Trueblood Wealth Management LLC Buys New Position in Intuit Inc. (NASDAQ:INTU)

Trueblood Wealth Management LLC bought a new stake in 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 1,738 shares of the software maker’s stock, valued at approximately $1,086,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Glenview Trust co boosted its holdings in shares of Intuit by 1.9% during the 3rd quarter. Glenview Trust co now owns 1,031 shares of the software maker’s stock worth $527,000 after buying an additional 19 shares in the last quarter. Verity Asset Management Inc. raised its position in Intuit by 2.5% in the 3rd quarter. Verity Asset Management Inc. now owns 769 shares of the software maker’s stock valued at $393,000 after buying an additional 19 shares during the last quarter. Steward Financial Group LLC raised its position in Intuit by 50.0% in the 3rd quarter. Steward Financial Group LLC now owns 60 shares of the software maker’s stock valued at $30,000 after buying an additional 20 shares during the last quarter. Stratos Wealth Advisors LLC raised its position in Intuit by 0.9% in the 3rd quarter. Stratos Wealth Advisors LLC now owns 2,240 shares of the software maker’s stock valued at $1,145,000 after buying an additional 20 shares during the last quarter. Finally, Hamilton Point Investment Advisors LLC increased its position in shares of Intuit by 2.4% during the 3rd quarter. Hamilton Point Investment Advisors LLC now owns 862 shares of the software maker’s stock valued at $440,000 after purchasing an additional 20 shares during the last quarter. 83.66% of the stock is currently owned by institutional investors.

Intuit Price Performance

NASDAQ:INTU traded up $8.69 during mid-day trading on Wednesday, reaching $648.74. The stock had a trading volume of 1,061,420 shares, compared to its average volume of 1,244,355. The firm has a 50 day moving average price of $645.76 and a two-hundred day moving average price of $586.88. The stock has a market capitalization of $181.65 billion, a P/E ratio of 66.20, a P/E/G ratio of 3.89 and a beta of 1.22. Intuit Inc. has a one year low of $400.22 and a one year high of $671.01. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.17 and a current ratio of 1.17.

Intuit (NASDAQ:INTU) last released its earnings results on Thursday, February 22nd. The software maker reported $2.63 earnings per share for the quarter, topping analysts’ consensus estimates of $2.30 by $0.33. The company had revenue of $3.39 billion during the quarter, compared to the consensus estimate of $3.39 billion. Intuit had a return on equity of 17.51% and a net margin of 18.35%. Intuit’s quarterly revenue was up 11.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.05 EPS. As a group, analysts expect that Intuit Inc. will post 11.27 earnings per share for the current year.

Intuit Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, April 18th. Shareholders of record on Wednesday, April 10th will be paid a $0.90 dividend. The ex-dividend date of this dividend is Tuesday, April 9th. This represents a $3.60 dividend on an annualized basis and a yield of 0.55%. Intuit’s dividend payout ratio (DPR) is currently 36.73%.

Insiders Place Their Bets

In other Intuit news, EVP Laura A. Fennell sold 14,771 shares of Intuit stock in a transaction that occurred on Friday, January 5th. The stock was sold at an average price of $589.60, for a total value of $8,708,981.60. Following the transaction, the executive vice president now directly owns 50,030 shares of the company’s stock, valued at approximately $29,497,688. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, EVP Laura A. Fennell sold 14,771 shares of the business’s stock in a transaction that occurred on Friday, January 5th. The stock was sold at an average price of $589.60, for a total transaction of $8,708,981.60. Following the transaction, the executive vice president now directly owns 50,030 shares of the company’s stock, valued at $29,497,688. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Kerry J. Mclean sold 3,692 shares of the business’s stock in a transaction that occurred on Tuesday, February 27th. The shares were sold at an average price of $663.84, for a total value of $2,450,897.28. Following the transaction, the executive vice president now directly owns 22,948 shares in the company, valued at $15,233,800.32. The disclosure for this sale can be found here. Insiders have sold 34,260 shares of company stock valued at $20,667,475 in the last ninety days. Company insiders own 2.90% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the company. BMO Capital Markets reaffirmed an “outperform” rating and set a $700.00 target price on shares of Intuit in a research report on Tuesday. Piper Sandler raised their target price on Intuit from $642.00 to $750.00 and gave the company an “overweight” rating in a research report on Friday, February 23rd. Morgan Stanley raised their target price on Intuit from $525.00 to $570.00 and gave the company an “overweight” rating in a research report on Wednesday, November 29th. Oppenheimer lifted their price objective on Intuit from $678.00 to $712.00 and gave the stock an “outperform” rating in a report on Friday, February 23rd. Finally, KeyCorp lifted their price objective on Intuit from $700.00 to $720.00 and gave the stock an “overweight” rating in a report on Wednesday. Four analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $645.00.

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.