Stonegate Investment Group LLC Has $4.50 Million Stake in Intuit Inc. (NASDAQ:INTU)

Stonegate Investment Group LLC lessened its holdings in Intuit Inc. (NASDAQ:INTU) by 27.7% during the fourth quarter, Holdings Channel.com reports. The institutional investor owned 7,167 shares of the software maker’s stock after selling 2,749 shares during the quarter. Stonegate Investment Group LLC’s holdings in Intuit were worth $4,504,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Perigon Wealth Management LLC boosted its stake in shares of Intuit by 3.5% in the 4th quarter. Perigon Wealth Management LLC now owns 4,793 shares of the software maker’s stock worth $2,911,000 after buying an additional 162 shares during the last quarter. Patrick M Sweeney & Associates Inc. boosted its stake in shares of Intuit by 12.6% in the 4th quarter. Patrick M Sweeney & Associates Inc. now owns 401 shares of the software maker’s stock worth $252,000 after buying an additional 45 shares during the last quarter. Matrix Asset Advisors Inc. NY boosted its stake in shares of Intuit by 55.6% in the 4th quarter. Matrix Asset Advisors Inc. NY now owns 700 shares of the software maker’s stock worth $440,000 after buying an additional 250 shares during the last quarter. Revolve Wealth Partners LLC boosted its stake in shares of Intuit by 145.6% in the 4th quarter. Revolve Wealth Partners LLC now owns 813 shares of the software maker’s stock worth $511,000 after buying an additional 482 shares during the last quarter. Finally, Foundations Investment Advisors LLC boosted its stake in shares of Intuit by 65.7% in the 4th quarter. Foundations Investment Advisors LLC now owns 666 shares of the software maker’s stock worth $419,000 after buying an additional 264 shares during the last quarter. Hedge funds and other institutional investors own 83.66% of the company’s stock.

Intuit Trading Up 1.4 %

Intuit stock opened at $606.62 on Tuesday. The stock has a market cap of $169.80 billion, a P/E ratio of 58.90, a PEG ratio of 3.01 and a beta of 1.25. Intuit Inc. has a fifty-two week low of $557.29 and a fifty-two week high of $714.78. The firm’s fifty day moving average price is $636.69 and its 200-day moving average price is $635.00. 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 (NASDAQ:INTU) last released its quarterly earnings results 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. The firm had revenue of $3.28 billion for the quarter, compared to analysts’ expectations of $3.14 billion. Intuit had a net margin of 17.59% and a return on equity of 18.25%. The business’s quarterly revenue was up 10.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.14 earnings per share. Equities research analysts forecast that Intuit Inc. will post 14.09 earnings per share for the current fiscal year.

Intuit Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, January 17th. Stockholders of record on Thursday, January 9th were issued a $1.04 dividend. The ex-dividend date was Friday, January 10th. This represents a $4.16 annualized dividend and a dividend yield of 0.69%. Intuit’s payout ratio is currently 40.39%.

Insider Transactions at Intuit

In related news, CFO Sandeep Aujla sold 109 shares of the company’s stock in a transaction on Friday, January 3rd. The shares were sold at an average price of $628.50, for a total value of $68,506.50. Following the completion of the transaction, the chief financial officer now directly owns 1,944 shares in the company, valued at approximately $1,221,804. The trade was a 5.31 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Lauren D. Hotz sold 1,078 shares of the company’s stock in a transaction on Friday, January 10th. The stock was sold at an average price of $619.28, for a total transaction of $667,583.84. Following the completion of the transaction, the chief accounting officer now owns 1,864 shares of the company’s stock, valued at $1,154,337.92. This trade represents a 36.64 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 293,014 shares of company stock valued at $188,992,187. 2.68% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on INTU shares. StockNews.com upgraded Intuit from a “hold” rating to a “buy” rating in a research note on Thursday, January 23rd. Barclays dropped their price objective on Intuit from $800.00 to $775.00 and set an “overweight” rating on the stock in a research note on Friday, November 22nd. Piper Sandler reiterated an “overweight” rating and issued a $765.00 price objective on shares of Intuit in a research note on Friday, January 10th. Scotiabank initiated coverage on Intuit in a research note on Monday, November 18th. They issued a “sector perform” rating and a $700.00 price objective on the stock. Finally, Stifel Nicolaus dropped their price objective on Intuit from $795.00 to $725.00 and set a “buy” rating on the stock in a research note on Friday, November 22nd. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and fifteen have given a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $726.53.

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.