Peloton Wealth Strategists Acquires 3,240 Shares of Intuit Inc. (NASDAQ:INTU)

Peloton Wealth Strategists grew its stake in Intuit Inc. (NASDAQ:INTU) by 769.6% in the third quarter, Holdings Channel.com reports. The institutional investor owned 3,661 shares of the software maker’s stock after buying an additional 3,240 shares during the quarter. Peloton Wealth Strategists’ holdings in Intuit were worth $2,273,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in the stock. Gemmer Asset Management LLC boosted its position in shares of Intuit by 3.7% during the 2nd quarter. Gemmer Asset Management LLC now owns 448 shares of the software maker’s stock valued at $294,000 after acquiring an additional 16 shares in the last quarter. WASHINGTON TRUST Co grew its position in Intuit by 10.5% during the 2nd quarter. WASHINGTON TRUST Co now owns 168 shares of the software maker’s stock worth $110,000 after acquiring an additional 16 shares during the last quarter. Truvestments Capital LLC lifted its position in Intuit by 1.5% during the 3rd quarter. Truvestments Capital LLC now owns 1,078 shares of the software maker’s stock worth $669,000 after buying an additional 16 shares in the last quarter. PFG Investments LLC raised its stake in shares of Intuit by 1.1% in the second quarter. PFG Investments LLC now owns 1,558 shares of the software maker’s stock worth $1,024,000 after acquiring an additional 17 shares during the last quarter. Finally, Plancorp LLC increased its stake in shares of Intuit by 2.0% in the 2nd quarter. Plancorp LLC now owns 881 shares of the software maker’s stock valued at $579,000 after buying an additional 17 shares during the period. Institutional investors and hedge funds own 83.66% of the company’s stock.

Insider Activity at Intuit

In other Intuit news, Director Eve B. Burton sold 2,988 shares of the firm’s stock in a transaction on Thursday, September 19th. The shares were sold at an average price of $649.87, for a total value of $1,941,811.56. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Alex G. Balazs sold 2,941 shares of the company’s stock in a transaction that occurred on Tuesday, September 10th. The shares were sold at an average price of $628.76, for a total value of $1,849,183.16. Following the transaction, the executive vice president now directly owns 20 shares of the company’s stock, valued at $12,575.20. The trade was a 99.32 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 118,324 shares of company stock valued at $75,803,690. Insiders own 2.68% of the company’s stock.

Intuit Stock Down 0.3 %

INTU stock opened at $646.47 on Monday. The company’s 50 day moving average is $635.08 and its 200 day moving average is $630.54. The stock has a market cap of $180.96 billion, a price-to-earnings ratio of 62.76, a price-to-earnings-growth ratio of 3.19 and a beta of 1.25. The company has a current ratio of 1.24, a quick ratio of 1.24 and a debt-to-equity ratio of 0.31. Intuit Inc. has a 1-year low of $557.29 and a 1-year high of $714.78.

Intuit (NASDAQ:INTU) last posted its quarterly earnings data on Thursday, November 21st. The software maker reported $2.50 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.36 by $0.14. The firm had revenue of $3.28 billion during the quarter, compared to analysts’ expectations of $3.14 billion. Intuit had a return on equity of 18.25% and a net margin of 17.59%. The company’s revenue for the quarter was up 10.2% compared to the same quarter last year. During the same period in the prior year, the business earned $1.14 EPS. Sell-side analysts predict that Intuit Inc. will post 14.07 EPS for the current fiscal year.

Intuit Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, January 17th. Stockholders of record on Thursday, January 9th will be paid a $1.04 dividend. The ex-dividend date is Thursday, January 9th. This represents a $4.16 dividend on an annualized basis and a dividend yield of 0.64%. Intuit’s dividend payout ratio (DPR) is 40.39%.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on INTU. Royal Bank of Canada restated an “outperform” rating and issued a $760.00 price objective on shares of Intuit in a report on Friday, November 22nd. Morgan Stanley boosted their price objective on shares of Intuit from $685.00 to $730.00 and gave the stock an “equal weight” rating in a research report on Friday, November 22nd. Bank of America increased their price objective on Intuit from $730.00 to $780.00 and gave the company a “buy” rating in a report on Friday, August 23rd. Oppenheimer upped their price target on shares of Intuit from $712.00 to $722.00 and gave the company an “outperform” rating in a research note on Friday, November 22nd. Finally, Piper Sandler decreased their price target on shares of Intuit from $768.00 to $765.00 and set an “overweight” rating on the stock in a research note on Friday, November 22nd. Six equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $737.44.

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.