Avantax Planning Partners Inc. Has $723,000 Position in Intuit Inc. (NASDAQ:INTU)

Avantax Planning Partners Inc. grew its stake in Intuit Inc. (NASDAQ:INTU) by 16.4% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,178 shares of the software maker’s stock after buying an additional 166 shares during the period. Avantax Planning Partners Inc.’s holdings in Intuit were worth $723,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. Copia Wealth Management bought a new position in Intuit during the fourth quarter worth $25,000. Summit Securities Group LLC acquired a new stake in Intuit during the 4th quarter worth about $28,000. Heck Capital Advisors LLC bought a new position in shares of Intuit in the 4th quarter worth about $28,000. VSM Wealth Advisory LLC bought a new position in shares of Intuit in the 4th quarter worth about $35,000. Finally, Rialto Wealth Management LLC acquired a new position in shares of Intuit in the 4th quarter valued at about $41,000. 83.66% of the stock is currently owned by institutional investors.

Intuit Stock Up 1.1%

INTU opened at $782.26 on Friday. Intuit Inc. has a fifty-two week low of $532.65 and a fifty-two week high of $790.60. The firm has a market capitalization of $218.21 billion, a P/E ratio of 63.49, a PEG ratio of 3.47 and a beta of 1.27. The company’s 50-day moving average is $718.90 and its 200 day moving average is $642.44. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.45 and a quick ratio of 1.45.

Intuit (NASDAQ:INTU) last posted its earnings results on Thursday, May 22nd. The software maker reported $11.65 EPS for the quarter, topping the consensus estimate of $10.89 by $0.76. The firm had revenue of $7.75 billion for the quarter, compared to analysts’ expectations of $7.56 billion. Intuit had a net margin of 19.07% and a return on equity of 21.46%. The company’s quarterly revenue was up 15.1% compared to the same quarter last year. During the same quarter last year, the firm earned $9.88 EPS. Research analysts expect that Intuit Inc. will post 14.09 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, July 18th. Investors of record on Thursday, July 10th will be given a dividend of $1.04 per share. The ex-dividend date of this dividend is Thursday, July 10th. This represents a $4.16 annualized dividend and a yield of 0.53%. Intuit’s payout ratio is currently 33.77%.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the company. CLSA assumed coverage on Intuit in a research note on Thursday, June 26th. They set an “outperform” rating and a $900.00 target price for the company. Piper Sandler reaffirmed an “overweight” rating and set a $825.00 price objective (up previously from $785.00) on shares of Intuit in a research report on Friday, May 23rd. Royal Bank Of Canada reiterated an “outperform” rating and set a $850.00 target price (up previously from $760.00) on shares of Intuit in a research report on Friday, May 23rd. Bank of America increased their target price on shares of Intuit from $730.00 to $875.00 and gave the stock a “buy” rating in a research note on Friday, May 23rd. Finally, JPMorgan Chase & Co. lifted their price target on shares of Intuit from $660.00 to $770.00 and gave the company an “overweight” rating in a research note on Friday, May 23rd. One research analyst has rated the stock with a sell rating, two have assigned a hold rating, twenty-one have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $793.05.

Insider Activity at Intuit

In related news, EVP Kerry J. Mclean sold 16,700 shares of the company’s stock in a transaction that occurred on Tuesday, May 27th. The stock was sold at an average price of $729.16, for a total value of $12,176,972.00. Following the transaction, the executive vice president owned 23,101 shares in the company, valued at approximately $16,844,325.16. This represents a 41.96% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Laura A. Fennell sold 25,648 shares of the stock in a transaction on Thursday, May 29th. The shares were sold at an average price of $752.25, for a total value of $19,293,708.00. Following the transaction, the executive vice president directly owned 22,796 shares of the company’s stock, valued at approximately $17,148,291. This trade represents a 52.94% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 275,661 shares of company stock valued at $206,491,776 in the last 90 days. 2.68% of the stock is currently owned by company insiders.

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.