CCLA Investment Management Boosts Stock Position in Intuit Inc. (NASDAQ:INTU)

CCLA Investment Management lifted its position in Intuit Inc. (NASDAQ:INTU) by 1.0% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 181,754 shares of the software maker’s stock after buying an additional 1,845 shares during the quarter. Intuit makes up 1.8% of CCLA Investment Management’s investment portfolio, making the stock its 23rd largest holding. CCLA Investment Management owned approximately 0.07% of Intuit worth $118,442,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of INTU. Wellington Management Group LLP increased its holdings in Intuit by 173.0% during the 4th quarter. Wellington Management Group LLP now owns 3,687,583 shares of the software maker’s stock worth $2,304,850,000 after purchasing an additional 2,336,654 shares during the period. Lone Pine Capital LLC purchased a new stake in Intuit during the 4th quarter worth about $467,852,000. Parnassus Investments LLC increased its holdings in Intuit by 119.0% during the 4th quarter. Parnassus Investments LLC now owns 1,338,139 shares of the software maker’s stock worth $836,377,000 after purchasing an additional 727,185 shares during the period. Capital World Investors increased its holdings in shares of Intuit by 54.7% in the 4th quarter. Capital World Investors now owns 1,176,711 shares of the software maker’s stock valued at $735,480,000 after acquiring an additional 416,099 shares during the last quarter. Finally, SG Americas Securities LLC increased its holdings in shares of Intuit by 940.4% in the 1st quarter. SG Americas Securities LLC now owns 315,670 shares of the software maker’s stock valued at $205,186,000 after acquiring an additional 285,328 shares during the last quarter. Hedge funds and other institutional investors own 83.66% of the company’s stock.

Intuit Stock Performance

Shares of INTU stock opened at $644.82 on Wednesday. The company has a market cap of $180.26 billion, a price-to-earnings ratio of 59.49, a price-to-earnings-growth ratio of 3.14 and a beta of 1.24. The stock has a 50 day simple moving average of $636.25 and a 200-day simple moving average of $631.29. Intuit Inc. has a 12-month low of $473.56 and a 12-month high of $676.62. The company has a current ratio of 1.29, a quick ratio of 1.29 and a debt-to-equity ratio of 0.30.

Intuit (NASDAQ:INTU) last issued 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. The business had revenue of $3.18 billion during the quarter, compared to the consensus estimate of $3.08 billion. Intuit had a return on equity of 18.64% and a net margin of 18.19%. The company’s revenue for the quarter was up 17.4% on a year-over-year basis. During the same period in the prior year, the business posted $0.40 EPS. On average, equities analysts forecast that Intuit Inc. will post 14.06 EPS for the current year.

Intuit Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 18th. Investors of record on Thursday, October 10th will be paid a $1.04 dividend. This is an increase from Intuit’s previous quarterly dividend of $0.90. This represents a $4.16 annualized dividend and a yield of 0.65%. The ex-dividend date of this dividend is Thursday, October 10th. Intuit’s dividend payout ratio (DPR) is presently 38.38%.

Analysts Set New Price Targets

A number of research firms have recently commented on INTU. Barclays dropped their price objective on Intuit from $745.00 to $740.00 and set an “overweight” rating on the stock in a report on Friday, August 23rd. Bank of America increased their price objective on Intuit from $730.00 to $780.00 and gave the company a “buy” rating in a report on Friday, August 23rd. BMO Capital Markets increased their price objective on Intuit from $700.00 to $760.00 and gave the company an “outperform” rating in a report on Friday, August 23rd. Wells Fargo & Company upped their target price on Intuit from $725.00 to $750.00 and gave the company an “overweight” rating in a research report on Tuesday, May 21st. Finally, Erste Group Bank reissued a “hold” rating on shares of Intuit in a research report on Friday, June 14th. Five analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $720.37.

Insider Activity at Intuit

In related news, EVP Mark P. Notarainni sold 965 shares of the firm’s stock in a transaction that occurred 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 approximately $664,020. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, EVP Mark P. Notarainni sold 965 shares of the firm’s stock in a transaction that occurred 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 approximately $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 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 transaction, the chief financial officer now directly owns 3,840 shares of the company’s stock, valued at approximately $2,384,755.20. The disclosure for this sale can be found here. Insiders sold 16,940 shares of company stock valued at $10,721,252 in the last ninety days. Corporate insiders own 2.90% of the company’s stock.

Intuit 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.