Golden State Wealth Management LLC Purchases 573 Shares of Intuit Inc. (NASDAQ:INTU)

Golden State Wealth Management LLC lifted its position in shares of Intuit Inc. (NASDAQ:INTU) by 171.0% during the first quarter, Holdings Channel.com reports. The institutional investor owned 908 shares of the software maker’s stock after acquiring an additional 573 shares during the quarter. Golden State Wealth Management LLC’s holdings in Intuit were worth $558,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Copia Wealth Management bought a new stake in Intuit during the fourth quarter valued at about $25,000. NewSquare Capital LLC boosted its position in Intuit by 72.0% during the fourth quarter. NewSquare Capital LLC now owns 43 shares of the software maker’s stock valued at $27,000 after purchasing an additional 18 shares in the last quarter. Summit Securities Group LLC bought a new stake in Intuit during the fourth quarter valued at about $28,000. Heck Capital Advisors LLC bought a new stake in Intuit during the fourth quarter valued at about $28,000. Finally, VSM Wealth Advisory LLC bought a new stake in Intuit during the fourth quarter valued at about $35,000. Institutional investors own 83.66% of the company’s stock.

Intuit Trading Up 2.0%

Shares of NASDAQ:INTU opened at $772.86 on Friday. Intuit Inc. has a 52-week low of $532.65 and a 52-week high of $774.80. The stock has a market cap of $215.59 billion, a price-to-earnings ratio of 62.73, a PEG ratio of 3.37 and a beta of 1.28. The company has a quick ratio of 1.45, a current ratio of 1.45 and a debt-to-equity ratio of 0.29. The business has a 50-day moving average price of $696.71 and a 200-day moving average price of $637.71.

Intuit (NASDAQ:INTU) last announced its quarterly earnings data on Thursday, May 22nd. The software maker reported $11.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $10.89 by $0.76. Intuit had a return on equity of 21.46% and a net margin of 19.07%. The firm had revenue of $7.75 billion during the quarter, compared to analysts’ expectations of $7.56 billion. During the same period last year, the business posted $9.88 earnings per share. The company’s revenue for the quarter was up 15.1% compared to the same quarter last year. Equities analysts predict that Intuit Inc. will post 14.09 EPS for the current year.

Intuit Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 18th. Stockholders of record on Thursday, July 10th will be paid a $1.04 dividend. This represents a $4.16 annualized dividend and a dividend yield of 0.54%. The ex-dividend date of this dividend is Thursday, July 10th. Intuit’s payout ratio is 33.77%.

Analyst Ratings Changes

INTU has been the topic of a number of recent research reports. Barclays reaffirmed an “overweight” rating and set a $815.00 price objective (up previously from $775.00) on shares of Intuit in a research report on Friday, May 23rd. Royal Bank Of Canada reaffirmed an “outperform” rating and set a $850.00 price objective (up previously from $760.00) on shares of Intuit in a research report on Friday, May 23rd. Evercore ISI raised their price objective on Intuit from $685.00 to $785.00 and gave the company an “outperform” rating in a research report on Friday, May 23rd. HSBC raised Intuit from a “hold” rating to a “buy” rating and set a $699.00 price target for the company in a report on Wednesday, April 23rd. Finally, Hsbc Global Res raised Intuit from a “hold” rating to a “strong-buy” rating in a report on Wednesday, April 23rd. One analyst has rated the stock with a sell rating, two have given a hold rating, twenty-one have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $793.05.

Insider Transactions at Intuit

In related news, CFO Sandeep Aujla sold 16,061 shares of Intuit stock in a transaction that occurred on Tuesday, May 27th. The stock was sold at an average price of $726.13, for a total transaction of $11,662,373.93. Following the completion of the transaction, the chief financial officer now directly owns 197 shares in the company, valued at approximately $143,047.61. This trade represents a 98.79% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Alex G. Balazs sold 1,459 shares of Intuit stock in a transaction that occurred on Thursday, June 5th. The shares were sold at an average price of $770.80, for a total value of $1,124,597.20. The disclosure for this sale can be found here. Insiders sold a total of 271,158 shares of company stock worth $202,989,194 over the last three months. 2.68% of the stock is currently owned by insiders.

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.