Tanager Wealth Management LLP Boosts Stock Position in Intuit Inc. (NASDAQ:INTU)

Tanager Wealth Management LLP raised its stake in Intuit Inc. (NASDAQ:INTU) by 7.7% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 463 shares of the software maker’s stock after purchasing an additional 33 shares during the quarter. Tanager Wealth Management LLP’s holdings in Intuit were worth $284,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of INTU. Copia Wealth Management acquired a new stake in shares of Intuit during the fourth quarter worth $25,000. NewSquare Capital LLC raised its position in Intuit by 72.0% during the 4th quarter. NewSquare Capital LLC now owns 43 shares of the software maker’s stock worth $27,000 after buying an additional 18 shares during the last quarter. Summit Securities Group LLC acquired a new stake in shares of Intuit in the 4th quarter worth $28,000. Heck Capital Advisors LLC acquired a new stake in shares of Intuit in the 4th quarter worth $28,000. Finally, VSM Wealth Advisory LLC purchased a new stake in shares of Intuit in the fourth quarter valued at about $35,000. 83.66% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research analysts recently issued reports on INTU shares. Barclays reissued an “overweight” rating and set a $815.00 price target (up from $775.00) on shares of Intuit in a report on Friday, May 23rd. JPMorgan Chase & Co. increased their target price on Intuit from $660.00 to $770.00 and gave the stock an “overweight” rating in a research note on Friday, May 23rd. Bank of America lifted their price target on Intuit from $730.00 to $875.00 and gave the company a “buy” rating in a research note on Friday, May 23rd. Evercore ISI increased their price objective on Intuit from $685.00 to $785.00 and gave the stock an “outperform” rating in a research report on Friday, May 23rd. Finally, KeyCorp restated an “overweight” rating and set a $850.00 target price (up from $770.00) on shares of Intuit in a research report on Friday, May 23rd. One analyst has rated the stock with a sell rating, two have issued a hold rating, twenty-one have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Intuit currently has a consensus rating of “Moderate Buy” and an average price target of $793.05.

Intuit Price Performance

Shares of NASDAQ:INTU opened at $772.86 on Friday. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.45 and a current ratio of 1.45. The business’s fifty day moving average price is $696.71 and its two-hundred day moving average price is $637.71. The stock has a market cap of $215.59 billion, a PE ratio of 62.73, a price-to-earnings-growth ratio of 3.37 and a beta of 1.28. Intuit Inc. has a one year low of $532.65 and a one year high of $774.80.

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

Intuit Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 18th. Shareholders of record on Thursday, July 10th will be paid a dividend of $1.04 per share. This represents a $4.16 dividend on an annualized basis and a dividend yield of 0.54%. The ex-dividend date of this dividend is Thursday, July 10th. Intuit’s dividend payout ratio is presently 33.77%.

Insider Transactions at Intuit

In related news, EVP Alex G. Balazs sold 1,459 shares of the company’s stock in a transaction that occurred on Thursday, June 5th. The shares were sold at an average price of $770.80, for a total transaction of $1,124,597.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Scott D. Cook sold 72,442 shares of the stock in a transaction that occurred on Tuesday, May 27th. The stock was sold at an average price of $741.29, for a total transaction of $53,700,530.18. Following the transaction, the insider now directly owns 6,063,495 shares in the company, valued at approximately $4,494,808,208.55. This represents a 1.18% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 271,158 shares of company stock worth $202,989,194 over the last quarter. 2.68% of the stock is currently owned by insiders.

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.