Arthur M. Cohen & Associates LLC Takes Position in Intuit Inc. (NASDAQ:INTU)

Arthur M. Cohen & Associates LLC acquired a new position in Intuit Inc. (NASDAQ:INTU) during the fourth quarter, HoldingsChannel.com reports. The fund acquired 323 shares of the software maker’s stock, valued at approximately $203,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Retirement Wealth Solutions LLC bought a new position in Intuit in the fourth quarter worth approximately $58,000. Brooklyn Investment Group increased its stake in shares of Intuit by 2.1% in the 4th quarter. Brooklyn Investment Group now owns 2,185 shares of the software maker’s stock worth $1,373,000 after purchasing an additional 45 shares in the last quarter. Merit Financial Group LLC increased its stake in shares of Intuit by 53.9% in the 4th quarter. Merit Financial Group LLC now owns 3,999 shares of the software maker’s stock worth $2,513,000 after purchasing an additional 1,400 shares in the last quarter. Wedge Capital Management L L P NC raised its holdings in Intuit by 9.1% in the 4th quarter. Wedge Capital Management L L P NC now owns 100,981 shares of the software maker’s stock worth $63,467,000 after purchasing an additional 8,441 shares during the period. Finally, Relyea Zuckerberg Hanson LLC lifted its position in Intuit by 9.4% during the fourth quarter. Relyea Zuckerberg Hanson LLC now owns 709 shares of the software maker’s stock valued at $446,000 after purchasing an additional 61 shares in the last quarter. Hedge funds and other institutional investors own 83.66% of the company’s stock.

Analyst Ratings Changes

INTU has been the topic of a number of analyst reports. BNP Paribas cut Intuit from a “neutral” rating to an “underperform” rating and set a $530.00 price objective on the stock. in a research report on Wednesday. Piper Sandler reiterated an “overweight” rating and issued a $765.00 price target on shares of Intuit in a research report on Friday, January 10th. Jefferies Financial Group raised their price objective on shares of Intuit from $790.00 to $800.00 and gave the company a “buy” rating in a research report on Friday, November 22nd. Royal Bank of Canada restated an “outperform” rating and set a $760.00 target price on shares of Intuit in a research note on Friday, November 22nd. Finally, Oppenheimer increased their price target on Intuit from $712.00 to $722.00 and gave the stock an “outperform” rating in a research note on Friday, November 22nd. One analyst has rated the stock with a sell rating, six have issued a hold rating and fourteen have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $726.53.

Intuit Stock Performance

Shares of NASDAQ:INTU opened at $604.13 on Friday. The firm has a fifty day simple moving average of $647.69 and a two-hundred day simple moving average of $637.39. Intuit Inc. has a 52 week low of $557.29 and a 52 week high of $714.78. The company has a quick ratio of 1.24, a current ratio of 1.24 and a debt-to-equity ratio of 0.31. The stock has a market capitalization of $169.11 billion, a P/E ratio of 58.65, a PEG ratio of 3.07 and a beta of 1.25.

Intuit (NASDAQ:INTU) last released its quarterly earnings results on Thursday, November 21st. The software maker reported $2.50 EPS for the quarter, topping the consensus estimate of $2.36 by $0.14. Intuit had a return on equity of 18.25% and a net margin of 17.59%. The company had revenue of $3.28 billion during the quarter, compared to analyst estimates of $3.14 billion. During the same quarter last year, the business posted $1.14 earnings per share. The firm’s revenue was up 10.2% on a year-over-year basis. On average, analysts expect that Intuit Inc. will post 14.09 earnings per share for the current fiscal year.

Intuit Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, January 17th. Investors of record on Thursday, January 9th were issued a dividend of $1.04 per share. The ex-dividend date was Friday, January 10th. This represents a $4.16 annualized dividend and a yield of 0.69%. Intuit’s payout ratio is presently 40.39%.

Insider Buying and Selling

In other Intuit news, CAO Lauren D. Hotz sold 1,078 shares of the business’s stock in a transaction that occurred on Friday, January 10th. The stock was sold at an average price of $619.28, for a total transaction of $667,583.84. Following the completion of the transaction, the chief accounting officer now owns 1,864 shares in the company, valued at $1,154,337.92. The trade was a 36.64 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Alex G. Balazs sold 23,810 shares of the stock in a transaction that occurred on Thursday, December 12th. The stock was sold at an average price of $665.98, for a total value of $15,856,983.80. Following the completion of the sale, the executive vice president now owns 489 shares in the company, valued at approximately $325,664.22. The trade was a 97.99 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 293,014 shares of company stock worth $188,992,187 over the last three months. 2.68% of the stock is 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.