Eastern Bank Purchases 39 Shares of Intuit Inc. (NASDAQ:INTU)

Eastern Bank lifted its position in Intuit Inc. (NASDAQ:INTU) by 2.7% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,470 shares of the software maker’s stock after buying an additional 39 shares during the quarter. Eastern Bank’s holdings in Intuit were worth $924,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also modified their holdings of the company. Fairway Wealth LLC acquired a new position in Intuit during the 2nd quarter worth $26,000. Northwest Investment Counselors LLC acquired a new position in shares of Intuit during the 3rd quarter worth about $27,000. Denver PWM LLC acquired a new position in shares of Intuit during the 3rd quarter worth about $32,000. Dunhill Financial LLC grew its holdings in Intuit by 110.3% in the 3rd quarter. Dunhill Financial LLC now owns 61 shares of the software maker’s stock valued at $38,000 after buying an additional 32 shares during the last quarter. Finally, Groupama Asset Managment grew its holdings in Intuit by 10.6% in the 3rd quarter. Groupama Asset Managment now owns 7,517 shares of the software maker’s stock valued at $47,000 after buying an additional 720 shares during the last quarter. 83.66% of the stock is owned by institutional investors.

Insider Transactions at Intuit

In other Intuit news, insider Scott D. Cook sold 75,000 shares of the business’s stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $641.82, for a total transaction of $48,136,500.00. Following the completion of the sale, the insider now directly owns 6,378,105 shares of the company’s stock, valued at approximately $4,093,595,351.10. The trade was a 1.16 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Laura A. Fennell sold 4,788 shares of the firm’s stock in a transaction dated Tuesday, January 7th. The shares were sold at an average price of $613.62, for a total transaction of $2,938,012.56. Following the completion of the transaction, the executive vice president now directly owns 30,010 shares in the company, valued at $18,414,736.20. This trade represents a 13.76 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 293,014 shares of company stock worth $188,992,187. Corporate insiders own 2.68% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the company. Piper Sandler reissued an “overweight” rating and issued a $765.00 price objective on shares of Intuit in a research report on Friday. StockNews.com downgraded shares of Intuit from a “buy” rating to a “hold” rating in a report on Friday, December 20th. Jefferies Financial Group boosted their price objective on shares of Intuit from $790.00 to $800.00 and gave the stock a “buy” rating in a report on Friday, November 22nd. Oppenheimer increased their target price 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, Morgan Stanley boosted their price target on Intuit from $685.00 to $730.00 and gave the company an “equal weight” rating in a research note on Friday, November 22nd. Six research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. According to MarketBeat, Intuit has an average rating of “Moderate Buy” and a consensus price target of $737.44.

Intuit Stock Performance

NASDAQ INTU opened at $613.22 on Tuesday. The firm has a market cap of $171.65 billion, a price-to-earnings ratio of 59.54, a PEG ratio of 3.24 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. The company has a 50 day moving average of $649.47 and a 200-day moving average of $637.94.

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

Intuit Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, January 17th. Shareholders of record on Thursday, January 9th will be paid a $1.04 dividend. This represents a $4.16 dividend on an annualized basis and a dividend yield of 0.68%. The ex-dividend date is Friday, January 10th. Intuit’s dividend payout ratio is presently 40.39%.

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.