Stocks

FSA Wealth Management LLC Acquires 2,102 Shares of Intuit Inc.

Published December 1, 2024

FSA Wealth Management LLC has recently made a notable investment by acquiring a new stake in Intuit Inc. (NASDAQ:INTU) during the third quarter of the year. According to their latest Form 13F filing with the Securities and Exchange Commission, the investment firm purchased 2,102 shares of the popular software company's stock, totaling approximately $1,305,000.

This purchase signifies that Intuit now comprises around 0.5% of FSA Wealth Management's overall portfolio, positioning the stock as their 17th largest investment.

Other Institutional Investments

In addition to FSA Wealth Management, a number of other institutional investors and hedge funds have also engaged in buying and selling shares of Intuit. For instance, LGT Financial Advisors LLC acquired a new stake valued at around $25,000 in the second quarter. Similarly, Cultivar Capital Inc. invested about $26,000 in Intuit during the same period, joining Fairway Wealth LLC, which also made a new investment of approximately $26,000.

Furthermore, Northwest Investment Counselors LLC took a new position in Intuit during the third quarter, valued at roughly $27,000, while Hobbs Group Advisors LLC made a new purchase in the second quarter worth about $35,000. Overall, hedge funds and institutional investors own approximately 83.66% of Intuit's stock.

Current Stock Performance

On the trading day of the recent report, Intuit's stock opened at $641.73. The company boasts a market capitalization of $179.71 billion. Intuit's performance indicators reflect a PE ratio of 62.30 and a P/E/G ratio of 3.17, alongside a beta of 1.25. Its 50-day moving average is recorded at $634.10, while the 200-day moving average stands at $631.43.

Over the past year, Intuit's stock has experienced a low of $557.29 and a high of $714.78.

Earnings Report Highlights

Intuit released its earnings results recently, revealing impressive quarterly figures. For the latest quarter reported on November 21, the company posted earnings per share (EPS) of $2.50, which surpassed analysts' expectations of $2.36 by a margin of $0.14. Additionally, Intuit generated $3.28 billion in revenue, exceeding the consensus estimate of $3.14 billion. Notably, the company's quarterly revenue represents a 10.2% increase compared to the same quarter from the previous year. Analysts estimate that, in the current fiscal year, Intuit Inc. will report an EPS of 14.07.

Dividend Information

The company also announced a quarterly dividend for its shareholders, which will be distributed on January 17. Stockholders on record as of January 9 will be entitled to receive a dividend of $1.04 per share. This dividend translates to an annualized amount of $4.16 and represents a yield of 0.65%. The current dividend payout ratio for Intuit is approximately 40.39%.

Insider Transactions

In related news, some insider transactions have occurred recently. CFO Sandeep Aujla sold 862 shares on September 4 at an average price of $621.03, totaling about $535,327.86. After this transaction, Aujla retained 3,840 shares of the company, valued at roughly $2,384,755.20, marking an 18.33% decrease in his ownership.

Additionally, board member Scott D. Cook sold 2,461 shares at an average price of $637.19 on September 18, amounting to approximately $1,568,124.59. Following this sale, Cook possesses 6,453,105 shares valued at about $4,111,853,974.95, reflecting a 0.04% decrease in ownership. In total, insider selling over the last 90 days accounted for 130,265 shares worth $83,336,625, while company insiders hold about 2.90% of Intuit's stock.

Analyst Ratings and Projections

Analysts have been assessing Intuit's stock, with several downgrading their recommendations in light of recent developments. For instance, StockNews.com downgraded Intuit from a 'buy' to a 'hold' rating recently. Contrarily, Susquehanna maintained a 'positive' rating while setting a target price of $757.00, as did Royal Bank of Canada with an 'outperform' rating and a price target of $760.00. Piper Sandler has reduced its price target from $768.00 to $765.00 with an 'overweight' rating. Stifel Nicolaus lowered its price objective from $795.00 to $725.00 while maintaining a 'buy' stance. Overall, six analysts have rated Intuit as a hold, while fourteen analysts recommend buying the stock. MarketBeat.com indicates that Intuit currently has an average rating of 'Moderate Buy' with a price target of $737.44.

About Intuit

Intuit Inc. specializes in providing financial management and compliance solutions to consumers, small businesses, self-employed individuals, and accounting professionals, both in the United States and internationally. The company operates through four main segments: Small Business & Self-Employed, Consumer, Credit Karma, and ProTax.

Shares, Investment, Finance