Oppenheimer Asset Management Inc. raised its position in shares of Intuit Inc. (NASDAQ:INTU) by 10.9% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 7,304 shares of the software maker’s stock after buying an additional 717 shares during the period. Oppenheimer Asset Management Inc.’s holdings in Intuit were worth $970,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Guardian Life Insurance Co. of America increased its holdings in shares of Intuit by 0.5% during the first quarter. Guardian Life Insurance Co. of America now owns 940 shares of the software maker’s stock worth $109,000 after buying an additional 5 shares in the last quarter. Shine Investment Advisory Services Inc. acquired a new stake in shares of Intuit during the second quarter worth approximately $123,000. Johnson Financial Group Inc. increased its holdings in shares of Intuit by 5.8% during the first quarter. Johnson Financial Group Inc. now owns 1,080 shares of the software maker’s stock worth $126,000 after buying an additional 59 shares in the last quarter. Lincoln National Corp acquired a new stake in shares of Intuit during the first quarter worth approximately $205,000. Finally, Pax World Management LLC acquired a new stake in shares of Intuit during the first quarter worth approximately $205,000. 86.05% of the stock is owned by institutional investors.
In other Intuit news, Chairman Scott D. Cook sold 182,037 shares of the company’s stock in a transaction that occurred on Thursday, August 24th. The shares were sold at an average price of $135.20, for a total value of $24,611,402.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Chairman Scott D. Cook sold 183,334 shares of the company’s stock in a transaction that occurred on Friday, August 25th. The shares were sold at an average price of $135.22, for a total transaction of $24,790,423.48. The disclosure for this sale can be found here. In the last three months, insiders sold 685,925 shares of company stock valued at $94,039,250. 5.70% of the stock is owned by insiders.
INTU has been the subject of several recent analyst reports. Jefferies Group LLC initiated coverage on shares of Intuit in a report on Thursday, August 24th. They set a “buy” rating and a $157.00 price objective for the company. Oppenheimer Holdings, Inc. raised their price objective on shares of Intuit from $141.00 to $146.00 and gave the stock an “outperform” rating in a report on Thursday, August 24th. Bank of America Corporation reaffirmed a “buy” rating and set a $145.00 price objective on shares of Intuit in a report on Wednesday, August 23rd. Credit Suisse Group reaffirmed an “outperform” rating and set a $155.00 price objective (up previously from $150.00) on shares of Intuit in a report on Wednesday, August 23rd. Finally, Deutsche Bank AG reaffirmed a “buy” rating and set a $150.00 price objective on shares of Intuit in a report on Wednesday, August 23rd. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and eleven have assigned a buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus target price of $138.28.
Shares of Intuit Inc. (INTU) opened at 142.64 on Tuesday. Intuit Inc. has a 12-month low of $103.22 and a 12-month high of $143.81. The firm’s 50-day moving average is $137.62 and its 200-day moving average is $130.71. The firm has a market cap of $36.66 billion, a price-to-earnings ratio of 38.34 and a beta of 1.15.
Intuit (NASDAQ:INTU) last issued its quarterly earnings data on Tuesday, August 22nd. The software maker reported $0.20 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.17 by $0.03. The business had revenue of $842 million during the quarter, compared to the consensus estimate of $808.82 million. Intuit had a net margin of 18.76% and a return on equity of 82.43%. The firm’s revenue was up 11.7% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.08 EPS. Analysts predict that Intuit Inc. will post $4.95 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 18th. Investors of record on Tuesday, October 10th will be paid a $0.39 dividend. This is an increase from Intuit’s previous quarterly dividend of $0.34. The ex-dividend date is Friday, October 6th. This represents a $1.56 annualized dividend and a yield of 1.09%. Intuit’s dividend payout ratio is presently 36.56%.
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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