Freedom Investment Management Inc. Raises Stock Holdings in Intuit Inc. (NASDAQ:INTU)

Freedom Investment Management Inc. increased its holdings in Intuit Inc. (NASDAQ:INTU) by 8.2% during the third quarter, HoldingsChannel.com reports. The fund owned 2,931 shares of the software maker’s stock after buying an additional 221 shares during the period. Freedom Investment Management Inc.’s holdings in Intuit were worth $1,820,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also recently bought and sold shares of the business. Fernbridge Capital Management LP grew its stake in shares of Intuit by 10.9% in the 3rd quarter. Fernbridge Capital Management LP now owns 130,902 shares of the software maker’s stock valued at $81,290,000 after purchasing an additional 12,822 shares during the last quarter. Townsquare Capital LLC boosted its holdings in Intuit by 11.9% in the 3rd quarter. Townsquare Capital LLC now owns 15,000 shares of the software maker’s stock valued at $9,315,000 after purchasing an additional 1,595 shares in the last quarter. Cadence Bank purchased a new position in shares of Intuit during the 3rd quarter worth approximately $1,598,000. Principal Street Partners LLC boosted its stake in shares of Intuit by 98.2% in the third quarter. Principal Street Partners LLC now owns 900 shares of the software maker’s stock valued at $591,000 after buying an additional 446 shares in the last quarter. Finally, Brooklyn Investment Group lifted its holdings in Intuit by 1.5% in the third quarter. Brooklyn Investment Group now owns 2,140 shares of the software maker’s stock valued at $1,329,000 after acquiring an additional 32 shares during the period. Institutional investors and hedge funds own 83.66% of the company’s stock.

Insider Buying and Selling

In other news, Director Eve B. Burton sold 2,988 shares of the firm’s stock in a transaction on Thursday, September 19th. The stock was sold at an average price of $649.87, for a total transaction of $1,941,811.56. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Alex G. Balazs sold 2,941 shares of the company’s stock in a transaction dated Tuesday, September 10th. The stock was sold at an average price of $628.76, for a total transaction of $1,849,183.16. Following the completion of the sale, 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 130,265 shares of company stock valued at $83,336,625. Insiders own 2.90% of the company’s stock.

Intuit Stock Performance

Shares of INTU opened at $636.17 on Thursday. Intuit Inc. has a 52-week low of $557.29 and a 52-week high of $714.78. The company has a quick ratio of 1.24, a current ratio of 1.24 and a debt-to-equity ratio of 0.31. The firm has a market cap of $178.15 billion, a price-to-earnings ratio of 61.76, a PEG ratio of 3.14 and a beta of 1.25. The business’s 50 day moving average is $634.52 and its two-hundred day moving average is $631.32.

Intuit (NASDAQ:INTU) last announced its quarterly earnings data on Thursday, November 21st. The software maker reported $2.50 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.36 by $0.14. The firm had revenue of $3.28 billion for 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%. Intuit’s revenue for the quarter was up 10.2% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.14 earnings per share. Analysts forecast that Intuit Inc. will post 14.05 EPS for the current fiscal year.

Intuit Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, January 17th. Shareholders of record on Thursday, January 9th will be issued a $1.04 dividend. The ex-dividend date is Thursday, January 9th. This represents a $4.16 dividend on an annualized basis and a yield of 0.65%. Intuit’s dividend payout ratio is currently 40.39%.

Analyst Ratings Changes

Several equities analysts recently weighed in on INTU shares. Piper Sandler dropped their price objective on Intuit from $768.00 to $765.00 and set an “overweight” rating for the company in a research note on Friday, November 22nd. Morgan Stanley raised their price objective on shares of Intuit from $685.00 to $730.00 and gave the stock an “equal weight” rating in a research note on Friday, November 22nd. JPMorgan Chase & Co. raised their price target on Intuit from $600.00 to $640.00 and gave the stock a “neutral” rating in a research report on Friday, November 22nd. Stifel Nicolaus reduced their price objective on shares of Intuit from $795.00 to $725.00 and set a “buy” rating on the stock in a research note on Friday, November 22nd. Finally, StockNews.com downgraded Intuit from a “buy” rating to a “hold” rating in a research report on Friday, November 22nd. Six investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $737.44.

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.