Connecticut Wealth Management LLC Buys 1,046 Shares of Intuit Inc. (NASDAQ:INTU)

Connecticut Wealth Management LLC grew its position in Intuit Inc. (NASDAQ:INTU) by 116.9% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,941 shares of the software maker’s stock after purchasing an additional 1,046 shares during the period. Connecticut Wealth Management LLC’s holdings in Intuit were worth $1,213,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. NewSquare Capital LLC purchased a new stake in Intuit during the third quarter valued at about $25,000. DiNuzzo Private Wealth Inc. purchased a new stake in Intuit in the fourth quarter worth approximately $25,000. Cape Investment Advisory Inc. purchased a new position in shares of Intuit during the third quarter worth approximately $26,000. MCF Advisors LLC boosted its stake in shares of Intuit by 119.0% in the 4th quarter. MCF Advisors LLC now owns 46 shares of the software maker’s stock valued at $29,000 after purchasing an additional 25 shares in the last quarter. Finally, Aspire Private Capital LLC grew its holdings in shares of Intuit by 144.4% during the 3rd quarter. Aspire Private Capital LLC now owns 66 shares of the software maker’s stock valued at $34,000 after purchasing an additional 39 shares during the last quarter. 83.66% of the stock is currently owned by hedge funds and other institutional investors.

Intuit Stock Performance

Shares of NASDAQ:INTU traded up $15.23 during mid-day trading on Friday, reaching $629.27. 1,109,512 shares of the company traded hands, compared to its average volume of 1,209,705. The company’s 50 day moving average price is $637.56 and its 200-day moving average price is $606.70. The firm has a market cap of $176.20 billion, a PE ratio of 64.21, a PEG ratio of 3.83 and a beta of 1.22. Intuit Inc. has a 52 week low of $400.22 and a 52 week high of $671.01. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.17 and a quick ratio of 1.17.

Intuit (NASDAQ:INTU) last posted its quarterly earnings results on Thursday, February 22nd. The software maker reported $2.63 earnings per share for the quarter, topping the consensus estimate of $2.30 by $0.33. Intuit had a return on equity of 17.51% and a net margin of 18.35%. The business had revenue of $3.39 billion during the quarter, compared to the consensus estimate of $3.39 billion. During the same period in the prior year, the company posted $1.05 EPS. The firm’s revenue for the quarter was up 11.3% compared to the same quarter last year. On average, equities analysts expect that Intuit Inc. will post 11.27 EPS for the current fiscal year.

Intuit Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, April 18th. Investors of record on Wednesday, April 10th were given a $0.90 dividend. The ex-dividend date of this dividend was Tuesday, April 9th. This represents a $3.60 dividend on an annualized basis and a dividend yield of 0.57%. Intuit’s dividend payout ratio is currently 36.73%.

Insider Activity at Intuit

In other news, CAO Lauren D. Hotz sold 745 shares of the stock in a transaction that occurred on Monday, February 26th. The stock was sold at an average price of $655.13, for a total transaction of $488,071.85. Following the completion of the transaction, the chief accounting officer now directly owns 3,180 shares in the company, valued at approximately $2,083,313.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, EVP Kerry J. Mclean sold 3,692 shares of the company’s stock in a transaction dated Tuesday, February 27th. The shares were sold at an average price of $663.84, for a total transaction of $2,450,897.28. Following the transaction, the executive vice president now directly owns 22,948 shares in the company, valued at approximately $15,233,800.32. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Lauren D. Hotz sold 745 shares of the business’s stock in a transaction that occurred on Monday, February 26th. The shares were sold at an average price of $655.13, for a total value of $488,071.85. Following the transaction, the chief accounting officer now owns 3,180 shares of the company’s stock, valued at approximately $2,083,313.40. The disclosure for this sale can be found here. Over the last three months, insiders sold 4,717 shares of company stock valued at $3,117,156. Insiders own 2.90% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages recently commented on INTU. Stifel Nicolaus raised their price target on Intuit from $600.00 to $720.00 and gave the stock a “buy” rating in a research note on Friday, February 23rd. KeyCorp increased their price target on shares of Intuit from $700.00 to $720.00 and gave the stock an “overweight” rating in a research note on Wednesday, March 27th. BMO Capital Markets reiterated an “outperform” rating and set a $700.00 target price on shares of Intuit in a report on Tuesday, March 26th. Susquehanna upped their price target on Intuit from $700.00 to $775.00 and gave the stock a “positive” rating in a research note on Friday, February 23rd. Finally, JPMorgan Chase & Co. upped their target price on shares of Intuit from $560.00 to $585.00 and gave the stock a “neutral” rating in a research report on Friday, February 23rd. Four research analysts have rated the stock with a hold rating and nineteen have given a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $650.23.

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.