It’s tax time. As one of life’s two certainties, tax season can be the most, well… taxing, we noted on February 12.
These days, far too many of us are unwilling to do our own taxes, so we leave it up to trusted tax professionals. That way we don’t make mistakes with filing status, dependents, capital gains, or making dangerous assumptions. Many of us also forget human error can be costly. Even the smallest error can lead to expensive tax bills and a possible visit from the IRS.
H&R Block (HRB)
One of the top tax stocks we mentioned was HRB, a no-brainer with tax season.
Every year around this time, HRB rockets higher. We saw it happen just about every year. Not only can you make money from its potential appreciation this time of year, but you can also collect its yield of 2.47%. Helping, analysts at Barrington recently raised its price target to $55 from $48 a share, with an outperform rating.
Since mentioning HRB last month, the stock ran from about $47 to $51.69, as of today.
Intuit (INTU)
There’s also Intuit (INTU), whose TurboTax is popular with taxpayers.
At $665 a share, it’s another one that typically runs around this time of the year. While it’s just a bit overbought at current prices, it’s still being bid higher on tax season.
Better, earnings have been solid. In its most recent quarter, the company posted Q1 2024 adjusted earnings per share of $2.47, beating estimates by a solid 49 cents. Revenue climbed 15% Y/Y to $3B, also beating expectations by $120M. Moreover, INTU’s FQ1 adjusted operating income soared 45% Y/Y to $960M, as noted by Seeking Alpha.
Since our mention on February 12, INTU ran from about $655 to $665.40 so far.
