Atlanta Consulting Group Advisors LLC Makes New Investment in Intuit Inc. (NASDAQ:INTU)

Atlanta Consulting Group Advisors LLC purchased a new stake in Intuit Inc. (NASDAQ:INTU) in the third quarter, according to its most recent filing with the SEC. The fund purchased 637 shares of the software maker’s stock, valued at approximately $396,000.

Other institutional investors have also made changes to their positions in the company. LGT Financial Advisors LLC bought a new stake in Intuit during the second quarter valued at $25,000. Cultivar Capital Inc. acquired a new position in shares of Intuit in the 2nd quarter valued at about $26,000. Fairway Wealth LLC bought a new stake in shares of Intuit during the 2nd quarter valued at about $26,000. Northwest Investment Counselors LLC acquired a new stake in Intuit during the third quarter worth about $27,000. Finally, Hobbs Group Advisors LLC bought a new position in Intuit in the second quarter worth about $35,000. 83.66% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

INTU has been the subject of several recent research reports. Bank of America upped their target price on Intuit from $730.00 to $780.00 and gave the company a “buy” rating in a report on Friday, August 23rd. Piper Sandler restated an “overweight” rating and set a $768.00 price objective on shares of Intuit in a research note on Friday, September 27th. StockNews.com upgraded Intuit from a “hold” rating to a “buy” rating in a research note on Monday, September 30th. Stifel Nicolaus upped their price target on shares of Intuit from $690.00 to $795.00 and gave the stock a “buy” rating in a research report on Friday, August 23rd. Finally, Barclays lifted their price objective on shares of Intuit from $740.00 to $800.00 and gave the company an “overweight” rating in a research report on Friday. Four investment analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $739.24.

Intuit Trading Down 1.8 %

Shares of INTU stock opened at $687.87 on Monday. The stock has a 50-day simple moving average of $633.08 and a 200 day simple moving average of $630.19. The stock has a market capitalization of $192.80 billion, a P/E ratio of 65.82, a P/E/G ratio of 3.36 and a beta of 1.25. Intuit Inc. has a fifty-two week low of $552.68 and a fifty-two week high of $714.78. The company has a quick ratio of 1.29, a current ratio of 1.29 and a debt-to-equity ratio of 0.30.

Intuit (NASDAQ:INTU) last posted its quarterly earnings data on Thursday, August 22nd. The software maker reported $1.99 earnings per share for the quarter, beating the consensus estimate of $1.85 by $0.14. The company had revenue of $3.18 billion during the quarter, compared to analyst estimates of $3.08 billion. Intuit had a net margin of 18.19% and a return on equity of 18.64%. The business’s revenue for the quarter was up 17.4% on a year-over-year basis. During the same quarter last year, the firm posted $0.40 EPS. On average, sell-side analysts expect that Intuit Inc. will post 14.05 earnings per share for the current fiscal year.

Intuit Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, October 18th. Stockholders of record on Thursday, October 10th were given a dividend of $1.04 per share. This represents a $4.16 dividend on an annualized basis and a dividend yield of 0.60%. The ex-dividend date of this dividend was Thursday, October 10th. This is an increase from Intuit’s previous quarterly dividend of $0.90. Intuit’s dividend payout ratio is 39.81%.

Insider Transactions at Intuit

In related news, CFO Sandeep Aujla sold 775 shares of the firm’s stock in a transaction that occurred on Thursday, October 3rd. The shares were sold at an average price of $601.31, for a total value of $466,015.25. Following the completion of the transaction, the chief financial officer now owns 4,451 shares of the company’s stock, valued at approximately $2,676,430.81. This trade represents a 14.83 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Laura A. Fennell sold 30,159 shares of Intuit stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $642.36, for a total transaction of $19,372,935.24. Following the transaction, the executive vice president now owns 52,038 shares in the company, valued at approximately $33,427,129.68. The trade was a 36.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 55,297 shares of company stock valued at $35,220,046 in the last three months. 2.90% of the stock is currently owned by corporate 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.