Concord Wealth Partners Raises Holdings in Intuit Inc. (NASDAQ:INTU)

Concord Wealth Partners raised its holdings in Intuit Inc. (NASDAQ:INTU) by 40.3% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,851 shares of the software maker’s stock after purchasing an additional 532 shares during the quarter. Concord Wealth Partners’ holdings in Intuit were worth $1,163,000 as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. Nordea Investment Management AB raised its holdings in Intuit by 83.2% in the 4th quarter. Nordea Investment Management AB now owns 590,085 shares of the software maker’s stock valued at $371,984,000 after buying an additional 268,060 shares during the period. Whalen Wealth Management Inc. purchased a new stake in shares of Intuit in the 4th quarter valued at approximately $621,000. Harvest Portfolios Group Inc. lifted its holdings in shares of Intuit by 5.4% in the 3rd quarter. Harvest Portfolios Group Inc. now owns 35,902 shares of the software maker’s stock worth $22,295,000 after acquiring an additional 1,853 shares during the last quarter. GAMMA Investing LLC boosted its position in shares of Intuit by 33.7% during the 3rd quarter. GAMMA Investing LLC now owns 3,838 shares of the software maker’s stock worth $2,383,000 after purchasing an additional 968 shares during the period. Finally, Retireful LLC purchased a new position in shares of Intuit during the 3rd quarter worth approximately $740,000. Institutional investors and hedge funds own 83.66% of the company’s stock.

Wall Street Analyst Weigh In

INTU has been the subject of several research analyst reports. Barclays lowered their price target on Intuit from $800.00 to $775.00 and set an “overweight” rating for the company in a research report on Friday, November 22nd. Scotiabank initiated coverage on Intuit in a report on Monday, November 18th. They set a “sector perform” rating and a $700.00 target price for the company. Morgan Stanley boosted their price target on shares of Intuit from $685.00 to $730.00 and gave the stock an “equal weight” rating in a research note on Friday, November 22nd. Stifel Nicolaus lowered their price objective on shares of Intuit from $795.00 to $725.00 and set a “buy” rating for the company in a research note on Friday, November 22nd. Finally, BNP Paribas cut shares of Intuit from a “neutral” rating to an “underperform” rating and set a $530.00 price objective for the company. in a report on Wednesday, January 15th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and fifteen have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $726.53.

Intuit Price Performance

Shares of NASDAQ:INTU opened at $601.51 on Friday. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.24 and a current ratio of 1.24. The business’s fifty day moving average price is $630.95 and its two-hundred day moving average price is $633.66. The stock has a market cap of $168.37 billion, a PE ratio of 58.40, a price-to-earnings-growth ratio of 2.92 and a beta of 1.25. Intuit Inc. has a one year low of $557.29 and a one year high of $714.78.

Intuit (NASDAQ:INTU) last posted its quarterly earnings data on Thursday, November 21st. The software maker reported $2.50 EPS for the quarter, topping analysts’ consensus estimates of $2.36 by $0.14. Intuit had a return on equity of 18.25% and a net margin of 17.59%. The firm had revenue of $3.28 billion during the quarter, compared to analysts’ expectations of $3.14 billion. During the same quarter last year, the business posted $1.14 EPS. The firm’s quarterly revenue was up 10.2% compared to the same quarter last year. On average, analysts forecast that Intuit Inc. will post 14.09 EPS for the current fiscal year.

Intuit Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, January 17th. Shareholders 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 annualized dividend and a yield of 0.69%. Intuit’s payout ratio is currently 40.39%.

Insider Buying and Selling at Intuit

In other Intuit news, CAO Lauren D. Hotz sold 1,078 shares of Intuit stock in a transaction on Friday, January 10th. The shares were sold at an average price of $619.28, for a total value of $667,583.84. Following the transaction, the chief accounting officer now owns 1,864 shares in the company, valued at $1,154,337.92. This trade represents a 36.64 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Scott D. Cook sold 75,000 shares of the company’s stock in a transaction on Monday, November 25th. The stock was sold at an average price of $641.82, for a total value of $48,136,500.00. Following the sale, the insider now owns 6,378,105 shares of the company’s stock, valued at approximately $4,093,595,351.10. The trade was a 1.16 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 293,014 shares of company stock worth $188,992,187. 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.