Verus Capital Partners LLC purchased a new stake in Intuit Inc. (NASDAQ:INTU – Free Report) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 522 shares of the software maker’s stock, valued at approximately $340,000.
Several other hedge funds and other institutional investors also recently made changes to their positions in INTU. Wellington Management Group LLP increased its stake 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 buying an additional 2,336,654 shares during the period. Brown Advisory Inc. grew its stake in shares of Intuit by 2.3% in the fourth quarter. Brown Advisory Inc. now owns 3,548,119 shares of the software maker’s stock worth $2,217,681,000 after purchasing an additional 80,517 shares during the last quarter. Norges Bank acquired a new stake in Intuit in the fourth quarter valued at $2,101,848,000. Fisher Asset Management LLC increased its holdings in Intuit by 9.5% in the fourth quarter. Fisher Asset Management LLC now owns 3,114,975 shares of the software maker’s stock valued at $1,946,954,000 after purchasing an additional 270,432 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its position in Intuit by 2.9% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,571,602 shares of the software maker’s stock worth $982,299,000 after purchasing an additional 44,332 shares during the last quarter. 83.66% of the stock is owned by institutional investors.
Analyst Ratings Changes
Several equities research analysts have recently weighed in on the company. Morgan Stanley increased their price target on Intuit from $680.00 to $740.00 and gave the company an “overweight” rating in a research note on Monday, May 13th. Erste Group Bank reiterated a “hold” rating on shares of Intuit in a research report on Friday, June 14th. Susquehanna cut their price target on Intuit from $775.00 to $757.00 and set a “positive” rating on the stock in a report on Friday, May 24th. Royal Bank of Canada initiated coverage on Intuit in a research report on Wednesday, July 3rd. They set an “outperform” rating and a $760.00 target price on the stock. Finally, Stifel Nicolaus reduced their price target on shares of Intuit from $720.00 to $690.00 and set a “buy” rating for the company in a research report on Friday, May 24th. Five equities research analysts have rated the stock with a hold rating and twenty have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $687.22.
Insider Buying and Selling
In other news, EVP Mark P. Notarainni sold 465 shares of the business’s stock in a transaction dated Tuesday, May 28th. The stock was sold at an average price of $604.58, for a total transaction of $281,129.70. Following the completion of the transaction, the executive vice president now owns 869 shares of the company’s stock, valued at $525,380.02. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, insider Scott D. Cook sold 75,000 shares of the business’s stock in a transaction that occurred on Tuesday, May 28th. The stock was sold at an average price of $597.85, for a total value of $44,838,750.00. Following the completion of the sale, the insider now owns 6,791,469 shares in the company, valued at approximately $4,060,279,741.65. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Mark P. Notarainni sold 465 shares of Intuit stock in a transaction that occurred on Tuesday, May 28th. The stock was sold at an average price of $604.58, for a total transaction of $281,129.70. Following the transaction, the executive vice president now directly owns 869 shares in the company, valued at $525,380.02. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 195,963 shares of company stock worth $114,442,445. Corporate insiders own 2.90% of the company’s stock.
Intuit Stock Performance
INTU stock traded up $2.73 during midday trading on Tuesday, reaching $660.91. 151,646 shares of the company’s stock traded hands, compared to its average volume of 1,329,287. 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 Inc. has a 52 week low of $473.56 and a 52 week high of $676.62. The firm has a market capitalization of $184.76 billion, a PE ratio of 60.81, a price-to-earnings-growth ratio of 3.67 and a beta of 1.23. The company has a 50-day moving average price of $624.05 and a two-hundred day moving average price of $630.76.
Intuit (NASDAQ:INTU – Get Free Report) last released its quarterly earnings data on Thursday, May 23rd. The software maker reported $9.88 EPS for the quarter, beating analysts’ consensus estimates of $8.12 by $1.76. The company had revenue of $6.74 billion during the quarter, compared to analyst estimates of $6.65 billion. Intuit had a net margin of 19.43% and a return on equity of 18.61%. Intuit’s revenue was up 11.9% compared to the same quarter last year. During the same period last year, the business earned $7.80 earnings per share. As a group, equities analysts anticipate that Intuit Inc. will post 11.72 EPS for the current year.
Intuit Announces Dividend
The company also recently declared a quarterly dividend, which will be paid on Thursday, July 18th. Stockholders of record on Wednesday, July 10th will be issued a $0.90 dividend. The ex-dividend date of this dividend is Wednesday, July 10th. This represents a $3.60 annualized dividend and a dividend yield of 0.54%. Intuit’s payout ratio is currently 33.21%.
About Intuit
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.
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