Pinnacle Financial Partners Inc Has $10.34 Million Position in Intuit Inc. (NASDAQ:INTU)

Pinnacle Financial Partners Inc lifted its stake in shares of Intuit Inc. (NASDAQ:INTU) by 2.6% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 16,651 shares of the software maker’s stock after buying an additional 419 shares during the quarter. Pinnacle Financial Partners Inc’s holdings in Intuit were worth $10,340,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. Fortitude Family Office LLC increased its position in Intuit by 2.8% during the second quarter. Fortitude Family Office LLC now owns 582 shares of the software maker’s stock worth $382,000 after acquiring an additional 16 shares during the period. WASHINGTON TRUST Co boosted its holdings in shares of Intuit by 10.5% in the 2nd quarter. WASHINGTON TRUST Co now owns 168 shares of the software maker’s stock valued at $110,000 after purchasing an additional 16 shares in the last quarter. Gemmer Asset Management LLC raised its stake in Intuit by 3.7% during the second quarter. Gemmer Asset Management LLC now owns 448 shares of the software maker’s stock worth $294,000 after acquiring an additional 16 shares in the last quarter. PFG Investments LLC boosted its position in Intuit by 1.1% in the second quarter. PFG Investments LLC now owns 1,558 shares of the software maker’s stock valued at $1,024,000 after buying an additional 17 shares in the last quarter. Finally, Plancorp LLC lifted its stake in shares of Intuit by 2.0% in the 2nd quarter. Plancorp LLC now owns 881 shares of the software maker’s stock valued at $579,000 after acquiring an additional 17 shares during the last quarter. Institutional investors own 83.66% of the company’s stock.

Insiders Place Their Bets

In related news, CFO Sandeep Aujla sold 775 shares of the firm’s stock in a transaction that occurred on Thursday, October 3rd. The stock was sold at an average price of $601.31, for a total transaction of $466,015.25. Following the completion of the sale, the chief financial officer now directly owns 4,451 shares of the company’s stock, valued at approximately $2,676,430.81. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Intuit news, EVP Kerry J. Mclean sold 11,079 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $631.61, for a total transaction of $6,997,607.19. Following the transaction, the executive vice president now directly owns 24,941 shares in the company, valued at $15,752,985.01. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Sandeep Aujla sold 775 shares of the company’s stock in a transaction on Thursday, October 3rd. The stock was sold at an average price of $601.31, for a total value of $466,015.25. Following the completion of the sale, the chief financial officer now owns 4,451 shares of the company’s stock, valued at $2,676,430.81. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 55,297 shares of company stock valued at $35,220,046 over the last 90 days. Insiders own 2.90% of the company’s stock.

Analysts Set New Price Targets

INTU has been the subject of a number of research reports. Morgan Stanley lowered shares of Intuit from an “overweight” rating to an “equal weight” rating and dropped their price objective for the company from $750.00 to $685.00 in a report on Wednesday, August 14th. Stifel Nicolaus increased their price objective on Intuit from $690.00 to $795.00 and gave the company a “buy” rating in a report on Friday, August 23rd. Bank of America lifted their target price on Intuit from $730.00 to $780.00 and gave the stock a “buy” rating in a report on Friday, August 23rd. StockNews.com raised Intuit from a “hold” rating to a “buy” rating in a research note on Monday, September 30th. Finally, Jefferies Financial Group upped their price objective on shares of Intuit from $770.00 to $790.00 and gave the company a “buy” rating in a research note on Friday, August 23rd. Four equities research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Intuit presently has an average rating of “Moderate Buy” and an average target price of $735.71.

Intuit Price Performance

Shares of NASDAQ:INTU opened at $706.25 on Thursday. Intuit Inc. has a twelve month low of $541.40 and a twelve month high of $714.78. The firm’s 50 day moving average price is $628.37 and its 200-day moving average price is $628.67. The company has a quick ratio of 1.29, a current ratio of 1.29 and a debt-to-equity ratio of 0.30. The stock has a market capitalization of $197.95 billion, a PE ratio of 67.58, a price-to-earnings-growth ratio of 3.42 and a beta of 1.25.

Intuit (NASDAQ:INTU) last released its earnings results 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. The firm had revenue of $3.18 billion during the quarter, compared to analysts’ expectations of $3.08 billion. Intuit had a return on equity of 18.64% and a net margin of 18.19%. The firm’s revenue was up 17.4% on a year-over-year basis. During the same quarter last year, the business posted $0.40 earnings per share. Equities research analysts expect that Intuit Inc. will post 14.04 EPS for the current year.

Intuit Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, October 18th. Stockholders of record on Thursday, October 10th were issued a $1.04 dividend. This represents a $4.16 annualized dividend and a dividend yield of 0.59%. The ex-dividend date was Thursday, October 10th. This is a positive change from Intuit’s previous quarterly dividend of $0.90. Intuit’s dividend payout ratio (DPR) is 39.81%.

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.