Westpac Banking Corp decreased its holdings in Intuit Inc. (NASDAQ:INTU) by 0.8% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 96,482 shares of the software maker’s stock after selling 781 shares during the period. Westpac Banking Corp’s holdings in Intuit were worth $25,221,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other large investors have also modified their holdings of the stock. Riverhead Capital Management LLC increased its position in shares of Intuit by 50.7% during the first quarter. Riverhead Capital Management LLC now owns 23,309 shares of the software maker’s stock worth $6,093,000 after purchasing an additional 7,837 shares in the last quarter. Andra AP fonden acquired a new position in shares of Intuit during the first quarter worth $8,208,000. GWM Advisors LLC acquired a new position in shares of Intuit during the first quarter worth $222,000. Williams Jones & Associates LLC increased its position in shares of Intuit by 5.2% during the first quarter. Williams Jones & Associates LLC now owns 117,452 shares of the software maker’s stock worth $30,703,000 after purchasing an additional 5,816 shares in the last quarter. Finally, Neuburgh Advisers LLC increased its position in shares of Intuit by 52.0% during the first quarter. Neuburgh Advisers LLC now owns 46,512 shares of the software maker’s stock worth $12,159,000 after purchasing an additional 15,912 shares in the last quarter. 87.97% of the stock is owned by institutional investors.
A number of brokerages have recently issued reports on INTU. BidaskClub raised Intuit from a “hold” rating to a “buy” rating in a research report on Thursday, May 9th. Morgan Stanley reduced their price target on Intuit from $245.00 to $239.00 and set an “equal weight” rating on the stock in a research report on Thursday, May 16th. KeyCorp reduced their price target on Intuit from $285.00 to $280.00 and set an “overweight” rating on the stock in a research report on Friday, April 26th. Jefferies Financial Group upped their price target on Intuit from $272.00 to $300.00 and gave the stock a “buy” rating in a research report on Friday, May 24th. Finally, Barclays upped their target price on Intuit from $225.00 to $237.00 and gave the company an “equal weight” rating in a research report on Friday, May 24th. Three investment analysts have rated the stock with a sell rating, five have assigned a hold rating and fifteen have assigned a buy rating to the company. The company has a consensus rating of “Buy” and a consensus price target of $252.55.
Shares of INTU stock traded up $0.95 during mid-day trading on Wednesday, hitting $257.68. 26,303 shares of the stock were exchanged, compared to its average volume of 1,523,374. The firm has a market cap of $66.75 billion, a P/E ratio of 56.74, a PEG ratio of 2.92 and a beta of 1.10. Intuit Inc. has a 52-week low of $182.61 and a 52-week high of $272.14. The company has a quick ratio of 1.85, a current ratio of 1.85 and a debt-to-equity ratio of 0.10.
Intuit (NASDAQ:INTU) last issued its quarterly earnings results on Thursday, May 23rd. The software maker reported $5.55 earnings per share for the quarter, beating the Zacks’ consensus estimate of $5.12 by $0.43. The firm had revenue of $3.27 billion for the quarter, compared to analyst estimates of $3.23 billion. Intuit had a net margin of 24.34% and a return on equity of 52.65%. Intuit’s quarterly revenue was up 12.4% compared to the same quarter last year. During the same period last year, the company posted $4.82 EPS. On average, analysts anticipate that Intuit Inc. will post 5.49 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, July 18th. Investors of record on Wednesday, July 10th will be paid a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a yield of 0.73%. The ex-dividend date is Tuesday, July 9th. Intuit’s dividend payout ratio is presently 41.50%.
In other Intuit news, CFO Michelle M. Clatterbuck sold 10,628 shares of the stock in a transaction dated Tuesday, May 28th. The shares were sold at an average price of $256.27, for a total value of $2,723,637.56. Following the completion of the sale, the chief financial officer now owns 10,628 shares in the company, valued at approximately $2,723,637.56. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Chairman Scott D. Cook sold 29,517 shares of the stock in a transaction dated Monday, June 10th. The shares were sold at an average price of $261.67, for a total transaction of $7,723,713.39. The disclosure for this sale can be found here. Insiders sold a total of 143,962 shares of company stock worth $37,293,389 over the last ninety days. 4.60% of the stock is currently owned by corporate insiders.
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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, Canada, and internationally. The company's Small Business & Self-Employed segment provides QuickBooks online services and desktop software solutions comprising QuickBooks Enterprise, a hosted or server-based solution and QuickBooks Advanced, an online enterprise solution; QuickBooks Self-Employed solution; and QuickBooks Online Accountant and QuickBooks Accountant Desktop Plus solutions; payroll solutions, such as online payroll processing, direct deposit of employee paychecks, payroll reports, electronic payment of federal and state payroll taxes, and electronic filing of federal and state payroll tax forms.
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