Charles Schwab Investment Management Inc. Buys 44,332 Shares of Intuit Inc. (NASDAQ:INTU)

Charles Schwab Investment Management Inc. lifted its stake in shares of Intuit Inc. (NASDAQ:INTU) by 2.9% in the fourth quarter, HoldingsChannel.com reports. The fund owned 1,571,602 shares of the software maker’s stock after acquiring an additional 44,332 shares during the quarter. Charles Schwab Investment Management Inc.’s holdings in Intuit were worth $982,299,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in INTU. Concord Wealth Partners lifted its holdings in shares of Intuit by 10.5% during the 3rd quarter. Concord Wealth Partners now owns 673 shares of the software maker’s stock worth $344,000 after acquiring an additional 64 shares during the last quarter. BluePath Capital Management LLC bought a new stake in Intuit in the third quarter worth $43,000. Mackenzie Financial Corp lifted its stake in Intuit by 0.8% in the third quarter. Mackenzie Financial Corp now owns 205,080 shares of the software maker’s stock worth $104,074,000 after purchasing an additional 1,635 shares during the last quarter. Brighton Jones LLC lifted its stake in Intuit by 2.6% in the third quarter. Brighton Jones LLC now owns 2,753 shares of the software maker’s stock worth $1,407,000 after purchasing an additional 71 shares during the last quarter. Finally, Calamos Wealth Management LLC lifted its stake in Intuit by 32.0% in the third quarter. Calamos Wealth Management LLC now owns 20,056 shares of the software maker’s stock worth $10,247,000 after purchasing an additional 4,865 shares during the last quarter. 83.66% of the stock is owned by institutional investors.

Intuit Stock Down 1.5 %

NASDAQ:INTU traded down $9.51 during trading hours on Wednesday, reaching $631.64. 358,405 shares of the company traded hands, compared to its average volume of 1,221,858. The company has a current ratio of 1.17, a quick ratio of 1.17 and a debt-to-equity ratio of 0.35. The business’s 50-day moving average price is $636.41 and its two-hundred day moving average price is $608.45. Intuit Inc. has a 1 year low of $400.22 and a 1 year high of $671.01. The stock has a market capitalization of $176.86 billion, a P/E ratio of 65.42, a P/E/G ratio of 3.83 and a beta of 1.22.

Intuit (NASDAQ:INTU) last announced its quarterly earnings results on Thursday, February 22nd. The software maker reported $2.63 earnings per share for the quarter, beating the consensus estimate of $2.30 by $0.33. Intuit had a net margin of 18.35% and a return on equity of 17.51%. The company had revenue of $3.39 billion during the quarter, compared to the consensus estimate of $3.39 billion. During the same quarter last year, the firm earned $1.05 earnings per share. The firm’s quarterly revenue was up 11.3% compared to the same quarter last year. Analysts predict that Intuit Inc. will post 11.27 earnings per share for the current year.

Intuit Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, April 18th. Stockholders of record on Wednesday, April 10th were issued a dividend of $0.90 per share. This represents a $3.60 dividend on an annualized basis and a dividend yield of 0.57%. The ex-dividend date was Tuesday, April 9th. Intuit’s payout ratio is currently 36.73%.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on INTU shares. Evercore ISI boosted their price target on shares of Intuit from $670.00 to $725.00 and gave the stock an “outperform” rating in a research note on Friday, February 23rd. Oppenheimer boosted their price objective on shares of Intuit from $678.00 to $712.00 and gave the company an “outperform” rating in a research report on Friday, February 23rd. BMO Capital Markets restated an “outperform” rating and issued a $700.00 price objective on shares of Intuit in a research report on Tuesday, March 26th. Piper Sandler boosted their price objective on shares of Intuit from $642.00 to $750.00 and gave the company an “overweight” rating in a research report on Friday, February 23rd. Finally, Wells Fargo & Company boosted their price objective on shares of Intuit from $615.00 to $710.00 and gave the company an “overweight” rating in a research report on Wednesday, February 21st. Five analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $650.23.

Insider Activity

In other news, CAO Lauren D. Hotz sold 745 shares of Intuit stock in a transaction that occurred on Monday, February 26th. The shares were sold at an average price of $655.13, for a total value of $488,071.85. Following the completion of the sale, the chief accounting officer now directly owns 3,180 shares in the company, valued at $2,083,313.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, EVP Kerry J. Mclean sold 3,692 shares of the business’s stock in a transaction that occurred on Tuesday, February 27th. The shares were sold at an average price of $663.84, for a total transaction of $2,450,897.28. Following the completion of the sale, the executive vice president now directly owns 22,948 shares in the company, valued at $15,233,800.32. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Lauren D. Hotz sold 745 shares of the stock in a transaction that occurred on Monday, February 26th. The stock was sold at an average price of $655.13, for a total transaction of $488,071.85. Following the completion of the transaction, the chief accounting officer now owns 3,180 shares in the company, valued at $2,083,313.40. The disclosure for this sale can be found here. Insiders have sold a total of 4,717 shares of company stock valued at $3,117,156 over the last ninety days. 2.90% of the stock is currently owned by corporate 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.