Intuit Inc. (NASDAQ:INTU) Shares Bought by Financial Gravity Asset Management Inc.

Financial Gravity Asset Management Inc. lifted its holdings in Intuit Inc. (NASDAQ:INTU) by 3.9% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 3,637 shares of the software maker’s stock after purchasing an additional 135 shares during the quarter. Financial Gravity Asset Management Inc.’s holdings in Intuit were worth $2,390,000 as of its most recent filing with the SEC.

Other large investors also recently modified their holdings of the company. Intech Investment Management LLC boosted its holdings in shares of Intuit by 134.7% in the first quarter. Intech Investment Management LLC now owns 4,601 shares of the software maker’s stock valued at $2,991,000 after acquiring an additional 2,641 shares in the last quarter. Parnassus Investments LLC increased its position in shares of Intuit by 119.0% during the 4th quarter. Parnassus Investments LLC now owns 1,338,139 shares of the software maker’s stock valued at $836,377,000 after purchasing an additional 727,185 shares during the period. Public Employees Retirement System of Ohio raised its stake in shares of Intuit by 1.1% in the 4th quarter. Public Employees Retirement System of Ohio now owns 179,801 shares of the software maker’s stock worth $112,381,000 after buying an additional 1,990 shares in the last quarter. Wellington Management Group LLP boosted its stake in Intuit by 173.0% during the fourth quarter. Wellington Management Group LLP now owns 3,687,583 shares of the software maker’s stock valued at $2,304,850,000 after buying an additional 2,336,654 shares in the last quarter. Finally, Cetera Advisors LLC raised its position in Intuit by 33.4% in the first quarter. Cetera Advisors LLC now owns 10,607 shares of the software maker’s stock worth $6,895,000 after acquiring an additional 2,655 shares in the last quarter. 83.66% of the stock is owned by institutional investors and hedge funds.

Intuit Price Performance

Shares of NASDAQ:INTU opened at $615.12 on Friday. The company has a quick ratio of 1.50, a current ratio of 1.29 and a debt-to-equity ratio of 0.30. The business has a 50 day moving average price of $638.42 and a 200 day moving average price of $632.34. The company has a market cap of $171.95 billion, a price-to-earnings ratio of 56.75, a PEG ratio of 3.08 and a beta of 1.24. Intuit Inc. has a twelve month low of $473.56 and a twelve month high of $676.62.

Intuit (NASDAQ:INTU) last announced its earnings results on Thursday, August 22nd. The software maker reported $1.99 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.85 by $0.14. Intuit had a net margin of 18.19% and a return on equity of 18.64%. The business had revenue of $3.18 billion for the quarter, compared to analyst estimates of $3.08 billion. During the same quarter in the previous year, the firm posted $0.40 earnings per share. Intuit’s revenue was up 17.4% compared to the same quarter last year. Research analysts predict that Intuit Inc. will post 14.06 earnings per share for the current year.

Intuit Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 18th. Stockholders of record on Thursday, October 10th will be issued a dividend of $1.04 per share. This represents a $4.16 annualized dividend and a dividend yield of 0.68%. The ex-dividend date of this dividend is Thursday, October 10th. This is a positive change from Intuit’s previous quarterly dividend of $0.90. Intuit’s dividend payout ratio (DPR) is presently 38.38%.

Insider Transactions at Intuit

In related news, CFO Sandeep Aujla sold 862 shares of the firm’s stock in a transaction on Wednesday, September 4th. The stock was sold at an average price of $621.03, for a total value of $535,327.86. Following the completion of the transaction, the chief financial officer now directly owns 3,840 shares of the company’s stock, valued at $2,384,755.20. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other Intuit news, EVP Mark P. Notarainni sold 965 shares of Intuit stock in a transaction that occurred on Tuesday, July 2nd. The stock was sold at an average price of $651.00, for a total transaction of $628,215.00. Following the sale, the executive vice president now directly owns 1,020 shares of the company’s stock, valued at $664,020. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Sandeep Aujla sold 862 shares of the company’s stock in a transaction that occurred on Wednesday, September 4th. The shares were sold at an average price of $621.03, for a total value of $535,327.86. Following the completion of the sale, the chief financial officer now owns 3,840 shares in the company, valued at $2,384,755.20. The disclosure for this sale can be found here. In the last quarter, insiders have sold 116,308 shares of company stock valued at $67,651,926. 2.90% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on the company. Jefferies Financial Group lifted their price target on Intuit from $770.00 to $790.00 and gave the stock a “buy” rating in a research note on Friday, August 23rd. KeyCorp boosted their target price on shares of Intuit from $720.00 to $740.00 and gave the company an “overweight” rating in a research note on Monday, May 20th. StockNews.com raised Intuit from a “hold” rating to a “buy” rating in a research report on Saturday, August 31st. Royal Bank of Canada initiated coverage on Intuit in a research report on Wednesday, July 3rd. They set an “outperform” rating and a $760.00 price target on the stock. Finally, Erste Group Bank restated a “hold” rating on shares of Intuit in a report on Friday, June 14th. Five equities research analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $720.37.

About Intuit

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.