Cambridge Investment Research Advisors Inc. raised its holdings in shares of Intuit Inc. (NASDAQ:INTU) by 14.1% during the 2nd quarter, Holdings Channel reports. The fund owned 4,204 shares of the software maker’s stock after acquiring an additional 521 shares during the quarter. Cambridge Investment Research Advisors Inc.’s holdings in Intuit were worth $859,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other institutional investors have also modified their holdings of the company. BlackRock Inc. boosted its stake in shares of Intuit by 5.2% during the 2nd quarter. BlackRock Inc. now owns 17,394,902 shares of the software maker’s stock worth $3,553,866,000 after acquiring an additional 866,776 shares during the last quarter. FMR LLC boosted its stake in shares of Intuit by 14.3% during the 2nd quarter. FMR LLC now owns 10,343,136 shares of the software maker’s stock worth $2,113,155,000 after acquiring an additional 1,290,503 shares during the last quarter. Brown Advisory Inc. raised its position in shares of Intuit by 16.3% during the 1st quarter. Brown Advisory Inc. now owns 2,967,883 shares of the software maker’s stock valued at $514,484,000 after purchasing an additional 416,938 shares during the period. OppenheimerFunds Inc. raised its position in shares of Intuit by 8.8% during the 1st quarter. OppenheimerFunds Inc. now owns 2,958,604 shares of the software maker’s stock valued at $512,874,000 after purchasing an additional 239,143 shares during the period. Finally, Royal Bank of Canada raised its position in shares of Intuit by 1.7% during the 1st quarter. Royal Bank of Canada now owns 2,887,262 shares of the software maker’s stock valued at $500,508,000 after purchasing an additional 48,265 shares during the period. Institutional investors and hedge funds own 87.02% of the company’s stock.
Shares of NASDAQ INTU opened at $227.54 on Friday. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.14 and a current ratio of 1.14. The firm has a market capitalization of $58.38 billion, a price-to-earnings ratio of 50.23, a P/E/G ratio of 2.39 and a beta of 1.21. Intuit Inc. has a 52-week low of $140.21 and a 52-week high of $229.86.
Intuit (NASDAQ:INTU) last announced its quarterly earnings results on Thursday, August 23rd. The software maker reported $0.32 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.23 by $0.09. The company had revenue of $988.00 million for the quarter, compared to the consensus estimate of $952.67 million. Intuit had a net margin of 20.31% and a return on equity of 67.39%. Intuit’s revenue for the quarter was up 17.3% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.20 EPS. equities analysts forecast that Intuit Inc. will post 5.23 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, October 18th. Shareholders of record on Wednesday, October 10th will be issued a $0.47 dividend. This is an increase from Intuit’s previous quarterly dividend of $0.39. This represents a $1.88 dividend on an annualized basis and a yield of 0.83%. The ex-dividend date is Tuesday, October 9th. Intuit’s payout ratio is currently 34.44%.
INTU has been the topic of several recent analyst reports. Zacks Investment Research downgraded shares of Intuit from a “buy” rating to a “hold” rating in a research report on Tuesday, July 24th. Royal Bank of Canada raised their price objective on shares of Intuit to $240.00 and gave the company a “market perform” rating in a research report on Friday, August 17th. Bank of America raised their price objective on shares of Intuit from $204.00 to $227.00 and gave the company a “buy” rating in a research report on Monday, June 11th. BidaskClub downgraded shares of Intuit from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, June 26th. Finally, Argus raised their price objective on shares of Intuit from $225.00 to $250.00 in a research report on Tuesday, July 24th. Three equities research analysts have rated the stock with a sell rating, five have given a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company. The company presently has an average rating of “Buy” and an average price target of $216.94.
In other Intuit news, Director Dennis D. Powell sold 4,554 shares of Intuit stock in a transaction on Tuesday, August 28th. The shares were sold at an average price of $215.05, for a total value of $979,337.70. Following the sale, the director now directly owns 4,083 shares in the company, valued at approximately $878,049.15. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Chairman Scott D. Cook sold 100,000 shares of Intuit stock in a transaction on Friday, September 7th. The shares were sold at an average price of $220.30, for a total transaction of $22,030,000.00. The disclosure for this sale can be found here. Over the last quarter, insiders sold 368,201 shares of company stock worth $78,754,509. 5.59% of the stock is currently owned by insiders.
Intuit Company Profile
Intuit Inc provides financial management and compliance products and services for small businesses, consumers, self-employed, and accounting professionals in the United States and internationally. The company's Small Business segment provides small business payroll products and services, including QuickBooks Desktop software products, such as Desktop Pro, Desktop for Mac, Desktop Premier, and Enterprise; QuickBooks Basic Payroll and QuickBooks Enhanced Payroll; QuickBooks Point of Sale solutions; ProAdvisor Program memberships for accounting professionals; and financial supplies.
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