W.H. Cornerstone Investments Inc. Boosts Stake in Intuit Inc. (NASDAQ:INTU)

W.H. Cornerstone Investments Inc. raised its position in Intuit Inc. (NASDAQ:INTU) by 12.7% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 797 shares of the software maker’s stock after purchasing an additional 90 shares during the quarter. W.H. Cornerstone Investments Inc.’s holdings in Intuit were worth $498,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Parnassus Investments LLC lifted its stake in Intuit by 42,268.5% during the 3rd quarter. Parnassus Investments LLC now owns 610,954 shares of the software maker’s stock worth $312,161,000 after acquiring an additional 609,512 shares in the last quarter. Wellington Management Group LLP lifted its position in shares of Intuit by 61.5% during the third quarter. Wellington Management Group LLP now owns 1,350,929 shares of the software maker’s stock worth $690,244,000 after purchasing an additional 514,259 shares in the last quarter. International Assets Investment Management LLC boosted its stake in shares of Intuit by 60,534.9% in the fourth quarter. International Assets Investment Management LLC now owns 472,952 shares of the software maker’s stock valued at $295,609,000 after purchasing an additional 472,172 shares during the period. Fisher Asset Management LLC grew its holdings in shares of Intuit by 9.5% in the fourth quarter. Fisher Asset Management LLC now owns 3,114,957 shares of the software maker’s stock valued at $1,946,943,000 after purchasing an additional 270,414 shares in the last quarter. Finally, FMR LLC increased its stake in Intuit by 5.0% during the 3rd quarter. FMR LLC now owns 5,636,635 shares of the software maker’s stock worth $2,879,982,000 after buying an additional 266,803 shares during the period. Hedge funds and other institutional investors own 83.66% of the company’s stock.

Insider Buying and Selling

In other news, EVP Alex G. Balazs sold 280 shares of Intuit stock in a transaction dated Wednesday, March 20th. The shares were sold at an average price of $636.38, for a total value of $178,186.40. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In other Intuit news, EVP Alex G. Balazs sold 280 shares of Intuit stock in a transaction that occurred on Wednesday, March 20th. The stock was sold at an average price of $636.38, for a total value of $178,186.40. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CAO Lauren D. Hotz sold 745 shares of the business’s stock in a transaction that occurred on Monday, February 26th. The stock was 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 in the company, valued at approximately $2,083,313.40. The disclosure for this sale can be found here. Insiders sold a total of 4,717 shares of company stock valued at $3,117,156 over the last three months. 2.90% of the stock is currently owned by company insiders.

Intuit Stock Performance

Shares of INTU stock traded up $15.23 during trading hours on Friday, hitting $629.27. The stock had a trading volume of 1,109,512 shares, compared to its average volume of 1,209,705. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.17 and a quick ratio of 1.17. The firm has a market capitalization of $176.20 billion, a PE ratio of 64.21, a PEG ratio of 3.83 and a beta of 1.22. The stock’s 50 day moving average is $637.56 and its 200 day moving average is $606.70. Intuit Inc. has a twelve month low of $400.22 and a twelve month high of $671.01.

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

Intuit Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, April 18th. Investors of record on Wednesday, April 10th were issued a dividend of $0.90 per share. This represents a $3.60 annualized dividend and a dividend yield of 0.57%. The ex-dividend date was Tuesday, April 9th. Intuit’s dividend payout ratio is presently 36.73%.

Analysts Set New Price Targets

INTU has been the subject of several recent research reports. Mizuho raised their price target on shares of Intuit from $670.00 to $725.00 and gave the company a “buy” rating in a research report on Friday, February 23rd. StockNews.com upgraded Intuit from a “hold” rating to a “buy” rating in a report on Tuesday, April 30th. Piper Sandler increased their price target on Intuit from $642.00 to $750.00 and gave the company an “overweight” rating in a research report on Friday, February 23rd. Barclays boosted their price objective on Intuit from $735.00 to $745.00 and gave the stock an “overweight” rating in a research report on Friday, February 23rd. Finally, Susquehanna raised their target price on shares of Intuit from $700.00 to $775.00 and gave the company a “positive” rating in a 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 company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $650.23.

About Intuit

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.