CIBC World Markets Inc. grew its stake in shares of Intuit Inc. (NASDAQ:INTU) by 183.4% in the second quarter, according to its most recent filing with the SEC. The fund owned 6,295 shares of the software maker’s stock after acquiring an additional 4,074 shares during the period. CIBC World Markets Inc.’s holdings in Intuit were worth $836,000 at the end of the most recent reporting period.
Several other large investors also recently made changes to their positions in INTU. Guardian Life Insurance Co. of America lifted its position in shares of Intuit by 0.5% during the 1st quarter. Guardian Life Insurance Co. of America now owns 940 shares of the software maker’s stock valued at $109,000 after acquiring an additional 5 shares during the last quarter. Shine Investment Advisory Services Inc. acquired a new stake in shares of Intuit during the 2nd quarter valued at $123,000. Johnson Financial Group Inc. lifted its position in shares of Intuit by 5.8% during the 1st quarter. Johnson Financial Group Inc. now owns 1,080 shares of the software maker’s stock valued at $126,000 after acquiring an additional 59 shares during the last quarter. Lincoln National Corp acquired a new stake in shares of Intuit during the 1st quarter valued at $205,000. Finally, Pax World Management LLC acquired a new stake in shares of Intuit during the 1st quarter valued at $205,000. Institutional investors own 86.05% of the company’s stock.
A number of equities research analysts have recently commented on INTU shares. Jefferies Group LLC started coverage on Intuit in a research report on Thursday, August 24th. They set a “buy” rating and a $157.00 price objective for the company. Oppenheimer Holdings, Inc. increased their price objective on Intuit from $141.00 to $146.00 and gave the company an “outperform” rating in a research report on Thursday, August 24th. Bank of America Corporation reiterated a “buy” rating and set a $145.00 price objective on shares of Intuit in a research report on Wednesday, August 23rd. Credit Suisse Group reiterated an “outperform” rating and set a $155.00 price objective (up previously from $150.00) on shares of Intuit in a research report on Wednesday, August 23rd. Finally, Deutsche Bank AG reiterated a “buy” rating and set a $150.00 price objective on shares of Intuit in a research report on Wednesday, August 23rd. Eight research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average price target of $140.24.
Shares of Intuit Inc. (INTU) opened at 142.13 on Friday. The stock has a market capitalization of $36.24 billion, a price-to-earnings ratio of 38.21 and a beta of 1.15. The company’s 50 day moving average price is $138.38 and its 200 day moving average price is $131.17. Intuit Inc. has a one year low of $103.22 and a one year high of $143.81.
Intuit (NASDAQ:INTU) last posted its quarterly earnings data on Tuesday, August 22nd. The software maker reported $0.20 EPS for the quarter, beating the consensus estimate of $0.17 by $0.03. The business had revenue of $842.00 million for the quarter, compared to analysts’ expectations 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 period in the previous year, the firm posted $0.08 EPS. On average, analysts expect 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 given a $0.39 dividend. This is a boost from Intuit’s previous quarterly dividend of $0.34. This represents a $1.56 annualized dividend and a yield of 1.10%. The ex-dividend date of this dividend is Friday, October 6th. Intuit’s payout ratio is currently 36.56%.
In related news, Chairman Scott D. Cook sold 182,037 shares of the business’s stock in a transaction 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 transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO R Neil Williams sold 184,585 shares of the business’s stock in a transaction on Tuesday, September 12th. The shares were sold at an average price of $141.11, for a total transaction of $26,046,789.35. Following the completion of the sale, the chief financial officer now directly owns 64,620 shares in the company, valued at $9,118,528.20. The disclosure for this sale can be found here. Insiders sold a total of 888,585 shares of company stock worth $122,643,706 over the last ninety days. 5.70% of the stock is currently owned by insiders.
Intuit Company Profile
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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