State of Tennessee Treasury Department increased its holdings in Intuit Inc. (NASDAQ:INTU) by 0.3% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 66,574 shares of the software maker’s stock after buying an additional 193 shares during the period. State of Tennessee Treasury Department’s holdings in Intuit were worth $8,842,000 as of its most recent SEC filing.
Several other institutional investors have also added to or reduced their stakes in the stock. Eqis Capital Management Inc. raised its stake in Intuit by 6.4% in the 1st quarter. Eqis Capital Management Inc. now owns 2,995 shares of the software maker’s stock valued at $347,000 after purchasing an additional 179 shares during the last quarter. Elkhorn Investments LLC acquired a new position in Intuit in the 1st quarter valued at about $1,050,000. First Trust Advisors LP raised its stake in Intuit by 9.8% in the 1st quarter. First Trust Advisors LP now owns 721,694 shares of the software maker’s stock valued at $83,709,000 after purchasing an additional 64,163 shares during the last quarter. Advisors Asset Management Inc. raised its stake in Intuit by 2.7% in the 1st quarter. Advisors Asset Management Inc. now owns 17,468 shares of the software maker’s stock valued at $2,026,000 after purchasing an additional 456 shares during the last quarter. Finally, American Century Companies Inc. acquired a new position in Intuit in the 1st quarter valued at about $31,631,000. Institutional investors and hedge funds own 86.05% of the company’s stock.
In other news, EVP Sasan K. Goodarzi sold 16,207 shares of the company’s stock in a transaction dated Tuesday, September 12th. The stock was sold at an average price of $141.41, for a total transaction of $2,291,831.87. Following the completion of the transaction, the executive vice president now directly owns 5,785 shares of the company’s stock, valued at $818,056.85. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Mark J. Flournoy sold 1,868 shares of the company’s stock in a transaction dated Monday, September 11th. The stock was sold at an average price of $142.31, for a total value of $265,835.08. Following the transaction, the vice president now directly owns 1,713 shares of the company’s stock, valued at $243,777.03. The disclosure for this sale can be found here. Over the last three months, insiders sold 888,585 shares of company stock valued at $122,643,706. Insiders own 5.70% of the company’s stock.
Intuit Inc. (INTU) opened at 141.98 on Friday. The firm has a 50-day moving average price of $138.23 and a 200-day moving average price of $131.06. Intuit Inc. has a 12-month low of $103.22 and a 12-month high of $143.81. The stock has a market cap of $36.20 billion, a PE ratio of 38.17 and a beta of 1.15.
Intuit (NASDAQ:INTU) last posted its earnings results on Tuesday, August 22nd. The software maker reported $0.20 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.17 by $0.03. Intuit had a return on equity of 82.43% and a net margin of 18.76%. The firm had revenue of $842.00 million during the quarter, compared to analysts’ expectations of $808.82 million. During the same period in the previous year, the firm earned $0.08 earnings per share. The company’s revenue was up 11.7% on a year-over-year basis. Analysts forecast that Intuit Inc. will post $4.95 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 18th. Shareholders of record on Tuesday, October 10th will be paid a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a yield of 1.10%. This is a boost from Intuit’s previous quarterly dividend of $0.34. The ex-dividend date is Friday, October 6th. Intuit’s payout ratio is presently 36.56%.
Several research analysts recently weighed in on INTU shares. First Analysis raised shares of Intuit from an “underweight” rating to an “equal weight” rating and set a $128.00 target price for the company in a research note on Wednesday, August 23rd. Stifel Nicolaus boosted their target price on shares of Intuit from $115.00 to $132.00 and gave the company a “hold” rating in a research note on Wednesday, May 24th. Royal Bank Of Canada reaffirmed a “hold” rating and set a $141.00 price objective on shares of Intuit in a research note on Thursday, August 24th. Zacks Investment Research raised shares of Intuit from a “hold” rating to a “buy” rating and set a $152.00 price objective for the company in a research note on Monday, August 28th. Finally, Citigroup Inc. downgraded shares of Intuit from a “buy” rating to a “neutral” rating and dropped their price objective for the company from $148.00 to $141.00 in a research note on Monday, June 26th. Eight investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. The company currently has an average rating of “Buy” and a consensus price target of $140.24.
Intuit Inc is a provider of business and financial management solutions for small businesses, consumers and accounting professionals. The Company operates through three segments: Small Business, Consumer Tax and ProConnect. The Small Business segment serves and advises small businesses and the accounting professionals, and includes QuickBooks financial and business management online services and desktop software, payroll solutions, and payment processing solutions.
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