Janney Montgomery Scott LLC increased its stake in Intuit Inc. (NASDAQ:INTU) by 143.4% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 63,036 shares of the company’s stock after buying an additional 37,134 shares during the period. Janney Montgomery Scott LLC’s holdings in Intuit were worth $6,466,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors also recently bought and sold shares of INTU. Findlay Park Partners LLP bought a new position in Intuit during the first quarter valued at approximately $90,775,000. Emerald Acquisition Ltd. bought a new position in Intuit during the second quarter valued at approximately $54,927,000. Adage Capital Partners GP L.L.C. increased its position in Intuit by 166.1% in the first quarter. Adage Capital Partners GP L.L.C. now owns 689,800 shares of the company’s stock valued at $71,746,000 after buying an additional 430,600 shares in the last quarter. Strs Ohio increased its position in Intuit by 209.6% in the second quarter. Strs Ohio now owns 567,793 shares of the company’s stock valued at $63,371,000 after buying an additional 384,420 shares in the last quarter. Finally, Bank of New York Mellon Corp increased its position in Intuit by 4.5% in the second quarter. Bank of New York Mellon Corp now owns 6,181,276 shares of the company’s stock valued at $689,891,000 after buying an additional 265,334 shares in the last quarter. 86.01% of the stock is currently owned by institutional investors.
Shares of Intuit Inc. (NASDAQ:INTU) traded down 0.66% during mid-day trading on Friday, reaching $110.03. 875,861 shares of the company’s stock traded hands. The firm’s 50-day moving average is $111.08 and its 200 day moving average is $107.22. Intuit Inc. has a one year low of $85.61 and a one year high of $116.97. The firm has a market cap of $28.38 billion, a price-to-earnings ratio of 29.79 and a beta of 1.05.
Intuit (NASDAQ:INTU) last released its earnings results on Tuesday, August 23rd. The company reported $0.08 earnings per share for the quarter, topping the Zacks’ 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 firm had revenue of $754 million for the quarter, compared to analyst estimates of $735.35 million. During the same period in the prior year, the firm earned ($0.05) earnings per share. The business’s quarterly revenue was up 8.3% compared to the same quarter last year. Analysts predict that Intuit Inc. will post $4.35 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 18th. Shareholders of record on Monday, October 10th will be paid a $0.34 dividend. This is a positive change from Intuit’s previous quarterly dividend of $0.30. This represents a $1.36 annualized dividend and a yield of 1.23%. The ex-dividend date of this dividend is Wednesday, October 5th. Intuit’s dividend payout ratio is currently 31.91%.
A number of research firms have commented on INTU. Citigroup Inc. reissued a “buy” rating and set a $128.00 target price on shares of Intuit in a research report on Wednesday, August 24th. Royal Bank Of Canada cut their target price on shares of Intuit from $113.00 to $93.00 and set a “sector perform” rating on the stock in a research report on Monday, August 15th. RBC Capital Markets reissued a “sector perform” rating and set a $113.00 target price (up previously from $93.00) on shares of Intuit in a research report on Monday, August 15th. Vetr raised shares of Intuit from a “strong sell” rating to a “hold” rating and set a $116.50 target price on the stock in a research report on Monday, July 18th. Finally, Wedbush reissued an “outperform” rating and set a $755.00 target price (up previously from $715.00) on shares of Intuit in a research report on Sunday, July 24th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and ten have given a buy rating to the stock. Intuit currently has an average rating of “Buy” and an average target price of $194.34.
In other Intuit news, EVP Sasan K. Goodarzi sold 18,567 shares of the stock in a transaction that occurred on Friday, September 9th. The shares were sold at an average price of $109.78, for a total value of $2,038,285.26. Following the transaction, the executive vice president now directly owns 1,492 shares in the company, valued at $163,791.76. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO R Neil Williams sold 6,636 shares of the stock in a transaction that occurred on Thursday, August 25th. The shares were sold at an average price of $110.06, for a total transaction of $730,358.16. Following the completion of the transaction, the chief financial officer now owns 4,727 shares in the company, valued at $520,253.62. The disclosure for this sale can be found here. 5.50% of the stock is currently owned by company 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 Professional Tax. The Company operates in the United States, Canada, India, the United Kingdom, Singapore and Australia, among others.
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