Federated Hermes Inc. Has $98.89 Million Stock Holdings in Intuit Inc. (NASDAQ:INTU)

Federated Hermes Inc. grew its stake in shares of Intuit Inc. (NASDAQ:INTU) by 18.2% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 150,473 shares of the software maker’s stock after purchasing an additional 23,201 shares during the period. Federated Hermes Inc. owned about 0.05% of Intuit worth $98,892,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Aveo Capital Partners LLC purchased a new position in Intuit during the 4th quarter worth approximately $203,000. 9258 Wealth Management LLC boosted its position in shares of Intuit by 29.0% in the fourth quarter. 9258 Wealth Management LLC now owns 650 shares of the software maker’s stock worth $406,000 after buying an additional 146 shares during the period. Gryphon Financial Partners LLC grew its holdings in shares of Intuit by 31.6% during the fourth quarter. Gryphon Financial Partners LLC now owns 1,635 shares of the software maker’s stock valued at $1,022,000 after buying an additional 393 shares in the last quarter. Jump Financial LLC raised its position in Intuit by 108.0% during the fourth quarter. Jump Financial LLC now owns 1,562 shares of the software maker’s stock valued at $976,000 after buying an additional 811 shares during the period. Finally, Janney Montgomery Scott LLC lifted its stake in Intuit by 2.6% in the 4th quarter. Janney Montgomery Scott LLC now owns 29,447 shares of the software maker’s stock worth $18,406,000 after acquiring an additional 733 shares in the last quarter. Institutional investors and hedge funds own 83.66% of the company’s stock.

Insider Activity at Intuit

In related news, EVP Mark P. Notarainni sold 965 shares of the firm’s stock in a transaction on Tuesday, July 2nd. The stock was sold at an average price of $651.00, for a total value of $628,215.00. Following the completion of the transaction, the executive vice president now directly owns 1,020 shares of the company’s stock, valued at $664,020. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, EVP Mark P. Notarainni sold 965 shares of the stock in a transaction dated Tuesday, July 2nd. The shares were sold at an average price of $651.00, for a total value of $628,215.00. Following the completion of the transaction, the executive vice president now 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 is accessible through the SEC website. Also, CFO Sandeep Aujla sold 1,061 shares of the firm’s stock in a transaction dated Wednesday, July 3rd. The stock was sold at an average price of $651.27, for a total transaction of $690,997.47. Following the transaction, the chief financial officer now owns 3,333 shares of the company’s stock, valued at approximately $2,170,682.91. The disclosure for this sale can be found here. Insiders have sold 16,940 shares of company stock worth $10,721,252 over the last three months. Company insiders own 2.90% of the company’s stock.

Intuit Stock Up 0.4 %

Shares of INTU stock opened at $646.37 on Friday. Intuit Inc. has a 12 month low of $473.56 and a 12 month high of $676.62. The company has a quick ratio of 1.29, a current ratio of 1.29 and a debt-to-equity ratio of 0.30. The firm has a market cap of $181.17 billion, a PE ratio of 59.63, a price-to-earnings-growth ratio of 3.14 and a beta of 1.24. The stock has a 50 day moving average of $636.90 and a 200-day moving average of $632.08.

Intuit (NASDAQ:INTU) last released its earnings results on Thursday, August 22nd. The software maker reported $1.99 EPS for the quarter, beating the consensus estimate of $1.85 by $0.14. The firm had revenue of $3.18 billion during the quarter, compared to analysts’ expectations of $3.08 billion. Intuit had a net margin of 18.19% and a return on equity of 18.64%. The business’s quarterly revenue was up 17.4% compared to the same quarter last year. During the same period in the prior year, the company earned $0.40 EPS. On average, equities analysts predict that Intuit Inc. will post 14.06 EPS for the current year.

Intuit Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, October 18th. Investors of record on Thursday, October 10th will be given a dividend of $1.04 per share. The ex-dividend date is Thursday, October 10th. This is an increase from Intuit’s previous quarterly dividend of $0.90. This represents a $4.16 dividend on an annualized basis and a yield of 0.64%. Intuit’s dividend payout ratio (DPR) is 33.21%.

Wall Street Analysts Forecast Growth

INTU has been the topic of several research analyst reports. Jefferies Financial Group lifted their target price on Intuit from $770.00 to $790.00 and gave the company a “buy” rating in a research note on Friday, August 23rd. Citigroup upped their price objective on shares of Intuit from $727.00 to $750.00 and gave the company a “buy” rating in a research note on Friday, June 28th. KeyCorp lifted 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. Stifel Nicolaus upped their price target on shares of Intuit from $690.00 to $795.00 and gave the stock a “buy” rating in a research note on Friday, August 23rd. Finally, Erste Group Bank reissued a “hold” rating on shares of Intuit in a research report on Friday, June 14th. Five investment analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company’s stock. Based on data from MarketBeat, Intuit has a consensus rating of “Moderate Buy” and a consensus price target of $720.37.

Intuit Company Profile

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.