Carderock Capital Management Inc. Increases Stake in Intuit Inc. (NASDAQ:INTU)

31 Dec 2023, 14:50 by Jessica Moore · The Cerbat Gem

Carderock Capital Management Inc. lifted its stake in shares of Intuit Inc. (NASDAQ:INTU – Free Report) by 1.8% during the 3rd quarter, Holdings Channel reports. The fund owned 10,230 shares of the software maker’s stock after buying an additional 182 shares during the quarter. Carderock Capital Management Inc.’s holdings in Intuit were worth $5,227,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of INTU. Raleigh Capital Management Inc. raised its holdings in shares of Intuit by 100.0% during the 1st quarter. Raleigh Capital Management Inc. now owns 58 shares of the software maker’s stock worth $26,000 after acquiring an additional 29 shares during the period. Steward Financial Group LLC raised its holdings in shares of Intuit by 50.0% during the 3rd quarter. Steward Financial Group LLC now owns 60 shares of the software maker’s stock worth $30,000 after acquiring an additional 20 shares during the period. GPS Wealth Strategies Group LLC increased its position in shares of Intuit by 71.1% during the 2nd quarter. GPS Wealth Strategies Group LLC now owns 77 shares of the software maker’s stock worth $35,000 after purchasing an additional 32 shares during the last quarter. Key Financial Inc increased its position in shares of Intuit by 95.1% during the 2nd quarter. Key Financial Inc now owns 80 shares of the software maker’s stock worth $37,000 after purchasing an additional 39 shares during the last quarter. Finally, Rise Advisors LLC increased its position in shares of Intuit by 313.6% during the 3rd quarter. Rise Advisors LLC now owns 91 shares of the software maker’s stock worth $47,000 after purchasing an additional 69 shares during the last quarter. Hedge funds and other institutional investors own 82.63% of the company’s stock.

Insider Buying and Selling at Intuit

In other Intuit news, EVP Mark P. Notarainni sold 358 shares of the business’s stock in a transaction that occurred on Tuesday, October 3rd. The stock was sold at an average price of $511.29, for a total value of $183,041.82. Following the completion of the sale, the executive vice president now owns 869 shares in the company, valued at $444,311.01. The sale was disclosed in a document filed with the SEC, which is available through this link. In other Intuit news, EVP Mark P. Notarainni sold 358 shares of the business’s stock in a transaction that occurred on Tuesday, October 3rd. The stock was sold at an average price of $511.29, for a total value of $183,041.82. Following the completion of the sale, the executive vice president now owns 869 shares in the company, valued at $444,311.01. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, Director Raul Vazquez sold 1,938 shares of the business’s stock in a transaction that occurred on Thursday, October 5th. The shares were sold at an average price of $516.52, for a total value of $1,001,015.76. Following the completion of the sale, the director now owns 1,631 shares of the company’s stock, valued at approximately $842,444.12. The disclosure for this sale can be found here. Over the last quarter, insiders sold 98,264 shares of company stock worth $55,839,500. 2.90% of the stock is owned by insiders.

Intuit Stock Down 0.5 %

INTU stock traded down $2.99 during trading on Friday, hitting $625.03. 724,658 shares of the company’s stock were exchanged, compared to its average volume of 1,277,177. The business has a 50-day moving average price of $560.36 and a two-hundred day moving average price of $522.57. The stock has a market capitalization of $174.95 billion, a price-to-earnings ratio of 68.31, a PEG ratio of 3.76 and a beta of 1.21. Intuit Inc. has a 52-week low of $370.62 and a 52-week high of $631.07. The company has a current ratio of 1.25, a quick ratio of 1.25 and a debt-to-equity ratio of 0.35.

Intuit (NASDAQ:INTU – Get Free Report) last posted its earnings results on Tuesday, November 28th. The software maker reported $2.47 earnings per share for the quarter, topping the consensus estimate of $1.98 by $0.49. The firm had revenue of $2.98 billion during the quarter, compared to analysts’ expectations of $2.88 billion. Intuit had a return on equity of 17.34% and a net margin of 17.53%. The firm’s revenue was up 14.7% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.57 earnings per share. As a group, equities research analysts expect that Intuit Inc. will post 11.26 EPS for the current year.

Intuit Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, January 18th. Investors of record on Wednesday, January 10th will be paid a dividend of $0.90 per share. This represents a $3.60 annualized dividend and a yield of 0.58%. The ex-dividend date is Tuesday, January 9th. Intuit’s payout ratio is 39.34%.

Wall Street Analyst Weigh In

INTU has been the subject of a number of recent analyst reports. StockNews.com initiated coverage on Intuit in a research report on Thursday, October 5th. They set a “buy” rating for the company. HSBC initiated coverage on Intuit in a research report on Friday, September 29th. They set a “hold” rating and a $520.00 price objective for the company. Morgan Stanley raised their price objective on Intuit from $525.00 to $570.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 29th. Oppenheimer lifted their target price on Intuit from $530.00 to $610.00 and gave the company an “outperform” rating in a research report on Wednesday, November 29th. Finally, Stifel Nicolaus lifted their target price on Intuit from $550.00 to $600.00 and gave the company a “buy” rating in a research report on Wednesday, November 29th. Four research analysts have rated the stock with a hold rating and twenty-one have assigned a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $587.67.

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