State Street Corp Increases Stock Holdings in Intuit Inc. (NASDAQ:INTU)

State Street Corp lifted its stake in shares of Intuit Inc. (NASDAQ:INTU) by 1.8% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 12,317,086 shares of the software maker’s stock after buying an additional 221,885 shares during the period. State Street Corp owned about 4.39% of Intuit worth $7,648,910,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of INTU. Csenge Advisory Group boosted its position in shares of Intuit by 16.6% during the second quarter. Csenge Advisory Group now owns 843 shares of the software maker’s stock valued at $554,000 after buying an additional 120 shares during the last quarter. BDF Gestion purchased a new position in shares of Intuit in the 2nd quarter worth approximately $7,196,000. Manning & Napier Advisors LLC purchased a new position in shares of Intuit in the 2nd quarter worth approximately $29,084,000. CHICAGO TRUST Co NA boosted its stake in shares of Intuit by 9.3% in the 2nd quarter. CHICAGO TRUST Co NA now owns 1,180 shares of the software maker’s stock worth $776,000 after buying an additional 100 shares during the last quarter. Finally, Orrstown Financial Services Inc. purchased a new position in shares of Intuit in the 2nd quarter worth approximately $200,000. Hedge funds and other institutional investors own 83.66% of the company’s stock.

Intuit Trading Up 2.9 %

Shares of INTU stock opened at $654.64 on Thursday. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.24 and a current ratio of 1.24. Intuit Inc. has a 52-week low of $557.29 and a 52-week high of $714.78. The company has a market capitalization of $183.25 billion, a PE ratio of 63.56, a price-to-earnings-growth ratio of 3.14 and a beta of 1.24. The business’s fifty day moving average is $634.29 and its 200 day moving average is $631.12.

Intuit (NASDAQ:INTU) last issued its quarterly earnings data on Thursday, November 21st. The software maker reported $2.50 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.36 by $0.14. Intuit had a return on equity of 18.25% and a net margin of 17.59%. The company had revenue of $3.28 billion for the quarter, compared to the consensus estimate of $3.14 billion. During the same quarter last year, the business posted $1.14 earnings per share. The firm’s revenue was up 10.2% compared to the same quarter last year. On average, equities research analysts anticipate that Intuit Inc. will post 14.07 EPS for the current fiscal year.

Intuit Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, January 17th. Stockholders of record on Thursday, January 9th will be issued a dividend of $1.04 per share. This represents a $4.16 dividend on an annualized basis and a dividend yield of 0.64%. The ex-dividend date of this dividend is Thursday, January 9th. Intuit’s dividend payout ratio is currently 40.39%.

Insider Buying and Selling

In related news, CFO Sandeep Aujla sold 775 shares of Intuit stock in a transaction on Thursday, October 3rd. The shares were sold at an average price of $601.31, for a total value of $466,015.25. Following the transaction, the chief financial officer now owns 4,451 shares in the company, valued at $2,676,430.81. This trade represents a 14.83 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Alex G. Balazs sold 2,941 shares of Intuit stock in a transaction on Tuesday, September 10th. The stock was sold at an average price of $628.76, for a total transaction of $1,849,183.16. Following the completion of the transaction, the executive vice president now owns 20 shares in the company, valued at approximately $12,575.20. The trade was a 99.32 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 118,324 shares of company stock worth $75,803,690. Corporate insiders own 2.68% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on INTU shares. Scotiabank started coverage on Intuit in a research note on Monday, November 18th. They issued a “sector perform” rating and a $700.00 target price on the stock. StockNews.com cut shares of Intuit from a “buy” rating to a “hold” rating in a research note on Wednesday. Susquehanna reiterated a “positive” rating and issued a $757.00 target price on shares of Intuit in a research note on Friday, August 16th. Stifel Nicolaus dropped their target price on shares of Intuit from $795.00 to $725.00 and set a “buy” rating on the stock in a research note on Friday, November 22nd. Finally, Royal Bank of Canada reiterated an “outperform” rating and issued a $760.00 target price on shares of Intuit in a research note on Friday, November 22nd. Six equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $737.44.

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.