Fairway Wealth LLC Takes Position in Intuit Inc. (NASDAQ:INTU)

Fairway Wealth LLC bought a new position in shares of Intuit Inc. (NASDAQ:INTU) in the second quarter, HoldingsChannel reports. The institutional investor bought 40 shares of the software maker’s stock, valued at approximately $26,000.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. LGT Financial Advisors LLC acquired a new stake in Intuit during the second quarter worth approximately $25,000. Cultivar Capital Inc. bought a new position in shares of Intuit during the second quarter worth approximately $26,000. Hobbs Group Advisors LLC acquired a new stake in Intuit during the 2nd quarter worth approximately $35,000. Trifecta Capital Advisors LLC boosted its stake 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 period. Finally, J.Safra Asset Management Corp bought a new stake in Intuit in the 2nd quarter valued at $39,000. Institutional investors own 83.66% of the company’s stock.

Analyst Upgrades and Downgrades

INTU has been the subject of a number of research reports. KeyCorp lifted their target price on Intuit from $720.00 to $740.00 and gave the stock an “overweight” rating in a report on Monday, May 20th. UBS Group lifted their price objective on shares of Intuit from $625.00 to $670.00 and gave the stock a “neutral” rating in a research note on Monday, May 20th. Piper Sandler restated an “overweight” rating and set a $768.00 target price (up previously from $760.00) on shares of Intuit in a research report on Friday, August 23rd. Citigroup boosted their price target on Intuit from $727.00 to $750.00 and gave the company a “buy” rating in a research note on Friday, June 28th. Finally, Erste Group Bank reissued a “hold” rating on shares of Intuit in a research report on Friday, June 14th. Five research analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the stock. According to MarketBeat.com, Intuit has a consensus rating of “Moderate Buy” and a consensus price target of $720.37.

Intuit Price Performance

INTU stock opened at $646.25 on Tuesday. The stock has a market cap of $180.66 billion, a price-to-earnings ratio of 59.62, a P/E/G ratio of 3.14 and a beta of 1.24. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.29 and a quick ratio of 1.29. The company has a 50 day simple moving average of $636.37 and a 200 day simple moving average of $631.44. Intuit Inc. has a 1 year low of $473.56 and a 1 year high of $676.62.

Intuit (NASDAQ:INTU) last issued 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 return on equity of 18.64% and a net margin of 18.19%. The business had revenue of $3.18 billion for the quarter, compared to analyst estimates of $3.08 billion. During the same quarter in the previous year, the company posted $0.40 EPS. Intuit’s quarterly revenue was up 17.4% compared to the same quarter last year. Research analysts anticipate that Intuit Inc. will post 14.06 EPS for the current fiscal year.

Intuit Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 18th. Investors 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 is an increase from Intuit’s previous quarterly dividend of $0.90. This represents a $4.16 annualized dividend and a yield of 0.64%. Intuit’s dividend payout ratio (DPR) is currently 38.38%.

Insiders Place Their Bets

In other news, EVP Alex G. Balazs sold 2,941 shares of the firm’s stock in a transaction on Tuesday, September 10th. The shares were sold at an average price of $628.76, for a total transaction of $1,849,183.16. Following the completion of the transaction, the executive vice president now owns 20 shares of the company’s stock, valued at $12,575.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, EVP Alex G. Balazs sold 2,941 shares of the stock in a transaction on Tuesday, September 10th. The stock was sold at an average price of $628.76, for a total value of $1,849,183.16. Following the completion of the sale, the executive vice president now directly owns 20 shares in the company, valued at $12,575.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Mark P. Notarainni sold 965 shares of Intuit stock in a transaction dated Tuesday, July 2nd. The stock was 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 disclosure for this sale can be found here. Insiders have 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 insiders.

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.