Wells Fargo & Company MN raised its stake in Intuit Inc. (NASDAQ:INTU) by 25.5% during the third quarter, Holdings Channel reports. The fund owned 810,734 shares of the company’s stock after buying an additional 164,673 shares during the period. Wells Fargo & Company MN’s holdings in Intuit were worth $89,188,000 at the end of the most recent reporting period.
Several other institutional investors have also bought and sold shares of INTU. Johnson Financial Group Inc. increased its position in Intuit by 563.9% in the second quarter. Johnson Financial Group Inc. now owns 1,029 shares of the company’s stock valued at $115,000 after buying an additional 874 shares during the last quarter. Point72 Asia Hong Kong Ltd raised its position in Intuit by 450.0% in the second quarter. Point72 Asia Hong Kong Ltd now owns 1,100 shares of the company’s stock worth $123,000 after buying an additional 900 shares during the period. MSI Financial Services Inc raised its position in Intuit by 1.0% in the third quarter. MSI Financial Services Inc now owns 1,385 shares of the company’s stock worth $152,000 after buying an additional 14 shares during the period. Alpha Windward LLC raised its position in Intuit by 1.3% in the third quarter. Alpha Windward LLC now owns 1,582 shares of the company’s stock worth $174,000 after buying an additional 20 shares during the period. Finally, Stanley Laman Group Ltd. purchased a new position in Intuit during the third quarter worth approximately $194,000. Hedge funds and other institutional investors own 84.64% of the company’s stock.
Intuit Inc. (NASDAQ:INTU) opened at 117.10 on Friday. Intuit Inc. has a 12 month low of $88.17 and a 12 month high of $118.66. The firm’s 50-day moving average is $116.39 and its 200-day moving average is $112.31. The stock has a market capitalization of $30.05 billion, a P/E ratio of 31.33 and a beta of 1.07.
Intuit (NASDAQ:INTU) last posted its quarterly earnings results on Thursday, November 17th. The company reported $0.06 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.03 by $0.03. Intuit had a return on equity of 82.77% and a net margin of 20.59%. The business earned $778 million during the quarter, compared to the consensus estimate of $754.36 million. During the same period in the prior year, the company posted $0.09 EPS. The firm’s revenue for the quarter was up 9.1% compared to the same quarter last year. On average, equities analysts expect that Intuit Inc. will post $4.35 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Wednesday, January 18th. Stockholders of record on Tuesday, January 10th were given a dividend of $0.34 per share. The ex-dividend date of this dividend was Friday, January 6th. This represents a $1.36 dividend on an annualized basis and a dividend yield of 1.16%. Intuit’s dividend payout ratio is currently 36.27%.
INTU has been the subject of a number of analyst reports. Evercore ISI initiated coverage on shares of Intuit in a research report on Wednesday, November 16th. They issued a “hold” rating for the company. Brean Capital restated a “buy” rating and issued a $135.00 price objective on shares of Intuit in a research report on Wednesday, December 28th. JPMorgan Chase & Co. restated a “hold” rating and issued a $114.00 price objective on shares of Intuit in a research report on Thursday, November 17th. Zacks Investment Research lowered shares of Intuit from a “hold” rating to a “sell” rating in a research report on Thursday, November 24th. Finally, Deutsche Bank AG restated a “buy” rating and issued a $130.00 price objective on shares of Intuit in a research report on Friday, November 18th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and eight have given a buy rating to the company’s stock. Intuit currently has a consensus rating of “Hold” and an average price target of $200.83.
In related news, VP Mark J. Flournoy sold 1,892 shares of the firm’s stock in a transaction on Monday, November 21st. The stock was sold at an average price of $115.47, for a total value of $218,469.24. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Henry Tayloe Stansbury sold 1,871 shares of the firm’s stock in a transaction on Wednesday, December 28th. The stock was sold at an average price of $116.88, for a total value of $218,682.48. Following the completion of the sale, the executive vice president now owns 2,541 shares of the company’s stock, valued at $296,992.08. The disclosure for this sale can be found here. Insiders have sold a total of 33,694 shares of company stock valued at $3,896,876 over the last quarter. Corporate insiders own 5.70% of the company’s stock.
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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