Corundum Group Inc. Has $279,000 Position in Intuit Inc. (NASDAQ:INTU)

Corundum Group Inc. grew its stake in Intuit Inc. (NASDAQ:INTU) by 5.6% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 454 shares of the software maker’s stock after purchasing an additional 24 shares during the quarter. Corundum Group Inc.’s holdings in Intuit were worth $279,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of the stock. Brighton Jones LLC increased its position in Intuit by 61.3% during the fourth quarter. Brighton Jones LLC now owns 3,552 shares of the software maker’s stock worth $2,233,000 after acquiring an additional 1,350 shares during the period. Revolve Wealth Partners LLC grew its position in shares of Intuit by 145.6% during the 4th quarter. Revolve Wealth Partners LLC now owns 813 shares of the software maker’s stock worth $511,000 after purchasing an additional 482 shares in the last quarter. Bank Pictet & Cie Europe AG increased its holdings in shares of Intuit by 14.2% during the fourth quarter. Bank Pictet & Cie Europe AG now owns 1,992 shares of the software maker’s stock worth $1,252,000 after purchasing an additional 248 shares during the period. Wealthspire Advisors LLC raised its position in shares of Intuit by 4.7% in the fourth quarter. Wealthspire Advisors LLC now owns 2,277 shares of the software maker’s stock valued at $1,431,000 after buying an additional 102 shares in the last quarter. Finally, World Equity Group Inc. bought a new stake in shares of Intuit in the fourth quarter valued at approximately $250,000. Institutional investors and hedge funds own 83.66% of the company’s stock.

Insider Buying and Selling

In other news, insider Scott D. Cook sold 62,816 shares of the company’s stock in a transaction dated Monday, June 9th. The shares were sold at an average price of $765.99, for a total transaction of $48,116,427.84. Following the transaction, the insider now owns 6,000,679 shares in the company, valued at approximately $4,596,460,107.21. This represents a 1.04% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Mark P. Notarainni sold 469 shares of the firm’s stock in a transaction dated Tuesday, May 27th. The shares were sold at an average price of $725.00, for a total value of $340,025.00. Following the completion of the sale, the executive vice president now owns 19 shares of the company’s stock, valued at approximately $13,775. This represents a 96.11% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 271,158 shares of company stock valued at $202,989,194 over the last 90 days. Company insiders own 2.68% of the company’s stock.

Intuit Price Performance

Shares of NASDAQ:INTU opened at $759.03 on Wednesday. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.45 and a current ratio of 1.45. Intuit Inc. has a 52 week low of $532.65 and a 52 week high of $773.45. The firm has a market cap of $211.73 billion, a PE ratio of 61.61, a price-to-earnings-growth ratio of 3.39 and a beta of 1.28. The firm’s fifty day moving average is $689.57 and its 200-day moving average is $636.00.

Intuit (NASDAQ:INTU) last issued its quarterly earnings results on Thursday, May 22nd. The software maker reported $11.65 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $10.89 by $0.76. Intuit had a net margin of 19.07% and a return on equity of 21.46%. The firm had revenue of $7.75 billion for the quarter, compared to the consensus estimate of $7.56 billion. During the same quarter in the previous year, the company earned $9.88 EPS. The company’s revenue for the quarter was up 15.1% on a year-over-year basis. Sell-side analysts predict that Intuit Inc. will post 14.09 earnings per share for the current year.

Intuit Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 18th. Investors of record on Thursday, July 10th will be given a dividend of $1.04 per share. The ex-dividend date of this dividend is Thursday, July 10th. This represents a $4.16 annualized dividend and a dividend yield of 0.55%. Intuit’s payout ratio is 33.77%.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on INTU. BMO Capital Markets reiterated an “outperform” rating and set a $820.00 target price (up from $714.00) on shares of Intuit in a research report on Friday, May 23rd. JPMorgan Chase & Co. boosted their price target on Intuit from $660.00 to $770.00 and gave the company an “overweight” rating in a research note on Friday, May 23rd. UBS Group set a $750.00 price objective on shares of Intuit and gave the stock a “neutral” rating in a research note on Friday, May 23rd. Stifel Nicolaus raised their target price on shares of Intuit from $725.00 to $850.00 and gave the company a “buy” rating in a report on Friday, May 23rd. Finally, Piper Sandler reaffirmed an “overweight” rating and set a $825.00 price target (up previously from $785.00) on shares of Intuit in a report on Friday, May 23rd. One analyst has rated the stock with a sell rating, two have issued a hold rating, twenty have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Intuit currently has an average rating of “Moderate Buy” and a consensus price target of $787.95.

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.