Zacks Investment Management Increases Holdings in Intuit Inc. (NASDAQ:INTU)

Zacks Investment Management lifted its holdings in shares of Intuit Inc. (NASDAQ:INTU) by 12.3% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 71,830 shares of the software maker’s stock after purchasing an additional 7,859 shares during the period. Zacks Investment Management’s holdings in Intuit were worth $44,607,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. State Street Corp raised its position in Intuit by 1.8% in the third quarter. State Street Corp now owns 12,317,086 shares of the software maker’s stock worth $7,648,910,000 after acquiring an additional 221,885 shares during the period. Fisher Asset Management LLC increased its stake in shares of Intuit by 2.9% during the 3rd quarter. Fisher Asset Management LLC now owns 3,827,671 shares of the software maker’s stock worth $2,376,984,000 after purchasing an additional 107,482 shares during the last quarter. Legal & General Group Plc raised its holdings in shares of Intuit by 1.0% in the 2nd quarter. Legal & General Group Plc now owns 2,340,555 shares of the software maker’s stock worth $1,538,236,000 after purchasing an additional 23,995 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in Intuit by 4.0% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,300,789 shares of the software maker’s stock valued at $1,428,790,000 after purchasing an additional 87,517 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its holdings in Intuit by 1.6% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,688,445 shares of the software maker’s stock valued at $1,048,524,000 after purchasing an additional 26,914 shares during the period. 83.66% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Intuit

In other news, CFO Sandeep Aujla sold 775 shares of the business’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 transaction, the chief financial officer now directly owns 4,451 shares of the company’s stock, valued at approximately $2,676,430.81. The trade was a 14.83 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Alex G. Balazs sold 2,941 shares of the company’s 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 of the company’s stock, valued at $12,575.20. This trade represents a 99.32 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 118,324 shares of company stock valued at $75,803,690 in the last quarter. Company insiders own 2.68% of the company’s stock.

Analyst Ratings Changes

Several analysts have issued reports on the company. Oppenheimer boosted their target price on Intuit from $712.00 to $722.00 and gave the company an “outperform” rating in a research note on Friday, November 22nd. Susquehanna reaffirmed a “positive” rating and set a $757.00 price objective on shares of Intuit in a report on Friday, August 16th. StockNews.com downgraded shares of Intuit from a “buy” rating to a “hold” rating in a research note on Wednesday. Bank of America upped their price target on shares of Intuit from $730.00 to $780.00 and gave the company a “buy” rating in a research note on Friday, August 23rd. Finally, Jefferies Financial Group lifted their price objective on shares of Intuit from $790.00 to $800.00 and gave the company a “buy” rating in a research note on Friday, November 22nd. Six equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $737.44.

Intuit Stock Performance

NASDAQ INTU opened at $646.47 on Friday. The company has a 50-day simple moving average of $634.53 and a two-hundred day simple moving average of $631.24. Intuit Inc. has a 12-month low of $557.29 and a 12-month high of $714.78. The firm has a market cap of $180.96 billion, a price-to-earnings ratio of 62.76, a PEG ratio of 3.23 and a beta of 1.24. The company has a quick ratio of 1.24, a current ratio of 1.24 and a debt-to-equity ratio of 0.31.

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

Intuit Announces Dividend

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

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.