Grimes & Company Inc. Acquires 24 Shares of Intuit Inc. (NASDAQ:INTU)

Grimes & Company Inc. raised its holdings in shares of Intuit Inc. (NASDAQ:INTU) by 6.6% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 390 shares of the software maker’s stock after acquiring an additional 24 shares during the quarter. Grimes & Company Inc.’s holdings in Intuit were worth $240,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of the business. Copia Wealth Management purchased a new position in shares of Intuit during the fourth quarter valued at about $25,000. NewSquare Capital LLC grew its position in shares of Intuit by 72.0% during the fourth quarter. NewSquare Capital LLC now owns 43 shares of the software maker’s stock valued at $27,000 after purchasing an additional 18 shares in the last quarter. Summit Securities Group LLC purchased a new position in shares of Intuit during the fourth quarter valued at about $28,000. Heck Capital Advisors LLC purchased a new position in shares of Intuit during the fourth quarter valued at about $28,000. Finally, VSM Wealth Advisory LLC purchased a new position in shares of Intuit during the fourth quarter valued at about $35,000. 83.66% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

INTU has been the subject of a number of research analyst reports. HSBC upgraded Intuit from a “hold” rating to a “buy” rating and set a $699.00 price objective for the company in a research report on Wednesday, April 23rd. UBS Group set a $750.00 price objective on Intuit and gave the stock a “neutral” rating in a research note on Friday, May 23rd. Wall Street Zen upgraded Intuit from a “hold” rating to a “buy” rating in a research report on Tuesday, April 29th. Royal Bank Of Canada reiterated an “outperform” rating and issued a $850.00 target price (up previously from $760.00) on shares of Intuit in a report on Friday, May 23rd. Finally, Stifel Nicolaus lifted their target price on Intuit from $725.00 to $850.00 and gave the stock a “buy” rating in a report on Friday, May 23rd. One research analyst has rated the stock with a sell rating, two have given a hold rating, twenty have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Intuit has a consensus rating of “Moderate Buy” and a consensus target price of $787.95.

Insider Activity at Intuit

In related news, insider Scott D. Cook sold 72,442 shares of the business’s stock in a transaction that occurred 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 completion of the transaction, the insider now owns 6,063,495 shares of the company’s stock, valued at $4,494,808,208.55. The trade was a 1.18% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Alex G. Balazs sold 1,459 shares of the business’s stock in a transaction that occurred on Thursday, June 5th. The stock was sold at an average price of $770.80, for a total transaction of $1,124,597.20. The disclosure for this sale can be found here. Over the last quarter, insiders sold 286,706 shares of company stock worth $212,420,665. Company insiders own 2.68% of the company’s stock.

Intuit Stock Down 1.3%

Shares of NASDAQ INTU opened at $754.83 on Thursday. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.45 and a current ratio of 1.45. The firm has a market capitalization of $210.56 billion, a price-to-earnings ratio of 61.27, a PEG ratio of 3.40 and a beta of 1.28. The stock has a 50 day moving average price of $675.86 and a 200 day moving average price of $632.87. Intuit Inc. has a 52-week low of $532.65 and a 52-week high of $773.45.

Intuit (NASDAQ:INTU) last announced its quarterly earnings results on Thursday, May 22nd. The software maker reported $11.65 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $10.89 by $0.76. The firm had revenue of $7.75 billion during the quarter, compared to analyst estimates of $7.56 billion. Intuit had a return on equity of 21.46% and a net margin of 19.07%. Intuit’s quarterly revenue was up 15.1% on a year-over-year basis. During the same quarter in the previous year, the business earned $9.88 earnings per share. Sell-side analysts expect that Intuit Inc. will post 14.09 earnings per share for the current year.

Intuit Announces Dividend

The company 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 dividend on an annualized basis and a dividend yield of 0.55%. Intuit’s payout ratio is 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.