Westfuller Advisors LLC Makes New Investment in Intuit Inc. (NASDAQ:INTU)

Westfuller Advisors LLC purchased a new position in shares of Intuit Inc. (NASDAQ:INTU) during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 333 shares of the software maker’s stock, valued at approximately $207,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in INTU. International Assets Investment Management LLC raised its position in shares of Intuit by 68,404.7% during the 3rd quarter. International Assets Investment Management LLC now owns 484,328 shares of the software maker’s stock worth $300,768,000 after buying an additional 483,621 shares in the last quarter. Vaughan Nelson Investment Management L.P. acquired a new position in shares of Intuit in the 2nd quarter worth approximately $184,982,000. Ameriprise Financial Inc. grew its stake in shares of Intuit by 17.3% in the 2nd quarter. Ameriprise Financial Inc. now owns 1,616,811 shares of the software maker’s stock worth $1,062,578,000 after purchasing an additional 238,486 shares during the last quarter. Clearbridge Investments LLC grew its stake in shares of Intuit by 21.3% in the 2nd quarter. Clearbridge Investments LLC now owns 964,328 shares of the software maker’s stock worth $633,766,000 after purchasing an additional 169,190 shares during the last quarter. Finally, Seven Post Investment Office LP acquired a new position in shares of Intuit in the 2nd quarter worth approximately $107,513,000. 83.66% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

INTU has been the topic of several recent research reports. Barclays lifted their price objective on shares of Intuit from $740.00 to $800.00 and gave the stock an “overweight” rating in a research note on Friday. JPMorgan Chase & Co. lifted their price objective on shares of Intuit from $585.00 to $600.00 and gave the stock a “neutral” rating in a research note on Friday, August 23rd. Bank of America lifted their target price on shares of Intuit from $730.00 to $780.00 and gave the stock a “buy” rating in a research report on Friday, August 23rd. Piper Sandler reissued an “overweight” rating and issued a $768.00 target price on shares of Intuit in a research report on Friday, September 27th. Finally, StockNews.com raised shares of Intuit from a “hold” rating to a “buy” rating in a research report on Monday, September 30th. Four research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $739.24.

Intuit Price Performance

NASDAQ INTU opened at $687.87 on Friday. The company has a quick ratio of 1.29, a current ratio of 1.29 and a debt-to-equity ratio of 0.30. The stock has a market capitalization of $192.80 billion, a PE ratio of 65.82, a price-to-earnings-growth ratio of 3.36 and a beta of 1.25. The company has a 50 day moving average price of $633.08 and a two-hundred day moving average price of $630.09. Intuit Inc. has a 12-month low of $552.68 and a 12-month high of $714.78.

Intuit (NASDAQ:INTU) last issued its quarterly earnings data on Thursday, August 22nd. The software maker reported $1.99 earnings per share for the quarter, topping analysts’ consensus estimates of $1.85 by $0.14. Intuit had a net margin of 18.19% and a return on equity of 18.64%. The business had revenue of $3.18 billion during the quarter, compared to analysts’ expectations of $3.08 billion. During the same period in the previous year, the company earned $0.40 earnings per share. Intuit’s revenue for the quarter was up 17.4% on a year-over-year basis. As a group, equities analysts predict that Intuit Inc. will post 14.05 earnings per share for the current fiscal year.

Intuit Increases Dividend

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

Insider Transactions at Intuit

In other news, CFO Sandeep Aujla sold 775 shares of the business’s stock in a transaction 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 sale, the chief financial officer now directly owns 4,451 shares in the company, valued at approximately $2,676,430.81. The trade was a 14.83 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Laura A. Fennell sold 30,159 shares of the business’s stock in a transaction 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 directly owns 52,038 shares in the company, valued at $33,427,129.68. This trade represents a 36.69 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 55,297 shares of company stock worth $35,220,046. 2.90% of the stock is owned by 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.