Onyx Bridge Wealth Group LLC Takes $229,000 Position in Intuit Inc. (NASDAQ:INTU)

Onyx Bridge Wealth Group LLC purchased a new position in Intuit Inc. (NASDAQ:INTU) in the fourth quarter, HoldingsChannel reports. The fund purchased 366 shares of the software maker’s stock, valued at approximately $229,000.

Several other institutional investors and hedge funds have also bought and sold shares of INTU. Vanguard Group Inc. boosted its holdings in shares of Intuit by 0.5% during the 3rd quarter. Vanguard Group Inc. now owns 25,331,318 shares of the software maker’s stock valued at $12,942,784,000 after buying an additional 117,478 shares in the last quarter. State Street Corp increased its stake in shares of Intuit by 1.9% during the first quarter. State Street Corp now owns 11,099,653 shares of the software maker’s stock valued at $4,948,558,000 after purchasing an additional 210,246 shares in the last quarter. FMR LLC lifted its holdings in shares of Intuit by 5.0% during the third quarter. FMR LLC now owns 5,636,635 shares of the software maker’s stock valued at $2,879,982,000 after purchasing an additional 266,803 shares during the last quarter. Morgan Stanley boosted its position in shares of Intuit by 3.7% in the 3rd quarter. Morgan Stanley now owns 3,848,401 shares of the software maker’s stock worth $1,966,304,000 after purchasing an additional 137,198 shares in the last quarter. Finally, Northern Trust Corp boosted its position in shares of Intuit by 5.2% in the 3rd quarter. Northern Trust Corp now owns 3,212,771 shares of the software maker’s stock worth $1,641,533,000 after purchasing an additional 160,229 shares in the last quarter. 83.66% of the stock is currently owned by hedge funds and other institutional investors.

Intuit Stock Down 0.5 %

Shares of INTU traded down $3.21 during mid-day trading on Friday, hitting $605.17. The company’s stock had a trading volume of 1,609,082 shares, compared to its average volume of 1,128,744. The firm has a market capitalization of $169.45 billion, a price-to-earnings ratio of 61.75, a PEG ratio of 3.70 and a beta of 1.21. The company’s 50-day moving average is $642.93 and its 200-day moving average is $599.06. The company has a current ratio of 1.17, a quick ratio of 1.17 and a debt-to-equity ratio of 0.35. Intuit Inc. has a 52-week low of $400.22 and a 52-week high of $671.01.

Intuit (NASDAQ:INTU) last announced its quarterly earnings results on Thursday, February 22nd. The software maker reported $2.63 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.30 by $0.33. Intuit had a return on equity of 17.51% and a net margin of 18.35%. The business had revenue of $3.39 billion for the quarter, compared to the consensus estimate of $3.39 billion. During the same period last year, the business posted $1.05 EPS. The business’s revenue was up 11.3% compared to the same quarter last year. On average, equities research analysts forecast that Intuit Inc. will post 11.27 EPS for the current fiscal year.

Intuit Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, April 18th. Stockholders of record on Wednesday, April 10th were paid a dividend of $0.90 per share. The ex-dividend date of this dividend was Tuesday, April 9th. This represents a $3.60 dividend on an annualized basis and a dividend yield of 0.59%. Intuit’s payout ratio is 36.73%.

Insider Activity

In related news, EVP Kerry J. Mclean sold 3,692 shares of Intuit stock in a transaction that occurred on Tuesday, February 27th. The shares were sold at an average price of $663.84, for a total value 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 approximately $15,233,800.32. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, EVP Kerry J. Mclean sold 3,692 shares of the firm’s stock in a transaction on Tuesday, February 27th. The stock was sold at an average price of $663.84, for a total value of $2,450,897.28. Following the completion of the transaction, the executive vice president now owns 22,948 shares in the company, valued at approximately $15,233,800.32. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Alex G. Balazs sold 280 shares of the business’s stock in a transaction dated Wednesday, March 20th. The shares were sold at an average price of $636.38, for a total value of $178,186.40. The disclosure for this sale can be found here. Insiders have sold a total of 4,717 shares of company stock worth $3,117,156 over the last 90 days. 2.90% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the company. Evercore ISI boosted their target price on Intuit from $670.00 to $725.00 and gave the stock an “outperform” rating in a report on Friday, February 23rd. Mizuho raised their price target on shares of Intuit from $670.00 to $725.00 and gave the company a “buy” rating in a report on Friday, February 23rd. JPMorgan Chase & Co. upped their price objective on Intuit from $560.00 to $585.00 and gave the stock a “neutral” rating in a research note on Friday, February 23rd. Wells Fargo & Company boosted their price target on Intuit from $615.00 to $710.00 and gave the company an “overweight” rating in a report on Wednesday, February 21st. Finally, Piper Sandler boosted their price objective on Intuit from $642.00 to $750.00 and gave the company an “overweight” rating in a research note on Friday, February 23rd. Four investment analysts have rated the stock with a hold rating and twenty have given a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $645.00.

Intuit Company 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.