Freedom Investment Management Inc. Raises Stock Position in Intuit Inc. (NASDAQ:INTU)

Freedom Investment Management Inc. grew its position in Intuit Inc. (NASDAQ:INTU) by 8.2% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 2,931 shares of the software maker’s stock after buying an additional 221 shares during the quarter. Freedom Investment Management Inc.’s holdings in Intuit were worth $1,820,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the company. LGT Financial Advisors LLC purchased a new position in Intuit during the 2nd quarter valued at about $25,000. Cultivar Capital Inc. bought a new position in shares of Intuit during the second quarter valued at approximately $26,000. Fairway Wealth LLC purchased a new position in Intuit during the second quarter valued at approximately $26,000. Northwest Investment Counselors LLC purchased a new stake in Intuit during the third quarter worth $27,000. Finally, Hobbs Group Advisors LLC bought a new stake in Intuit during the 2nd quarter valued at $35,000. Hedge funds and other institutional investors own 83.66% of the company’s stock.

Intuit Price Performance

NASDAQ:INTU opened at $636.17 on Thursday. The company has a current ratio of 1.24, a quick ratio of 1.24 and a debt-to-equity ratio of 0.31. The stock has a 50 day moving average of $634.52 and a two-hundred day moving average of $631.32. The firm has a market cap of $178.15 billion, a P/E ratio of 61.76, a price-to-earnings-growth ratio of 3.14 and a beta of 1.25. Intuit Inc. has a 12 month low of $557.29 and a 12 month high of $714.78.

Intuit (NASDAQ:INTU) last released its earnings results on Thursday, November 21st. The software maker reported $2.50 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.36 by $0.14. The business had revenue of $3.28 billion during the quarter, compared to analyst estimates of $3.14 billion. Intuit had a net margin of 17.59% and a return on equity of 18.25%. The company’s revenue for the quarter was up 10.2% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.14 earnings per share. On average, analysts expect that Intuit Inc. will post 14.05 earnings per share for the current fiscal year.

Intuit Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, January 17th. Investors of record on Thursday, January 9th will be issued a $1.04 dividend. The ex-dividend date of this dividend is Thursday, January 9th. This represents a $4.16 annualized dividend and a dividend yield of 0.65%. Intuit’s dividend payout ratio is presently 40.39%.

Insider Buying and Selling

In related news, insider Scott D. Cook sold 75,000 shares of the firm’s stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $641.82, for a total value of $48,136,500.00. Following the sale, the insider now owns 6,378,105 shares of the company’s stock, valued at $4,093,595,351.10. This trade represents a 1.16 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Kerry J. Mclean sold 11,079 shares of the stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $631.61, for a total value of $6,997,607.19. Following the completion of the transaction, the executive vice president now directly owns 24,941 shares in the company, valued at $15,752,985.01. This trade represents a 30.76 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 130,265 shares of company stock worth $83,336,625. Insiders own 2.90% of the company’s stock.

Analyst Ratings Changes

INTU has been the topic of a number of recent research reports. Bank of America raised their price objective on Intuit from $730.00 to $780.00 and gave the company a “buy” rating in a research report on Friday, August 23rd. Morgan Stanley raised their target price on shares of Intuit from $685.00 to $730.00 and gave the company an “equal weight” rating in a research note on Friday, November 22nd. Oppenheimer increased their price objective on Intuit from $712.00 to $722.00 and gave the company an “outperform” rating in a report on Friday, November 22nd. StockNews.com lowered Intuit from a “buy” rating to a “hold” rating in a research report on Friday, November 22nd. Finally, Piper Sandler decreased their price objective on shares of Intuit from $768.00 to $765.00 and set an “overweight” rating for the company in a research report on Friday, November 22nd. Six research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $737.44.

Intuit 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.