Allen Investment Management LLC Has $23.89 Million Holdings in Intuit Inc. (NASDAQ:INTU)

Allen Investment Management LLC boosted its stake in shares of Intuit Inc. (NASDAQ:INTUFree Report) by 2.0% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 36,354 shares of the software maker’s stock after acquiring an additional 714 shares during the quarter. Allen Investment Management LLC’s holdings in Intuit were worth $23,892,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in INTU. LGT Financial Advisors LLC acquired a new position in Intuit in the second quarter valued at about $25,000. Cultivar Capital Inc. bought a new stake in Intuit during the 2nd quarter worth approximately $26,000. Hobbs Group Advisors LLC acquired a new stake in Intuit during the 2nd quarter valued at $35,000. Trifecta Capital Advisors LLC raised its position in Intuit by 145.8% in the 2nd quarter. Trifecta Capital Advisors LLC now owns 59 shares of the software maker’s stock valued at $39,000 after purchasing an additional 35 shares during the last quarter. Finally, J.Safra Asset Management Corp acquired a new position in Intuit in the second quarter worth $39,000. 83.66% of the stock is owned by institutional investors.

Insider Transactions at Intuit

In related news, EVP Mark P. Notarainni sold 965 shares of the stock in a transaction on Tuesday, July 2nd. The shares were sold at an average price of $651.00, for a total transaction of $628,215.00. Following the completion of the transaction, the executive vice president now owns 1,020 shares in the company, valued at $664,020. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, EVP Mark P. Notarainni sold 965 shares of the stock in a transaction that occurred on Tuesday, July 2nd. The stock was sold at an average price of $651.00, for a total transaction of $628,215.00. Following the completion of the transaction, the executive vice president now directly owns 1,020 shares of the company’s stock, valued at $664,020. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Sandeep Aujla sold 862 shares of the business’s stock in a transaction that occurred on Wednesday, September 4th. The stock was sold at an average price of $621.03, for a total value of $535,327.86. Following the transaction, the chief financial officer now directly owns 3,840 shares in the company, valued at approximately $2,384,755.20. The disclosure for this sale can be found here. Insiders sold 16,940 shares of company stock valued at $10,721,252 in the last ninety days. 2.90% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on INTU. JPMorgan Chase & Co. raised their target price on Intuit from $585.00 to $600.00 and gave the company a “neutral” rating in a research note on Friday, August 23rd. BMO Capital Markets upped their price objective on Intuit from $700.00 to $760.00 and gave the stock an “outperform” rating in a report on Friday, August 23rd. 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 target price for the company. Bank of America upped their price target on Intuit from $730.00 to $780.00 and gave the company a “buy” rating in a research note on Friday, August 23rd. Finally, Piper Sandler reiterated an “overweight” rating and issued a $768.00 price objective (up from $760.00) on shares of Intuit in a research report on Friday, August 23rd. Five equities research analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $720.37.

Get Our Latest Stock Report on Intuit

Intuit Stock Performance

Shares of INTU opened at $655.31 on Friday. The firm’s 50 day moving average price is $636.63 and its two-hundred day moving average price is $632.02. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.29 and a current ratio of 1.29. Intuit Inc. has a twelve month low of $473.56 and a twelve month high of $676.62. The firm has a market cap of $183.68 billion, a P/E ratio of 60.45, a PEG ratio of 3.14 and a beta of 1.24.

Intuit (NASDAQ:INTUGet Free Report) last announced its earnings results on Thursday, August 22nd. The software maker reported $1.99 earnings per share for the quarter, topping analysts’ consensus estimates of $1.85 by $0.14. The firm had revenue of $3.18 billion during the quarter, compared to analyst estimates of $3.08 billion. Intuit had a net margin of 18.19% and a return on equity of 18.64%. The company’s revenue for the quarter was up 17.4% compared to the same quarter last year. During the same period in the prior year, the business earned $0.40 EPS. On average, analysts forecast that Intuit Inc. will post 14.06 EPS for the current fiscal year.

Intuit Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, October 18th. Shareholders 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 0.63%. This is an increase from Intuit’s previous quarterly dividend of $0.90. Intuit’s dividend payout ratio is 33.21%.

About Intuit

(Free Report)

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.

See Also

Want to see what other hedge funds are holding INTU? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Intuit Inc. (NASDAQ:INTUFree Report).

Institutional Ownership by Quarter for Intuit (NASDAQ:INTU)

Receive News & Ratings for Intuit Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Intuit and related companies with MarketBeat.com's FREE daily email newsletter.