Bank Pictet & Cie Europe AG Takes $605,000 Position in Intuit Inc. (NASDAQ:INTU)

Bank Pictet & Cie Europe AG purchased a new position in Intuit Inc. (NASDAQ:INTU) during the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 921 shares of the software maker’s stock, valued at approximately $605,000.

Several other hedge funds have also recently bought and sold shares of INTU. Intech Investment Management LLC lifted 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 purchasing an additional 2,641 shares in the last quarter. Parnassus Investments LLC increased its position in Intuit by 119.0% during the fourth quarter. Parnassus Investments LLC now owns 1,338,139 shares of the software maker’s stock worth $836,377,000 after buying an additional 727,185 shares in the last quarter. Maryland State Retirement & Pension System increased its position in Intuit by 1.1% during the fourth quarter. Maryland State Retirement & Pension System now owns 21,268 shares of the software maker’s stock worth $13,293,000 after buying an additional 226 shares in the last quarter. Public Employees Retirement System of Ohio raised its holdings in shares of Intuit by 1.1% in the fourth quarter. Public Employees Retirement System of Ohio now owns 179,801 shares of the software maker’s stock worth $112,381,000 after acquiring an additional 1,990 shares during the last quarter. Finally, Wellington Management Group LLP lifted its position in shares of Intuit by 173.0% in 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 acquiring an additional 2,336,654 shares in the last quarter. 83.66% of the stock is owned by hedge funds and other institutional investors.

Intuit Stock Down 6.8 %

Shares of INTU stock traded down $45.44 during trading hours on Friday, hitting $619.85. 4,113,425 shares of the company were exchanged, compared to its average volume of 1,333,187. The stock has a market capitalization of $173.28 billion, a price-to-earnings ratio of 57.18, a P/E/G ratio of 3.14 and a beta of 1.23. Intuit Inc. has a one year low of $473.56 and a one year high of $676.62. The business’s 50-day simple moving average is $639.27 and its two-hundred day simple moving average is $634.43. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.50 and a current ratio of 1.50.

Intuit (NASDAQ:INTU) last announced its quarterly earnings data on Thursday, August 22nd. The software maker reported $1.99 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.85 by $0.14. Intuit had a return on equity of 18.61% and a net margin of 19.43%. The firm had revenue of $3.18 billion for the quarter, compared to analysts’ expectations of $3.08 billion. During the same period last year, the business posted $0.40 earnings per share. The firm’s revenue for the quarter was up 17.4% on a year-over-year basis. Sell-side analysts predict that Intuit Inc. will post 11.72 EPS for the current fiscal 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 given a $1.04 dividend. 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 annualized dividend and a yield of 0.67%. Intuit’s dividend payout ratio (DPR) is currently 33.21%.

Insider Transactions at Intuit

In other news, CFO Sandeep Aujla sold 1,415 shares of the stock in a transaction on Tuesday, May 28th. The stock was sold at an average price of $604.58, for a total value of $855,480.70. Following the completion of the transaction, the chief financial officer now owns 2,332 shares of the company’s stock, valued at $1,409,880.56. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, CFO Sandeep Aujla sold 1,415 shares of the company’s stock in a transaction that occurred on Tuesday, May 28th. The shares were sold at an average price of $604.58, for a total value of $855,480.70. Following the completion of the sale, the chief financial officer now directly owns 2,332 shares of the company’s stock, valued at approximately $1,409,880.56. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Mark P. Notarainni sold 465 shares of the business’s stock in a transaction that occurred on Tuesday, May 28th. The stock was sold at an average price of $604.58, for a total value of $281,129.70. Following the sale, the executive vice president now directly owns 869 shares in the company, valued at approximately $525,380.02. The disclosure for this sale can be found here. Over the last three months, insiders sold 195,963 shares of company stock worth $114,442,445. Company insiders own 2.90% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on the stock. Wells Fargo & Company boosted their price objective on shares of Intuit from $725.00 to $750.00 and gave the company an “overweight” rating in a research report on Tuesday, May 21st. Susquehanna reissued a “positive” rating and set a $757.00 price target on shares of Intuit in a research note on Friday, August 16th. Royal Bank of Canada began coverage on Intuit in a research report on Wednesday, July 3rd. They issued an “outperform” rating and a $760.00 price objective for the company. Barclays reduced their target price on Intuit from $745.00 to $740.00 and set an “overweight” rating on the stock in a research report on Friday. Finally, KeyCorp lifted their price target on Intuit from $720.00 to $740.00 and gave the company an “overweight” rating in a report on Monday, May 20th. Six research analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Intuit currently has an average rating of “Moderate Buy” and an average price target of $703.27.

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.