Spartan Planning & Wealth Management Takes Position in Intuit Inc. (NASDAQ:INTU)

Spartan Planning & Wealth Management bought a new position in shares of Intuit Inc. (NASDAQ:INTU) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 569 shares of the software maker’s stock, valued at approximately $358,000.

A number of other hedge funds have also recently added to or reduced their stakes in the business. Diversified Trust Co increased its stake in shares of Intuit by 28.9% during the 4th quarter. Diversified Trust Co now owns 6,912 shares of the software maker’s stock valued at $4,344,000 after acquiring an additional 1,549 shares during the last quarter. Nordea Investment Management AB grew its holdings in Intuit by 83.2% in the fourth 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 period. GAMMA Investing LLC increased its position in Intuit by 5.5% during the fourth quarter. GAMMA Investing LLC now owns 4,048 shares of the software maker’s stock worth $2,544,000 after purchasing an additional 210 shares during the last quarter. Versant Capital Management Inc raised its stake in Intuit by 22.9% during the fourth quarter. Versant Capital Management Inc now owns 295 shares of the software maker’s stock worth $185,000 after purchasing an additional 55 shares during the period. Finally, Lord Abbett & CO. LLC boosted its holdings in shares of Intuit by 33.2% in the 3rd quarter. Lord Abbett & CO. LLC now owns 1,408 shares of the software maker’s stock valued at $874,000 after purchasing an additional 351 shares during the last quarter. 83.66% of the stock is owned by institutional investors and hedge funds.

Intuit Stock Performance

Shares of Intuit stock traded down $9.18 during trading hours on Tuesday, reaching $615.98. The company’s stock had a trading volume of 450,783 shares, compared to its average volume of 967,878. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.24 and a current ratio of 1.24. Intuit Inc. has a one year low of $557.29 and a one year high of $714.78. The company’s 50 day simple moving average is $649.30 and its 200 day simple moving average is $638.45. The stock has a market cap of $172.42 billion, a P/E ratio of 59.80, a price-to-earnings-growth ratio of 3.24 and a beta of 1.25.

Intuit (NASDAQ:INTU) last issued its earnings results on Thursday, November 21st. The software maker reported $2.50 EPS for the quarter, beating analysts’ consensus estimates of $2.36 by $0.14. The company had revenue of $3.28 billion during the quarter, compared to the consensus estimate of $3.14 billion. Intuit had a return on equity of 18.25% and a net margin of 17.59%. Intuit’s quarterly revenue was up 10.2% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.14 earnings per share. As a group, analysts expect that Intuit Inc. will post 14.07 EPS for the current fiscal year.

Intuit Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, January 17th. Shareholders of record on Thursday, January 9th will be paid a $1.04 dividend. This represents a $4.16 dividend on an annualized basis and a yield of 0.68%. The ex-dividend date of this dividend is Friday, January 10th. Intuit’s payout ratio is 40.39%.

Insider Buying and Selling at Intuit

In other Intuit news, EVP Mark P. Notarainni sold 363 shares of the business’s stock in a transaction dated Friday, January 3rd. The shares were sold at an average price of $628.50, for a total transaction of $228,145.50. Following the completion of the transaction, the executive vice president now directly owns 19 shares of the company’s stock, valued at $11,941.50. The trade was a 95.03 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Sandeep Aujla sold 109 shares of the company’s stock in a transaction dated Friday, January 3rd. The stock was sold at an average price of $628.50, for a total transaction of $68,506.50. Following the completion of the transaction, the chief financial officer now owns 1,944 shares of the company’s stock, valued at approximately $1,221,804. This trade represents a 5.31 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 289,848 shares of company stock worth $187,041,365. 2.68% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the company. JPMorgan Chase & Co. increased their target price on Intuit from $600.00 to $640.00 and gave the stock a “neutral” rating in a research report on Friday, November 22nd. Scotiabank assumed coverage on Intuit in a report on Monday, November 18th. They issued a “sector perform” rating and a $700.00 price objective on the stock. Piper Sandler reduced their price objective on Intuit from $768.00 to $765.00 and set an “overweight” rating on the stock in a research note on Friday, November 22nd. Morgan Stanley increased their target price on shares of Intuit from $685.00 to $730.00 and gave the stock an “equal weight” rating in a research report on Friday, November 22nd. Finally, StockNews.com cut shares of Intuit from a “buy” rating to a “hold” rating in a research report on Friday, December 20th. Six investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $737.44.

Intuit Company 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.