Manchester Capital Management LLC Acquires 34 Shares of Intuit Inc. (NASDAQ:INTU)

Manchester Capital Management LLC raised its holdings in shares of Intuit Inc. (NASDAQ:INTU) by 7.6% in the first quarter, HoldingsChannel reports. The firm owned 479 shares of the software maker’s stock after buying an additional 34 shares during the quarter. Manchester Capital Management LLC’s holdings in Intuit were worth $312,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of the business. Vanguard Group Inc. increased its holdings in shares of Intuit by 0.5% during the third quarter. Vanguard Group Inc. now owns 25,331,318 shares of the software maker’s stock valued at $12,942,784,000 after acquiring an additional 117,478 shares in the last quarter. Wellington Management Group LLP raised its holdings in Intuit by 173.0% in the fourth quarter. Wellington Management Group LLP now owns 3,687,583 shares of the software maker’s stock worth $2,304,850,000 after buying an additional 2,336,654 shares during the last quarter. Brown Advisory Inc. lifted its stake in shares of Intuit by 2.3% in the fourth quarter. Brown Advisory Inc. now owns 3,548,119 shares of the software maker’s stock worth $2,217,681,000 after buying an additional 80,517 shares in the last quarter. Norges Bank purchased a new stake in shares of Intuit during the fourth quarter valued at approximately $2,101,848,000. Finally, Fisher Asset Management LLC grew its holdings in shares of Intuit by 9.5% during the fourth quarter. Fisher Asset Management LLC now owns 3,114,975 shares of the software maker’s stock valued at $1,946,954,000 after buying an additional 270,432 shares during the last quarter. Hedge funds and other institutional investors own 83.66% of the company’s stock.

Intuit Stock Performance

Shares of NASDAQ INTU traded up $10.28 during trading on Friday, hitting $639.69. The company had a trading volume of 185,733 shares, compared to its average volume of 1,333,829. Intuit Inc. has a 12 month low of $473.56 and a 12 month high of $676.62. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.50 and a current ratio of 1.50. The firm has a market capitalization of $178.83 billion, a P/E ratio of 58.06, a price-to-earnings-growth ratio of 3.62 and a beta of 1.23. The stock has a 50 day simple moving average of $623.32 and a 200 day simple moving average of $630.37.

Intuit (NASDAQ:INTU) last released its earnings results on Thursday, May 23rd. The software maker reported $9.88 EPS for the quarter, topping analysts’ consensus estimates of $8.12 by $1.76. Intuit had a net margin of 19.43% and a return on equity of 18.61%. The company had revenue of $6.74 billion for the quarter, compared to analysts’ expectations of $6.65 billion. During the same quarter last year, the business earned $7.80 EPS. The firm’s revenue was up 11.9% compared to the same quarter last year. As a group, analysts anticipate that Intuit Inc. will post 11.72 earnings per share for the current year.

Intuit Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, July 18th. Investors of record on Wednesday, July 10th will be issued a $0.90 dividend. This represents a $3.60 annualized dividend and a yield of 0.56%. The ex-dividend date is Wednesday, July 10th. Intuit’s dividend payout ratio is currently 33.21%.

Wall Street Analyst Weigh In

INTU has been the subject of a number of recent analyst reports. StockNews.com raised Intuit from a “hold” rating to a “buy” rating in a research report on Monday, May 27th. Royal Bank of Canada initiated coverage on Intuit in a research note on Wednesday, July 3rd. They issued an “outperform” rating and a $760.00 price target for the company. Piper Sandler reaffirmed an “overweight” rating and set a $760.00 price objective on shares of Intuit in a research report on Friday. Citigroup boosted their target price on Intuit from $727.00 to $750.00 and gave the stock a “buy” rating in a research report on Friday, June 28th. Finally, Bank of America dropped their price target on shares of Intuit from $760.00 to $730.00 and set a “buy” rating on the stock in a report on Friday, May 24th. Five research analysts have rated the stock with a hold rating and twenty have issued a buy rating to the company. According to data from MarketBeat.com, Intuit presently has a consensus rating of “Moderate Buy” and a consensus price target of $687.22.

Insiders Place Their Bets

In related news, EVP Mark P. Notarainni sold 465 shares of Intuit stock in a transaction that occurred on Tuesday, May 28th. The stock was sold at an average price of $604.58, for a total transaction of $281,129.70. Following the sale, the executive vice president now owns 869 shares of the company’s stock, valued at approximately $525,380.02. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, EVP Mark P. Notarainni sold 465 shares of the firm’s stock in a transaction on Tuesday, May 28th. The shares were sold at an average price of $604.58, for a total transaction of $281,129.70. Following the completion of the transaction, the executive vice president now directly owns 869 shares of the company’s stock, valued at $525,380.02. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Sandeep Aujla sold 1,061 shares of the business’s stock in a transaction on Wednesday, July 3rd. The stock was sold at an average price of $651.27, for a total transaction of $690,997.47. Following the completion of the sale, the chief financial officer now owns 3,333 shares in the company, valued at approximately $2,170,682.91. The disclosure for this sale can be found here. In the last quarter, insiders sold 195,963 shares of company stock worth $114,442,445. Corporate 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.