Valmark Advisers Inc. increases stock holdings in Intuit Inc. (NASDAQ:INTU)

Valmark Advisers Inc. increased its holdings in Intuit Inc. (NASDAQ:INTU – Free Report) by 1.1% during the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 1,828 shares of the software maker’s stock after purchasing an additional 20 shares during the period. The holdings of Valmark Advisers Inc. holdings in Intuit were worth $1,201,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their positions in INTU. Cultivar Capital Inc. bought a new stake in shares of Intuit during the 2nd quarter valued at $26,000. West Branch Capital LLC boosted its stake in Intuit by 79.2% in the first quarter. West Branch Capital LLC now owns 43 shares of the software maker’s stock worth $28,000 after buying an additional 19 shares during the period. Hobbs Group Advisors LLC purchased a new position in shares of Intuit during the second quarter valued at about $35,000. Sachetta LLC purchased a new stake in Intuit in the 4th quarter valued at about $39,000. Finally, J.Safra Asset Management Corp bought a new stake in Intuit in the second quarter worth about $39,000. Hedge funds and other institutional investors own 83.66% of the company’s shares.

Insiders place their bets

In other news, EVP Mark P. Notarainni sold 965 shares of the business’s stock in a transaction dated Tuesday, July 2nd. The shares were sold at an average price of $651.00, for a total value of $628,215.00. Following the transaction, the executive vice president now directly owns 1,020 shares in the company, valued at $664,020. The transaction was disclosed in a filing with the SEC, which is available on the SEC’s website. In related news, insider Scott D. Cook sold 27,309 shares of Intuit stock in a transaction that occurred on Wednesday, June 12th. The shares were sold at an average price of $593.16, for a total transaction of $16,198,606.44. Following the transaction, the insider now directly owns 6,524,412 shares of the company’s stock, valued at $3,870,020,221.92. The sale was disclosed in a filing with the SEC, which is accessible via this link. Also, EVP Mark P. Notarainni sold 965 shares of the stock in a transaction dated Tuesday, July 2nd. The shares were sold at an average price of $651.00, for a total value of $628,215.00. Following the sale, the executive vice president now directly owns 1,020 shares in the company, valued at approximately $664,020. The disclosure for this sale can be found here. Insiders sold a total of 104,367 shares of company stock worth $60,118,991 in the last quarter. Company insiders own 2.90% of the company’s shares.

Intuit trading rose 1.2%

INTU stock opened at $630.26 on Monday. Intuit Inc. has a 12-month low of $473.56 and a 12-month high of $676.62. The stock has a market cap of $176.19 billion, a price-to-earnings ratio of 58.14, a price-to-earnings-growth ratio of 3.08 and a beta of 1.23. The company has a quick ratio of 1.50, a current ratio of 1.29, and a debt-to-equity ratio of 0.30. The company has a fifty day simple moving average of $640.13 and a two hundred day simple moving average of $633.32.

Intuit (NASDAQ:INTU – Get Your Free Report ) last released its quarterly earnings data 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. Intuit had a net margin of 18.19% and a return on equity of 18.64%. The company had revenue of $3.18 billion for the quarter, compared to analyst estimates of $3.08 billion. During the same period in the previous year, the company posted EPS of $0.40. The company’s revenue for the quarter was up 17.4% year over year. As a group, analysts anticipate that Intuit Inc. will post 14.06 earnings per share for the current year.

Intuit raises dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 18th. Stockholders of record on Thursday, October 10th will be given a $1.04 dividend. This represents an annualized dividend of $4.16 and a yield of 0.66%. The ex-dividend date of this dividend is Thursday, October 10. This is an increase from Intuit’s previous quarterly dividend of $0.90. Intuit’s dividend yield is 33.21%.

Analysts on Wall Street are forecasting an increase

INTU has been the subject of several analyst reports. Piper Sandler reissued an “overweight” rating and issued a $768.00 price objective (up from $760.00) on shares of Intuit in a research note on Friday, August 23rd. JPMorgan Chase & Co. boosted their price objective on Intuit from $585.00 to $600.00 and gave the company a “neutral” rating in a research report on Friday, August 23rd. KeyCorp boosted their price target on Intuit from $720.00 to $740.00 and gave the stock an “overweight” rating in a research report on Monday, May 20th. StockNews.com upgraded Intuit from a “hold” rating to a “buy” rating in a research note on Saturday. Finally, Royal Bank of Canada started coverage on shares of Intuit in a research report on Wednesday, July 3rd. They set an “outperform” rating and a $760.00 price objective on the stock. Five analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the stock. Intuit has a consensus rating of “Moderate Buy” and a consensus price target of $716.35, based on data from MarketBeat.

Get the latest stock analysis on Intuit

Intuit profile

(Free report)

Intuit Inc provides financial management and compliance products and services for consumers, small businesses, self-employed individuals and accounting professionals in the United States, Canada and internationally. The company operates in four segments: Small Business and Self-Employed, Consumer, Credit Karma and ProTax.

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