First National Trust Co bought a new position in Intuit Inc. (NASDAQ:INTU) in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 1,040 shares of the software maker’s stock, valued at approximately $236,000.
A number of other hedge funds also recently made changes to their positions in the business. BlackRock Inc. lifted its position in Intuit by 5.2% in the second quarter. BlackRock Inc. now owns 17,394,902 shares of the software maker’s stock valued at $3,553,866,000 after purchasing an additional 866,776 shares during the last quarter. FMR LLC lifted its position in Intuit by 14.3% in the second quarter. FMR LLC now owns 10,343,136 shares of the software maker’s stock valued at $2,113,155,000 after purchasing an additional 1,290,503 shares during the last quarter. Fundsmith Equity Fund L.P. bought a new stake in Intuit in the second quarter valued at approximately $810,956,000. OppenheimerFunds Inc. lifted its position in Intuit by 0.5% in the second quarter. OppenheimerFunds Inc. now owns 2,974,690 shares of the software maker’s stock valued at $607,744,000 after purchasing an additional 16,086 shares during the last quarter. Finally, Morgan Stanley lifted its position in Intuit by 25.1% in the second quarter. Morgan Stanley now owns 2,623,888 shares of the software maker’s stock valued at $536,074,000 after purchasing an additional 525,743 shares during the last quarter. Hedge funds and other institutional investors own 87.17% of the company’s stock.
Shares of Intuit stock opened at $212.98 on Friday. The company has a quick ratio of 1.14, a current ratio of 1.14 and a debt-to-equity ratio of 0.16. The company has a market cap of $55.09 billion, a P/E ratio of 46.91, a price-to-earnings-growth ratio of 2.44 and a beta of 1.19. Intuit Inc. has a 52 week low of $150.43 and a 52 week high of $231.84.
The firm also recently announced a quarterly dividend, which was paid on Thursday, October 18th. Investors of record on Wednesday, October 10th were issued a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a dividend yield of 0.88%. The ex-dividend date of this dividend was Tuesday, October 9th. This is an increase from Intuit’s previous quarterly dividend of $0.39. Intuit’s dividend payout ratio is currently 41.50%.
Several analysts have weighed in on INTU shares. Zacks Investment Research upgraded Intuit from a “hold” rating to a “buy” rating and set a $243.00 price objective for the company in a research report on Tuesday, August 28th. Barclays boosted their price objective on Intuit from $204.00 to $219.00 and gave the company an “equal weight” rating in a research report on Friday, September 7th. Credit Suisse Group boosted their price objective on Intuit from $230.00 to $250.00 and gave the company an “outperform” rating in a research report on Friday, September 28th. Wells Fargo & Co boosted their price objective on Intuit from $215.00 to $235.00 and gave the company an “outperform” rating in a research report on Monday, August 27th. Finally, Oppenheimer boosted their price objective on Intuit from $206.00 to $224.00 and gave the company an “outperform” rating in a research report on Friday, August 24th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and twelve have issued a buy rating to the company’s stock. Intuit presently has an average rating of “Buy” and an average target price of $224.29.
In related news, insider Scott D. Cook sold 100,000 shares of the company’s stock in a transaction that occurred on Wednesday, September 19th. The stock was sold at an average price of $221.58, for a total transaction of $22,158,000.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Henry Tayloe Stansbury sold 31,396 shares of the company’s stock in a transaction that occurred on Monday, August 27th. The shares were sold at an average price of $211.65, for a total value of $6,644,963.40. Following the transaction, the executive vice president now owns 27,186 shares of the company’s stock, valued at approximately $5,753,916.90. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 622,236 shares of company stock valued at $137,883,071. 5.59% of the stock is owned by corporate insiders.
Intuit Inc provides financial management and compliance products and services for small businesses, consumers, self-employed, and accounting professionals in the United States, Canada, and internationally. The company's Small Business & Self-Employed segment provides QuickBooks online services and desktop software solutions comprising QuickBooks Enterprise, a hosted or server-based solution and QuickBooks Advanced, an online enterprise solution; QuickBooks Self-Employed solution; and QuickBooks Online Accountant and QuickBooks Accountant Desktop Plus solutions; payroll solutions, such as online payroll processing, direct deposit of employee paychecks, payroll reports, electronic payment of federal and state payroll taxes, and electronic filing of federal and state payroll tax forms.
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