Ellis Investment Partners LLC Grows Stock Position in Intuit Inc. (NASDAQ:INTU)

Ellis Investment Partners LLC grew its holdings in shares of Intuit Inc. (NASDAQ:INTU) by 0.8% in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 3,334 shares of the software maker’s stock after purchasing an additional 26 shares during the quarter. Ellis Investment Partners LLC’s holdings in Intuit were worth $2,191,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently made changes to their positions in INTU. JFS Wealth Advisors LLC lifted its position in Intuit by 1.0% in the fourth quarter. JFS Wealth Advisors LLC now owns 1,564 shares of the software maker’s stock worth $978,000 after buying an additional 16 shares during the last quarter. EverSource Wealth Advisors LLC lifted its position in Intuit by 3.7% in the fourth quarter. EverSource Wealth Advisors LLC now owns 449 shares of the software maker’s stock worth $281,000 after buying an additional 16 shares during the last quarter. Fortitude Family Office LLC lifted its position in Intuit by 2.8% in the second quarter. Fortitude Family Office LLC now owns 582 shares of the software maker’s stock worth $382,000 after buying an additional 16 shares during the last quarter. WASHINGTON TRUST Co lifted its position in Intuit by 10.5% in the second quarter. WASHINGTON TRUST Co now owns 168 shares of the software maker’s stock worth $110,000 after buying an additional 16 shares during the last quarter. Finally, Gemmer Asset Management LLC increased its stake in Intuit by 3.7% in the second quarter. Gemmer Asset Management LLC now owns 448 shares of the software maker’s stock worth $294,000 after purchasing an additional 16 shares during the period. Hedge funds and other institutional investors own 83.66% of the company’s stock.

Intuit Price Performance

Shares of INTU stock opened at $615.12 on Friday. Intuit Inc. has a 1-year low of $473.56 and a 1-year high of $676.62. The stock’s 50-day moving average is $638.42 and its 200 day moving average is $632.34. The company has a market cap of $171.95 billion, a P/E ratio of 56.75, a PEG ratio of 3.08 and a beta of 1.24. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.29 and a quick ratio of 1.50.

Intuit (NASDAQ:INTU) last issued its quarterly earnings data on Thursday, August 22nd. The software maker reported $1.99 earnings per share for the quarter, beating analysts’ consensus estimates of $1.85 by $0.14. Intuit had a return on equity of 18.64% and a net margin of 18.19%. The company had revenue of $3.18 billion for the quarter, compared to the consensus estimate of $3.08 billion. During the same quarter last year, the company earned $0.40 earnings per share. The firm’s revenue for the quarter was up 17.4% compared to the same quarter last year. Research analysts predict that Intuit Inc. will post 14.06 earnings per share for the current fiscal year.

Intuit Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 18th. Investors of record on Thursday, October 10th will be given a dividend of $1.04 per share. The ex-dividend date of this dividend is Thursday, October 10th. This represents a $4.16 dividend on an annualized basis and a yield of 0.68%. This is an increase from Intuit’s previous quarterly dividend of $0.90. Intuit’s dividend payout ratio (DPR) is presently 38.38%.

Insider Activity at Intuit

In other Intuit news, CFO Sandeep Aujla sold 862 shares of the firm’s stock in a transaction dated Wednesday, September 4th. The stock was sold at an average price of $621.03, for a total value of $535,327.86. Following the completion of the sale, the chief financial officer now owns 3,840 shares of the company’s stock, valued at $2,384,755.20. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In other Intuit news, insider Scott D. Cook sold 27,309 shares of the firm’s stock in a transaction dated Wednesday, June 12th. The stock was sold at an average price of $593.16, for a total value of $16,198,606.44. Following the completion of the sale, the insider now owns 6,524,412 shares of the company’s stock, valued at $3,870,020,221.92. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CFO Sandeep Aujla sold 862 shares of the firm’s stock in a transaction dated Wednesday, September 4th. The stock was sold at an average price of $621.03, for a total value of $535,327.86. Following the completion of the sale, the chief financial officer now directly owns 3,840 shares of the company’s stock, valued at approximately $2,384,755.20. The disclosure for this sale can be found here. Insiders have sold a total of 116,308 shares of company stock valued at $67,651,926 over the last quarter. 2.90% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of research firms have weighed in on INTU. BMO Capital Markets increased their target price on Intuit from $700.00 to $760.00 and gave the stock an “outperform” rating in a research note on Friday, August 23rd. Wells Fargo & Company increased their target price on Intuit from $725.00 to $750.00 and gave the stock an “overweight” rating in a research note on Tuesday, May 21st. UBS Group increased their target price on Intuit from $625.00 to $670.00 and gave the stock a “neutral” rating in a research note on Monday, May 20th. Barclays reduced their target price on Intuit from $745.00 to $740.00 and set an “overweight” rating on the stock in a research note on Friday, August 23rd. Finally, JPMorgan Chase & Co. increased their target price on Intuit from $585.00 to $600.00 and gave the stock a “neutral” rating in a research note on Friday, August 23rd. Five research analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $720.37.

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.