Apollon Wealth Management LLC Increases Holdings in Intuit Inc. (NASDAQ:INTU)

Apollon Wealth Management LLC grew its holdings in shares of Intuit Inc. (NASDAQ:INTU) by 16.5% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 10,863 shares of the software maker’s stock after buying an additional 1,541 shares during the quarter. Apollon Wealth Management LLC’s holdings in Intuit were worth $6,746,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in INTU. International Assets Investment Management LLC raised its position in Intuit by 68,404.7% in the 3rd quarter. International Assets Investment Management LLC now owns 484,328 shares of the software maker’s stock worth $300,768,000 after purchasing an additional 483,621 shares during the period. Vanguard Group Inc. raised its position in Intuit by 1.1% in the 1st quarter. Vanguard Group Inc. now owns 26,057,696 shares of the software maker’s stock worth $16,937,502,000 after purchasing an additional 283,291 shares during the period. Vaughan Nelson Investment Management L.P. purchased a new stake in Intuit in the 2nd quarter worth about $184,982,000. Ameriprise Financial Inc. raised its position in Intuit by 17.3% in the 2nd quarter. Ameriprise Financial Inc. now owns 1,616,811 shares of the software maker’s stock worth $1,062,578,000 after purchasing an additional 238,486 shares during the period. Finally, Clearbridge Investments LLC raised its position in Intuit by 21.3% in the 2nd quarter. Clearbridge Investments LLC now owns 964,328 shares of the software maker’s stock worth $633,766,000 after purchasing an additional 169,190 shares during the period. 83.66% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, CFO Sandeep Aujla sold 775 shares of the firm’s stock in a transaction on Thursday, October 3rd. The shares were sold at an average price of $601.31, for a total transaction of $466,015.25. Following the completion of the transaction, the chief financial officer now owns 4,451 shares of the company’s stock, valued at $2,676,430.81. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, CFO Sandeep Aujla sold 775 shares of the firm’s stock in a transaction on Thursday, October 3rd. The shares were sold at an average price of $601.31, for a total transaction of $466,015.25. Following the sale, the chief financial officer now owns 4,451 shares in the company, valued at approximately $2,676,430.81. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Alex G. Balazs sold 2,941 shares of the firm’s stock in a transaction on Tuesday, September 10th. The shares were sold at an average price of $628.76, for a total transaction of $1,849,183.16. Following the sale, the executive vice president now owns 20 shares in the company, valued at approximately $12,575.20. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 55,297 shares of company stock valued at $35,220,046 over the last 90 days. Insiders own 2.90% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have commented on the stock. BMO Capital Markets upped their target price on shares of Intuit from $700.00 to $760.00 and gave the stock an “outperform” rating in a research note on Friday, August 23rd. Jefferies Financial Group increased their price objective on shares of Intuit from $770.00 to $790.00 and gave the company a “buy” rating in a research note on Friday, August 23rd. Susquehanna reiterated a “positive” rating and set a $757.00 price objective on shares of Intuit in a research note on Friday, August 16th. JPMorgan Chase & Co. increased their price objective on shares of Intuit from $585.00 to $600.00 and gave the company a “neutral” rating in a research note on Friday, August 23rd. Finally, Morgan Stanley downgraded shares of Intuit from an “overweight” rating to an “equal weight” rating and lowered their target price for the company from $750.00 to $685.00 in a research note on Wednesday, August 14th. Four analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $735.71.

Intuit Trading Up 1.9 %

NASDAQ INTU opened at $697.35 on Tuesday. The company has a fifty day simple moving average of $625.54 and a two-hundred day simple moving average of $627.73. The stock has a market cap of $195.46 billion, a P/E ratio of 66.73, a P/E/G ratio of 3.34 and a beta of 1.25. Intuit Inc. has a 12-month low of $523.32 and a 12-month high of $698.96. The company has a current ratio of 1.29, a quick ratio of 1.29 and a debt-to-equity ratio of 0.30.

Intuit (NASDAQ:INTU) last issued its earnings results on Thursday, August 22nd. The software maker reported $1.99 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.85 by $0.14. Intuit had a net margin of 18.19% and a return on equity of 18.64%. The firm had revenue of $3.18 billion during the quarter, compared to analysts’ expectations of $3.08 billion. During the same quarter last year, the company posted $0.40 earnings per share. The firm’s revenue was up 17.4% compared to the same quarter last year. On average, analysts forecast that Intuit Inc. will post 14.04 earnings per share for the current year.

Intuit Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, October 18th. Investors of record on Thursday, October 10th were issued a dividend of $1.04 per share. This represents a $4.16 annualized dividend and a dividend yield of 0.60%. The ex-dividend date of this dividend was Thursday, October 10th. This is a boost from Intuit’s previous quarterly dividend of $0.90. Intuit’s dividend payout ratio (DPR) is 39.81%.

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.