Channel Wealth LLC Buys Shares of 380 Intuit Inc. (NASDAQ:INTU)

Channel Wealth LLC bought a new stake in shares of Intuit Inc. (NASDAQ:INTU) in the 1st quarter, according to its most recent 13F filing with the SEC. The firm bought 380 shares of the software maker’s stock, valued at approximately $233,000.

Several other hedge funds have also recently added to or reduced their stakes in the business. Portside Wealth Group LLC increased its holdings in Intuit by 13.6% during the 1st quarter. Portside Wealth Group LLC now owns 628 shares of the software maker’s stock valued at $395,000 after acquiring an additional 75 shares in the last quarter. Nixon Peabody Trust Co. increased its holdings in Intuit by 8.8% during the 1st quarter. Nixon Peabody Trust Co. now owns 2,125 shares of the software maker’s stock valued at $1,305,000 after acquiring an additional 171 shares in the last quarter. Financial Management Professionals Inc. increased its holdings in Intuit by 18.4% during the 1st quarter. Financial Management Professionals Inc. now owns 116 shares of the software maker’s stock valued at $71,000 after acquiring an additional 18 shares in the last quarter. Sendero Wealth Management LLC increased its holdings in Intuit by 67.9% during the 1st quarter. Sendero Wealth Management LLC now owns 12,988 shares of the software maker’s stock valued at $7,975,000 after acquiring an additional 5,253 shares in the last quarter. Finally, Strategic Planning Group LLC increased its holdings in Intuit by 13.5% during the 1st quarter. Strategic Planning Group LLC now owns 7,360 shares of the software maker’s stock valued at $4,520,000 after acquiring an additional 875 shares in the last quarter. 83.66% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on INTU. Wall Street Zen upgraded shares of Intuit from a “hold” rating to a “buy” rating in a report on Tuesday, April 29th. Piper Sandler reiterated an “overweight” rating and set a $825.00 price target (up from $785.00) on shares of Intuit in a report on Friday, May 23rd. Redburn Atlantic began coverage on shares of Intuit in a report on Wednesday, February 19th. They set a “neutral” rating for the company. Morgan Stanley reiterated an “overweight” rating and set a $785.00 price target (up from $720.00) on shares of Intuit in a report on Friday, May 23rd. Finally, Wells Fargo & Company reiterated an “overweight” rating and set a $825.00 price target (up from $775.00) on shares of Intuit in a report on Friday, May 23rd. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, twenty have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Intuit has a consensus rating of “Moderate Buy” and a consensus price target of $785.33.

Insider Activity at Intuit

In related news, insider Scott D. Cook sold 72,442 shares of the company’s stock in a transaction on Tuesday, May 27th. The shares were sold at an average price of $741.29, for a total value of $53,700,530.18. Following the sale, the insider now directly owns 6,063,495 shares of the company’s stock, valued at $4,494,808,208.55. This represents a 1.18% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Eve B. Burton sold 1,702 shares of the company’s stock in a transaction on Thursday, March 20th. The shares were sold at an average price of $600.00, for a total transaction of $1,021,200.00. Following the completion of the sale, the director now directly owns 8 shares in the company, valued at $4,800. This represents a 99.53% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 189,804 shares of company stock valued at $138,081,963 over the last ninety days. Corporate insiders own 2.68% of the company’s stock.

Intuit Trading Up 0.3%

NASDAQ INTU opened at $766.81 on Thursday. The company’s fifty day simple moving average is $640.03 and its 200-day simple moving average is $624.89. Intuit Inc. has a 52 week low of $532.65 and a 52 week high of $769.68. 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 market cap of $213.90 billion, a P/E ratio of 74.45, a PEG ratio of 2.85 and a beta of 1.24.

Intuit (NASDAQ:INTU) last posted its earnings results on Thursday, May 22nd. The software maker reported $11.65 EPS for the quarter, topping analysts’ consensus estimates of $10.89 by $0.76. Intuit had a net margin of 17.59% and a return on equity of 18.25%. The business had revenue of $7.75 billion for the quarter, compared to analysts’ expectations of $7.56 billion. During the same period in the previous year, the company posted $9.88 earnings per share. The business’s revenue for the quarter was up 15.1% compared to the same quarter last year. Equities research analysts predict that Intuit Inc. will post 14.09 EPS for the current fiscal year.

Intuit Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, July 18th. Investors of record on Thursday, July 10th will be issued a $1.04 dividend. The ex-dividend date of this dividend is Thursday, July 10th. This represents a $4.16 annualized dividend and a yield of 0.54%. Intuit’s dividend payout ratio is presently 33.77%.

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.