LLBH Private Wealth Management LLC Acquires New Position in Intuit Inc. (INTU)
LLBH Private Wealth Management LLC acquired a new position in shares of Intuit Inc. (NASDAQ:INTU) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 1,612 shares of the software maker’s stock, valued at approximately $214,000.
Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Guardian Life Insurance Co. of America increased its stake in shares of Intuit by 0.5% in the first quarter. Guardian Life Insurance Co. of America now owns 940 shares of the software maker’s stock valued at $109,000 after buying an additional 5 shares during the last quarter. Shine Investment Advisory Services Inc. acquired a new stake in shares of Intuit during the second quarter valued at $123,000. Johnson Financial Group Inc. increased its stake in shares of Intuit by 5.8% in the first quarter. Johnson Financial Group Inc. now owns 1,080 shares of the software maker’s stock valued at $126,000 after buying an additional 59 shares during the last quarter. Miller Howard Investments Inc. NY acquired a new stake in shares of Intuit during the first quarter valued at $205,000. Finally, Lincoln National Corp acquired a new stake in shares of Intuit during the first quarter valued at $205,000. 85.18% of the stock is currently owned by institutional investors and hedge funds.
Shares of Intuit Inc. (NASDAQ INTU) opened at 137.47 on Wednesday. Intuit Inc. has a 12-month low of $103.22 and a 12-month high of $143.81. The firm has a market capitalization of $35.22 billion, a PE ratio of 39.50 and a beta of 1.15. The company’s 50-day moving average price is $134.97 and its 200-day moving average price is $128.16.
Intuit (NASDAQ:INTU) last released its earnings results on Tuesday, May 23rd. The software maker reported $3.90 earnings per share for the quarter, topping the consensus estimate of $3.87 by $0.03. Intuit had a return on equity of 80.88% and a net margin of 17.82%. The firm had revenue of $2.54 billion during the quarter, compared to analysts’ expectations of $2.50 billion. During the same period in the prior year, the company earned $3.43 earnings per share. The company’s quarterly revenue was up 10.3% on a year-over-year basis. Analysts anticipate that Intuit Inc. will post $4.39 EPS for the current year.
The firm also recently announced a quarterly dividend, which was paid on Tuesday, July 18th. Shareholders of record on Monday, July 10th were paid a dividend of $0.34 per share. This represents a $1.36 annualized dividend and a yield of 0.99%. The ex-dividend date was Thursday, July 6th. Intuit’s payout ratio is presently 39.19%.
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A number of brokerages have commented on INTU. Stifel Nicolaus raised their price objective on Intuit from $115.00 to $132.00 and gave the stock a “hold” rating in a research report on Wednesday, May 24th. Citigroup Inc. downgraded Intuit from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $148.00 to $141.00 in a research report on Monday, June 26th. Deutsche Bank AG raised their price objective on Intuit from $130.00 to $150.00 and gave the stock a “buy” rating in a research report on Thursday, May 25th. BidaskClub downgraded Intuit from a “buy” rating to a “hold” rating in a research report on Thursday, June 29th. Finally, Royal Bank Of Canada raised their price objective on Intuit from $126.00 to $140.00 and gave the stock a “sector perform” rating in a research report on Wednesday, May 24th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and ten have given a buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus price target of $135.63.
In other Intuit news, EVP Henry Tayloe Stansbury sold 1,871 shares of the company’s stock in a transaction on Wednesday, June 28th. The stock was sold at an average price of $135.29, for a total transaction of $253,127.59. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Dennis D. Powell sold 16,686 shares of the company’s stock in a transaction on Thursday, May 25th. The stock was sold at an average price of $136.82, for a total value of $2,282,978.52. Following the sale, the director now owns 4,554 shares of the company’s stock, valued at $623,078.28. The disclosure for this sale can be found here. Insiders have sold 151,265 shares of company stock valued at $21,085,104 over the last 90 days. Corporate insiders own 5.70% of the company’s stock.
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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