Segment Wealth Management LLC Grows Stock Holdings in Intuit Inc. (NASDAQ:INTU)

Segment Wealth Management LLC lifted its position in shares of Intuit Inc. (NASDAQ:INTU) by 2.4% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 31,687 shares of the software maker’s stock after buying an additional 743 shares during the period. Intuit comprises 1.3% of Segment Wealth Management LLC’s investment portfolio, making the stock its 18th largest position. Segment Wealth Management LLC’s holdings in Intuit were worth $19,455,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also bought and sold shares of INTU. Vanguard Group Inc. raised its position in Intuit by 1.3% in the 4th quarter. Vanguard Group Inc. now owns 27,035,316 shares of the software maker’s stock worth $16,991,696,000 after purchasing an additional 353,185 shares during the period. Geode Capital Management LLC raised its holdings in Intuit by 2.2% during the 4th quarter. Geode Capital Management LLC now owns 6,111,097 shares of the software maker’s stock valued at $3,833,720,000 after buying an additional 132,384 shares during the last quarter. Wellington Management Group LLP boosted its position in Intuit by 13.3% during the 4th quarter. Wellington Management Group LLP now owns 5,296,921 shares of the software maker’s stock valued at $3,329,115,000 after buying an additional 620,559 shares during the period. Norges Bank bought a new stake in Intuit in the 4th quarter worth $2,290,419,000. Finally, Northern Trust Corp increased its position in shares of Intuit by 17.3% in the fourth quarter. Northern Trust Corp now owns 3,371,013 shares of the software maker’s stock valued at $2,118,682,000 after acquiring an additional 498,030 shares during the period. Hedge funds and other institutional investors own 83.66% of the company’s stock.

Analysts Set New Price Targets

Several analysts recently issued reports on INTU shares. Citigroup reissued a “buy” rating and issued a $789.00 target price (up from $726.00) on shares of Intuit in a research note on Friday, May 23rd. Royal Bank Of Canada reiterated an “outperform” rating and issued a $850.00 price objective (up previously from $760.00) on shares of Intuit in a report on Friday, May 23rd. Hsbc Global Res raised Intuit from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, April 23rd. Barclays restated an “overweight” rating and set a $815.00 target price (up previously from $775.00) on shares of Intuit in a report on Friday, May 23rd. Finally, Oppenheimer reaffirmed an “outperform” rating and issued a $742.00 price target (up from $642.00) on shares of Intuit in a research note on Friday, May 23rd. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating, twenty have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $787.95.

Intuit Stock Performance

NASDAQ:INTU opened at $754.83 on Friday. The stock has a 50-day moving average price of $679.41 and a 200 day moving average price of $633.70. The company has a current ratio of 1.45, a quick ratio of 1.45 and a debt-to-equity ratio of 0.29. Intuit Inc. has a 12-month low of $532.65 and a 12-month high of $773.45. The stock has a market capitalization of $210.56 billion, a P/E ratio of 61.27, a P/E/G ratio of 3.36 and a beta of 1.28.

Intuit (NASDAQ:INTU) last announced its quarterly earnings data on Thursday, May 22nd. The software maker reported $11.65 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $10.89 by $0.76. The business had revenue of $7.75 billion during the quarter, compared to analyst estimates of $7.56 billion. Intuit had a net margin of 19.07% and a return on equity of 21.46%. The company’s revenue was up 15.1% on a year-over-year basis. During the same period last year, the firm posted $9.88 EPS. Equities research analysts forecast that Intuit Inc. will post 14.09 EPS for the current fiscal year.

Intuit Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, July 18th. Shareholders of record on Thursday, July 10th will be paid a $1.04 dividend. This represents a $4.16 annualized dividend and a yield of 0.55%. The ex-dividend date is Thursday, July 10th. Intuit’s payout ratio is currently 33.77%.

Insider Buying and Selling at Intuit

In related news, EVP Laura A. Fennell sold 8,163 shares of the stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $612.46, for a total value of $4,999,510.98. Following the completion of the transaction, the executive vice president now owns 21,882 shares of the company’s stock, valued at approximately $13,401,849.72. This trade represents a 27.17% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Scott D. Cook sold 72,442 shares of the company’s stock in a transaction that occurred on Tuesday, May 27th. The shares were sold at an average price of $741.29, for a total value of $53,700,530.18. Following the sale, the insider now owns 6,063,495 shares in the company, valued at approximately $4,494,808,208.55. This trade represents a 1.18% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 279,321 shares of company stock valued at $207,988,705 in the last 90 days. Insiders own 2.68% of the company’s stock.

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.