Abner Herrman & Brock LLC has recently increased its investment in Intuit Inc. (NASDAQ: INTU), raising its stake by 1.9% during the first quarter. Following the purchase of an additional 582 shares, the institutional investor now holds a total of 30,447 shares, which represent approximately 2.4% of its overall portfolio, making Intuit the firm’s 19th largest holding. As of its latest filing with the Securities and Exchange Commission (SEC), the value of Abner Herrman & Brock’s holdings in Intuit is approximately $18.7 million.
Several other institutional investors have also adjusted their positions in Intuit. Great Diamond Partners LLC increased its stake by 2.8% in the last quarter, now owning 627 shares valued at $394,000. NewSquare Capital LLC notably lifted its ownership by an impressive 72%, holding 43 shares worth $27,000. Other firms like Ethos Financial Group LLC and Legacy Investment Solutions LLC have also made recent increases to their stakes. Overall, institutional investors own a substantial 83.66% of Intuit’s stock.
On the trading front, shares of Intuit opened at $752.04, reflecting a slight decline of 0.7%. The company boasts a market capitalization of $210.24 billion and has shown consistent revenue growth, reporting $7.75 billion in revenue for the last quarter—a 15.1% year-over-year increase. Intuit beat earnings estimates with $11.65 earnings per share, exceeding analysts’ expectations.
Additionally, Intuit announced a quarterly dividend of $1.04 per share, showcasing its commitment to returning value to shareholders. The dividend will be paid on July 18 to stockholders who are on record by July 10.
Analysts are generally optimistic about Intuit’s prospects, with many firms reissuing favorable ratings and raising their price targets. Barclays and BMO Capital Markets recently increased their price objectives, reflecting a positive outlook for the stock. The consensus rating remains a “Moderate Buy,” with an average target price of approximately $785.33.
Insider trading activity was also noted, with notable sales from company executives, which sometimes indicate varying levels of confidence among leadership regarding the stock’s future.
Intuit continues to be a key player in the financial management and compliance sector, operating various segments that cater to different consumer needs, including small businesses and accounting professionals, both domestically and internationally.
This news highlights the confidence institutional investors are placing in Intuit as they continue to acquire shares, demonstrating a collective belief in the company’s growth potential and stability in the market.