Raymond James Financial Inc. Acquires Shares of 478,685 Intuit Inc. (NASDAQ:INTU)

Raymond James Financial Inc. bought a new stake in Intuit Inc. (NASDAQ:INTU) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 478,685 shares of the software maker’s stock, valued at approximately $300,854,000. Raymond James Financial Inc. owned approximately 0.17% of Intuit as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently modified their holdings of INTU. Avidian Wealth Enterprises LLC grew its position in Intuit by 36.1% during the third quarter. Avidian Wealth Enterprises LLC now owns 667 shares of the software maker’s stock valued at $414,000 after buying an additional 177 shares during the period. Concurrent Investment Advisors LLC lifted its stake in Intuit by 6.8% in the third quarter. Concurrent Investment Advisors LLC now owns 5,245 shares of the software maker’s stock valued at $3,257,000 after purchasing an additional 333 shares during the last quarter. Two Point Capital Management Inc. grew its holdings in Intuit by 0.7% during the third quarter. Two Point Capital Management Inc. now owns 10,719 shares of the software maker’s stock valued at $6,656,000 after purchasing an additional 77 shares during the period. M&G PLC raised its stake in shares of Intuit by 15.4% in the third quarter. M&G PLC now owns 42,306 shares of the software maker’s stock valued at $26,272,000 after buying an additional 5,658 shares during the period. Finally, Wealth Architects LLC grew its stake in shares of Intuit by 3.0% during the 3rd quarter. Wealth Architects LLC now owns 1,270 shares of the software maker’s stock worth $789,000 after acquiring an additional 37 shares during the period. 83.66% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

INTU has been the topic of a number of research reports. Citigroup lowered their price objective on Intuit from $760.00 to $726.00 and set a “buy” rating on the stock in a research note on Wednesday, February 26th. Piper Sandler reissued an “overweight” rating and issued a $785.00 price target (up previously from $765.00) on shares of Intuit in a research report on Wednesday, February 26th. Redburn Atlantic began coverage on shares of Intuit in a report on Wednesday, February 19th. They issued a “neutral” rating for the company. StockNews.com cut shares of Intuit from a “buy” rating to a “hold” rating in a report on Monday. Finally, Jefferies Financial Group raised their price target on Intuit from $790.00 to $800.00 and gave the stock a “buy” rating in a report on Friday, November 22nd. One investment analyst has rated the stock with a sell rating, five have given a hold rating and fifteen have given a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $721.61.

Insider Activity

In other Intuit news, CEO Sasan K. Goodarzi sold 75,000 shares of the firm’s stock in a transaction dated Tuesday, December 31st. The stock was sold at an average price of $630.10, for a total transaction of $47,257,500.00. Following the sale, the chief executive officer now owns 35,776 shares in the company, valued at $22,542,457.60. This trade represents a 67.70 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Sandeep Aujla sold 109 shares of Intuit stock in a transaction dated Friday, January 3rd. The stock was sold at an average price of $628.50, for a total value of $68,506.50. Following the sale, the chief financial officer now directly owns 1,944 shares of the company’s stock, valued at approximately $1,221,804. This trade represents a 5.31 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 220,811 shares of company stock worth $142,391,012. 2.68% of the stock is currently owned by corporate insiders.

Intuit Stock Down 1.8 %

INTU stock opened at $606.37 on Friday. The company’s 50 day moving average is $602.86 and its 200 day moving average is $626.10. The stock has a market cap of $169.52 billion, a price-to-earnings ratio of 58.87, a price-to-earnings-growth ratio of 2.85 and a beta of 1.24. 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 $553.24 and a 1-year high of $714.78.

Intuit Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, April 18th. Stockholders of record on Thursday, April 10th will be issued a $1.04 dividend. This represents a $4.16 dividend on an annualized basis and a dividend yield of 0.69%. The ex-dividend date is Thursday, April 10th. Intuit’s payout ratio is 38.81%.

Intuit 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.