Fairway Wealth LLC Purchases New Shares in Intuit Inc. (NASDAQ:INTU)

Fairway Wealth LLC acquired a new position in shares of Intuit Inc. (NASDAQ:INTU) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 40 shares of the software maker’s stock, valued at approximately $26,000.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in INTU. Wellington Management Group LLP lifted its stake in shares of Intuit by 173.0% during the fourth quarter. Wellington Management Group LLP now owns 3,687,583 shares of the software maker’s stock valued at $2,304,850,000 after acquiring an additional 2,336,654 shares during the period. Lone Pine Capital LLC bought a new stake in Intuit during the 4th quarter worth about $467,852,000. Parnassus Investments LLC lifted its position in Intuit by 119.0% during the 4th quarter. Parnassus Investments LLC now owns 1,338,139 shares of the software maker’s stock valued at $836,377,000 after purchasing an additional 727,185 shares during the period. Capital World Investors boosted its stake in shares of Intuit by 54.7% in the 4th quarter. Capital World Investors now owns 1,176,711 shares of the software maker’s stock valued at $735,480,000 after purchasing an additional 416,099 shares during the last quarter. Finally, SG Americas Securities LLC grew its position in shares of Intuit by 940.4% during the 1st quarter. SG Americas Securities LLC now owns 315,670 shares of the software maker’s stock worth $205,186,000 after buying an additional 285,328 shares during the period. Institutional investors and hedge funds own 83.66% of the company’s stock.

Intuit Trading Down 1.4 %

NASDAQ INTU opened at $646.25 on Tuesday. The stock has a market capitalization of $180.66 billion, a price-to-earnings ratio of 59.62, a PEG ratio of 3.14 and a beta of 1.24. Intuit Inc. has a 52 week low of $473.56 and a 52 week high of $676.62. The stock’s 50 day moving average price is $636.37 and its two-hundred day moving average price is $631.44. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.29 and a current ratio of 1.29.

Intuit (NASDAQ:INTU) last announced its quarterly earnings data on Thursday, August 22nd. The software maker reported $1.99 EPS for the quarter, topping analysts’ consensus estimates of $1.85 by $0.14. The business had revenue of $3.18 billion for the quarter, compared to analyst estimates of $3.08 billion. Intuit had a net margin of 18.19% and a return on equity of 18.64%. The firm’s revenue for the quarter was up 17.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.40 earnings per share. As a group, analysts anticipate that Intuit Inc. will post 14.06 earnings per share for the current fiscal year.

Intuit Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, October 18th. Investors of record on Thursday, October 10th will be issued a dividend of $1.04 per share. This represents a $4.16 annualized dividend and a yield of 0.64%. The ex-dividend date is Thursday, October 10th. This is a positive change from Intuit’s previous quarterly dividend of $0.90. Intuit’s dividend payout ratio is presently 38.38%.

Analysts Set New Price Targets

INTU has been the topic of a number of recent research reports. Piper Sandler reaffirmed an “overweight” rating and issued a $768.00 price objective (up from $760.00) on shares of Intuit in a research note on Friday, August 23rd. Susquehanna reaffirmed a “positive” rating and set a $757.00 price objective on shares of Intuit in a research note on Friday, August 16th. Wells Fargo & Company increased their target price on Intuit from $725.00 to $750.00 and gave the company an “overweight” rating in a research note on Tuesday, May 21st. Stifel Nicolaus boosted their target price on Intuit from $690.00 to $795.00 and gave the stock a “buy” rating in a research report on Friday, August 23rd. Finally, UBS Group upped their price target on Intuit from $625.00 to $670.00 and gave the company a “neutral” rating in a research note on Monday, May 20th. Five equities research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the stock. According to MarketBeat, Intuit presently has an average rating of “Moderate Buy” and a consensus target price of $720.37.

Insider Activity at Intuit

In other news, EVP Mark P. Notarainni sold 965 shares of the company’s stock in a transaction that occurred on Tuesday, July 2nd. The stock was sold at an average price of $651.00, for a total transaction of $628,215.00. Following the sale, the executive vice president now owns 1,020 shares in the company, valued at approximately $664,020. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, EVP Mark P. Notarainni sold 965 shares of Intuit stock in a transaction dated Tuesday, July 2nd. The shares were sold at an average price of $651.00, for a total value of $628,215.00. Following the completion of the transaction, the executive vice president now owns 1,020 shares of the company’s stock, valued at approximately $664,020. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Sandeep Aujla sold 862 shares of the company’s stock in a transaction dated Wednesday, September 4th. The shares were sold at an average price of $621.03, for a total transaction of $535,327.86. Following the completion of the sale, the chief financial officer now directly owns 3,840 shares in the company, valued at $2,384,755.20. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 16,940 shares of company stock valued at $10,721,252. Insiders own 2.90% of the company’s stock.

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.