156,000 Shares in Intuit Inc. (INTU) Purchased by Scge Management L.P.
Scge Management L.P. purchased a new stake in shares of Intuit Inc. (NASDAQ:INTU) during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor purchased 156,000 shares of the software maker’s stock, valued at approximately $20,718,000. Intuit makes up approximately 5.3% of Scge Management L.P.’s holdings, making the stock its 10th biggest holding. Scge Management L.P. owned about 0.06% of Intuit at the end of the most recent quarter.
Several other hedge funds have also made changes to their positions in INTU. BlackRock Inc. increased its holdings in Intuit by 1,542.9% during the 1st quarter. BlackRock Inc. now owns 17,363,857 shares of the software maker’s stock worth $2,014,036,000 after acquiring an additional 16,306,976 shares during the period. Vanguard Group Inc. increased its holdings in Intuit by 2.7% during the 2nd quarter. Vanguard Group Inc. now owns 16,818,170 shares of the software maker’s stock worth $2,233,621,000 after acquiring an additional 444,676 shares during the period. TIAA CREF Investment Management LLC increased its holdings in Intuit by 7.8% during the 2nd quarter. TIAA CREF Investment Management LLC now owns 4,780,533 shares of the software maker’s stock worth $634,903,000 after acquiring an additional 347,159 shares during the period. Morgan Stanley increased its holdings in Intuit by 38.5% during the 1st quarter. Morgan Stanley now owns 3,478,799 shares of the software maker’s stock worth $403,505,000 after acquiring an additional 966,936 shares during the period. Finally, Janus Capital Management LLC increased its holdings in Intuit by 5.4% during the 1st quarter. Janus Capital Management LLC now owns 2,694,993 shares of the software maker’s stock worth $312,593,000 after acquiring an additional 138,184 shares during the period. Institutional investors own 85.96% of the company’s stock.
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A number of analysts recently weighed in on INTU shares. Argus started coverage on shares of Intuit in a report on Wednesday, September 20th. They set a “buy” rating and a $165.00 target price on the stock. Moffett Nathanson started coverage on shares of Intuit in a report on Thursday, September 7th. They set a “buy” rating and a $150.00 target price on the stock. Zacks Investment Research raised shares of Intuit from a “hold” rating to a “buy” rating and set a $152.00 price target on the stock in a report on Monday, August 28th. Jefferies Group LLC started coverage on shares of Intuit in a report on Thursday, August 24th. They issued a “buy” rating and a $157.00 price target on the stock. Finally, Bank of America Corporation reissued a “buy” rating and issued a $145.00 price target on shares of Intuit in a report on Wednesday, August 23rd. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and thirteen have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average target price of $142.74.
In other news, Chairman Scott D. Cook sold 182,037 shares of the business’s stock in a transaction on Thursday, August 24th. The shares were sold at an average price of $135.20, for a total transaction of $24,611,402.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Chairman Scott D. Cook sold 183,334 shares of the business’s stock in a transaction on Friday, August 25th. The shares were sold at an average price of $135.22, for a total transaction of $24,790,423.48. The disclosure for this sale can be found here. Insiders have sold 1,084,194 shares of company stock valued at $151,162,540 over the last three months. Insiders own 5.70% of the company’s stock.
Shares of Intuit Inc. (NASDAQ:INTU) traded up 0.13% during midday trading on Thursday, reaching $142.85. 418,104 shares of the company’s stock traded hands. The company has a market capitalization of $36.42 billion, a price-to-earnings ratio of 38.40 and a beta of 1.15. The company has a 50-day moving average of $140.97 and a 200-day moving average of $132.97. Intuit Inc. has a one year low of $103.22 and a one year high of $146.72.
Intuit (NASDAQ:INTU) last issued its earnings results on Tuesday, August 22nd. The software maker reported $0.20 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.17 by $0.03. The firm had revenue of $842.00 million during the quarter, compared to analyst estimates of $808.82 million. Intuit had a net margin of 18.76% and a return on equity of 82.43%. The business’s revenue was up 11.7% on a year-over-year basis. During the same period in the previous year, the firm earned $0.08 earnings per share. Equities research analysts anticipate that Intuit Inc. will post $4.95 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 18th. Stockholders of record on Tuesday, October 10th will be paid a dividend of $0.39 per share. This is a positive change from Intuit’s previous quarterly dividend of $0.34. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.09%. The ex-dividend date of this dividend is Friday, October 6th. Intuit’s payout ratio is currently 36.56%.
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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