Conning Inc. reduced its position in Intuit Inc. (NASDAQ:INTU) by 1.3% during the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 8,278 shares of the company’s stock after selling 110 shares during the period. Conning Inc.’s holdings in Intuit were worth $924,000 as of its most recent SEC filing.
Several other hedge funds also recently made changes to their positions in the company. Strs Ohio boosted its stake in shares of Intuit by 209.6% in the second quarter. Strs Ohio now owns 567,793 shares of the company’s stock worth $63,371,000 after buying an additional 384,420 shares in the last quarter. RS Investment Management Co. LLC boosted its stake in shares of Intuit by 0.8% in the second quarter. RS Investment Management Co. LLC now owns 184,640 shares of the company’s stock worth $20,608,000 after buying an additional 1,490 shares in the last quarter. Bank of Montreal Can bought a new stake in shares of Intuit during the second quarter worth $9,604,000. Shell Asset Management Co. boosted its stake in shares of Intuit by 21.5% in the second quarter. Shell Asset Management Co. now owns 50,739 shares of the company’s stock worth $5,663,000 after buying an additional 8,989 shares in the last quarter. Finally, Meeder Asset Management Inc. boosted its stake in shares of Intuit by 6.8% in the second quarter. Meeder Asset Management Inc. now owns 6,818 shares of the company’s stock worth $761,000 after buying an additional 436 shares in the last quarter. 86.01% of the stock is owned by institutional investors.
Intuit Inc. (NASDAQ:INTU) traded up 0.06% during midday trading on Wednesday, reaching $110.18. The company’s stock had a trading volume of 1,129,058 shares. The firm has a market cap of $28.42 billion, a P/E ratio of 29.83 and a beta of 1.05. Intuit Inc. has a 52 week low of $85.61 and a 52 week high of $116.97. The firm has a 50 day moving average price of $110.90 and a 200-day moving average price of $107.58.
Intuit (NASDAQ:INTU) last announced its earnings results on Tuesday, August 23rd. The company reported $0.08 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.02) by $0.10. Intuit had a net margin of 20.86% and a return on equity of 80.75%. The company had revenue of $754 million for the quarter, compared to analysts’ expectations of $735.35 million. During the same period last year, the firm earned ($0.05) earnings per share. The business’s revenue for the quarter was up 8.3% on a year-over-year basis. On average, analysts forecast that Intuit Inc. will post $4.35 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 18th. Stockholders of record on Monday, October 10th will be issued a dividend of $0.34 per share. The ex-dividend date is Wednesday, October 5th. This is a boost from Intuit’s previous quarterly dividend of $0.30. This represents a $1.36 annualized dividend and a dividend yield of 1.23%. Intuit’s dividend payout ratio (DPR) is currently 31.91%.
A number of analysts have weighed in on the company. Morgan Stanley cut Intuit from an “equal weight” rating to an “underweight” rating and reduced their price target for the stock from $109.54 to $105.00 in a research report on Tuesday, September 13th. Oppenheimer Holdings Inc. boosted their price target on Intuit from $113.00 to $116.00 and gave the stock an “outperform” rating in a research report on Thursday, August 25th. Deutsche Bank AG reaffirmed a “buy” rating and issued a $125.00 price target (down previously from $130.00) on shares of Intuit in a research report on Wednesday, August 24th. Brean Capital boosted their price target on Intuit from $130.00 to $135.00 and gave the stock a “buy” rating in a research report on Wednesday, August 24th. Finally, RBC Capital Markets reiterated a “hold” rating and issued a $108.00 price objective on shares of Intuit in a research note on Wednesday, August 24th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and ten have assigned a buy rating to the company’s stock. Intuit has a consensus rating of “Buy” and a consensus price target of $194.34.
In other news, EVP Henry Tayloe Stansbury sold 1,871 shares of the firm’s stock in a transaction that occurred on Monday, September 26th. The shares were sold at an average price of $109.19, for a total transaction of $204,294.49. Following the transaction, the executive vice president now directly owns 2,541 shares of the company’s stock, valued at $277,451.79. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Sasan K. Goodarzi sold 7,350 shares of the firm’s stock in a transaction that occurred on Thursday, August 25th. The stock was sold at an average price of $110.00, for a total transaction of $808,500.00. The disclosure for this sale can be found here. Insiders own 5.50% of the company’s stock.
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 Professional Tax. The Company operates in the United States, Canada, India, the United Kingdom, Singapore and Australia, among others.
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