Rockland Trust Co. Increases Holdings in Intuit Inc. (NASDAQ:INTU)

Rockland Trust Co. raised its stake in Intuit Inc. (NASDAQ:INTU) by 4.6% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 37,984 shares of the software maker’s stock after acquiring an additional 1,661 shares during the quarter. Intuit makes up 1.2% of Rockland Trust Co.’s holdings, making the stock its 29th biggest position. Rockland Trust Co.’s holdings in Intuit were worth $23,322,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also bought and sold shares of the company. Zurcher Kantonalbank Zurich Cantonalbank increased its position in Intuit by 2.2% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 171,605 shares of the software maker’s stock worth $107,854,000 after buying an additional 3,648 shares during the last quarter. Capitolis Liquid Global Markets LLC purchased a new stake in Intuit during the fourth quarter valued at about $109,988,000. Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in Intuit during the fourth quarter valued at about $237,244,000. V Square Quantitative Management LLC lifted its holdings in Intuit by 7.0% during the fourth quarter. V Square Quantitative Management LLC now owns 7,671 shares of the software maker’s stock valued at $4,821,000 after purchasing an additional 501 shares during the last quarter. Finally, Alberta Investment Management Corp purchased a new stake in Intuit during the fourth quarter valued at about $10,757,000. 83.66% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

INTU has been the topic of several recent research reports. Royal Bank of Canada reaffirmed an “outperform” rating and set a $850.00 price objective (up from $760.00) on shares of Intuit in a report on Friday, May 23rd. UBS Group set a $750.00 price objective on shares of Intuit and gave the company a “neutral” rating in a research note on Friday, May 23rd. Bank of America increased their price objective on Intuit from $730.00 to $875.00 and gave the stock a “buy” rating in a report on Friday, May 23rd. Oppenheimer reissued an “outperform” rating and set a $742.00 price objective (up previously from $642.00) on shares of Intuit in a report on Friday, May 23rd. Finally, BMO Capital Markets reissued an “outperform” rating and set a $820.00 price objective (up previously from $714.00) on shares of Intuit in a report on Friday, May 23rd. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, twenty have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $785.33.

Insider Buying and Selling

In other news, insider Scott D. Cook sold 62,816 shares of the stock in a transaction that occurred on Monday, June 9th. The stock was sold at an average price of $765.99, for a total value of $48,116,427.84. Following the sale, the insider now directly owns 6,000,679 shares in the company, valued at approximately $4,596,460,107.21. This represents a 1.04% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Alex G. Balazs sold 1,459 shares of the stock in a transaction that occurred on Thursday, June 5th. The stock was sold at an average price of $770.80, for a total value of $1,124,597.20. The disclosure for this sale can be found here. In the last ninety days, insiders sold 288,408 shares of company stock valued at $213,441,865. Company insiders own 2.68% of the company’s stock.

Intuit Stock Performance

Shares of NASDAQ INTU opened at $766.21 on Friday. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.24 and a current ratio of 1.24. The company has a market cap of $213.73 billion, a P/E ratio of 74.39, a P/E/G ratio of 2.85 and a beta of 1.28. The firm’s fifty day moving average is $660.65 and its two-hundred day moving average is $629.50. Intuit Inc. has a 52-week low of $532.65 and a 52-week high of $773.45.

Intuit (NASDAQ:INTU) last announced its quarterly earnings results on Thursday, May 22nd. The software maker reported $11.65 earnings per share for the quarter, topping the consensus estimate of $10.89 by $0.76. Intuit had a net margin of 17.59% and a return on equity of 18.25%. The company had revenue of $7.75 billion for the quarter, compared to analysts’ expectations of $7.56 billion. During the same quarter in the previous year, the business posted $9.88 earnings per share. Intuit’s quarterly revenue was up 15.1% on a year-over-year basis. As a group, analysts anticipate that Intuit Inc. will post 14.09 EPS for the current fiscal year.

Intuit Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, July 18th. Investors of record on Thursday, July 10th will be paid a dividend of $1.04 per share. The ex-dividend date is Thursday, July 10th. This represents a $4.16 dividend on an annualized basis and a dividend yield of 0.54%. Intuit’s dividend payout ratio is presently 33.77%.

Intuit Company 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.