $599,000. Intuit makes up approximately 0.5% of Ground Swell Capital LLC’s portfolio, making the stock its 21st largest holding.

Other institutional investors and hedge funds have also modified their holdings of the company. EverSource Wealth Advisors LLC grew its position in shares of Intuit by 3.7% during the 4th quarter. EverSource Wealth Advisors LLC now owns 449 shares of the software maker’s stock worth $281,000 after purchasing an additional 16 shares in the last quarter. Fortitude Family Office LLC grew its position in Intuit by 2.8% during the second quarter. Fortitude Family Office LLC now owns 582 shares of the software maker’s stock worth $382,000 after buying an additional 16 shares in the last quarter. WASHINGTON TRUST Co grew its position in Intuit by 10.5% during the second quarter. WASHINGTON TRUST Co now owns 168 shares of the software maker’s stock worth $110,000 after buying an additional 16 shares in the last quarter. Gemmer Asset Management LLC increased its stake in Intuit by 3.7% during the 2nd quarter. Gemmer Asset Management LLC now owns 448 shares of the software maker’s stock worth $294,000 after acquiring an additional 16 shares during the period. Finally, Hohimer Wealth Management LLC raised its holdings in Intuit by 0.9% in the 4th quarter. Hohimer Wealth Management LLC now owns 1,816 shares of the software maker’s stock valued at $1,135,000 after acquiring an additional 17 shares in the last quarter. 83.66% of the stock is currently owned by institutional investors and hedge funds.

Intuit Stock Performance

Intuit stock opened at $633.62 on Wednesday. The business has a 50 day moving average of $637.49 and a 200-day moving average of $631.89. 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 Inc. has a 1 year low of $473.56 and a 1 year high of $676.62. The company has a market capitalization of $177.60 billion, a P/E ratio of 58.45, a P/E/G ratio of 3.00 and a beta of 1.24.

Intuit (NASDAQ:INTU) last released its quarterly earnings results on Thursday, August 22nd. The software maker reported $1.99 earnings per share (EPS) for the quarter, beating the consensus estimate 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 during the quarter, compared to the consensus estimate of $3.08 billion. During the same quarter last year, the firm earned $0.40 earnings per share. The company’s revenue for the quarter was up 17.4% on a year-over-year basis. On average, equities research analysts predict that Intuit Inc. will post 14.06 earnings per share for the current year.

Intuit Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, October 18th. Stockholders of record on Thursday, October 10th will be paid a $1.04 dividend. This is a boost from Intuit’s previous quarterly dividend of $0.90. The ex-dividend date is Thursday, October 10th. This represents a $4.16 annualized dividend and a dividend yield of 0.66%. Intuit’s dividend payout ratio is presently 33.21%.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on the company. UBS Group raised their price target on Intuit from $625.00 to $670.00 and gave the stock a “neutral” rating in a research report on Monday, May 20th. StockNews.com raised shares of Intuit from a “hold” rating to a “buy” rating in a report on Saturday, August 31st. Susquehanna reissued a “positive” rating and issued a $757.00 price objective on shares of Intuit in a research note on Friday, August 16th. Royal Bank of Canada started coverage on Intuit in a research note on Wednesday, July 3rd. They set an “outperform” rating and a $760.00 target price for the company. Finally, Citigroup lifted their price target on Intuit from $727.00 to $750.00 and gave the company a “buy” rating in a research note on Friday, June 28th. Five analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company. According to MarketBeat.com, Intuit currently has a consensus rating of “Moderate Buy” and an average target price of $720.37.

Insider Transactions at Intuit

In other Intuit news, CFO Sandeep Aujla sold 1,061 shares of the stock in a transaction that occurred on Wednesday, July 3rd. The shares were sold at an average price of $651.27, for a total transaction of $690,997.47. Following the completion of the sale, the chief financial officer now owns 3,333 shares of the company’s stock, valued at approximately $2,170,682.91. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Intuit news, CFO Sandeep Aujla sold 1,061 shares of the company’s stock in a transaction on Wednesday, July 3rd. The shares were sold at an average price of $651.27, for a total transaction of $690,997.47. Following the sale, the chief financial officer now owns 3,333 shares of the company’s stock, valued at $2,170,682.91. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Mark P. Notarainni sold 965 shares of the stock in a transaction dated Tuesday, July 2nd. The stock was sold at an average price of $651.00, for a total value of $628,215.00. Following the sale, the executive vice president now owns 1,020 shares of the company’s stock, valued at $664,020. The disclosure for this sale can be found here. Insiders sold 13,999 shares of company stock worth $8,872,069 over the last ninety days. 2.90% of the stock is owned by insiders.

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.