FSA Wealth Management LLC Acquires Shares in Intuit Inc.

FSA Wealth Management LLC has announced that it has acquired a new stake in Intuit Inc. (NASDAQ:INTU) during the third quarter. This information was disclosed in the company’s latest Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 2,102 shares of the software company, with a total value estimated at about $1,305,000. This investment represents roughly 0.5% of FSA Wealth Management LLC's overall portfolio, positioning Intuit as the firm’s 17th largest investment.

In addition to FSA Wealth Management LLC, other institutional investors and hedge funds have also engaged in buying and selling shares of Intuit. For instance, LGT Financial Advisors LLC established a new position in Intuit valued at $25,000 in the second quarter, while Cultivar Capital Inc. and Fairway Wealth LLC each acquired about $26,000 worth of shares during the same period. Northwest Investment Counselors LLC bought Intuit shares in the third quarter for around $27,000, and Hobbs Group Advisors LLC made a new investment worth approximately $35,000 during the second quarter. Overall, about 83.66% of Intuit’s stock is owned by hedge funds and other institutional investors.

Recent Trading Activity

On Friday, shares of Intuit opened at $641.73. The company boasts a market capitalization of $179.71 billion, with a PE ratio of 62.30, and a P/E/G ratio of 3.17. The stock has shown a beta of 1.25, indicating its volatility compared to the overall market. Intuit's fifty-day moving average stands at $634.10, while the 200-day moving average is $631.43. The stock has encountered fluctuations, having hit a low of $557.29 and reached a high of $714.78 over the past year.

Intuit's Earnings Report

Intuit recently released its earnings report on November 21. The software giant reported earnings of $2.50 per share for the quarter, which exceeded the analysts’ consensus expectation of $2.36 by $0.14. The company generated revenue of $3.28 billion for the quarter, in comparison to the anticipated $3.14 billion. Intuit also recorded a net margin of 17.59% and a return on equity of 18.25%. Notably, quarterly revenue increased by 10.2% year-over-year, as last year’s same quarter saw earnings of $1.14 per share. Analysts predict that Intuit Inc. will achieve earnings of $14.07 per share for the current fiscal year.

Dividend Information

Moreover, Intuit has announced a quarterly dividend of $1.04 per share, set to be paid on Friday, January 17. Shareholders registered on Thursday, January 9 will be eligible for this dividend, which equates to an annualized dividend of $4.16 and a yield of 0.65%. The ex-dividend date is also slated for January 9. Currently, Intuit’s dividend payout ratio is 40.39%.

Insider Transactions at Intuit

In related news, Influential insiders at Intuit have sold shares throughout recent months. CFO Sandeep Aujla sold 862 shares on September 4 at an average price of $621.03, totaling about $535,327.86. Following this transaction, Aujla retained 3,840 shares valued at approximately $2,384,755. Meanwhile, insider Scott D. Cook sold 2,461 shares on September 18 at an average price of $637.19, amassing around $1,568,124.59. Post-sale, Cook holds 6,453,105 shares, valued at over $4.1 billion, representing a slight drop in ownership percentage. In total, insiders have offloaded 130,265 shares worth nearly $83 million over the last 90 days, while insiders possess about 2.90% of Intuit’s total shares.

Analyst Perspectives

Equity analysts have made various assessments regarding Intuit’s stock. StockNews.com downgraded Intuit’s rating from “buy” to “hold” on November 22. Conversely, Susquehanna maintained a “positive” outlook, setting a target price at $757. Royal Bank of Canada reiterated an “outperform” rating with a price target of $760. Piper Sandler decreased their target from $768 to $765, recommending an “overweight” rating. Furthermore, Stifel Nicolaus reduced their price objective from $795 to $725 and maintained a “buy” rating for Intuit. Currently, six analysts rate it as a hold, whereas fourteen advocate a buy recommendation. According to MarketBeat.com, Intuit has an average rating of “Moderate Buy” with a projected price target of $737.44.

About Intuit Inc.

Intuit Inc. specializes in providing financial management and compliance products and services to a diverse clientele, including consumers, small businesses, self-employed individuals, and accounting professionals. It operates under four main segments: Small Business & Self-Employed, Consumer, Credit Karma, and ProTax.

investment, stocks, finances