Meeder Asset Management Inc. Increases Stock Position in Intuit Inc. (NASDAQ:INTU)


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Meeder Asset Management Inc. raised its position in shares of Intuit Inc. (NASDAQ:INTU) by 1,380.7% in the first quarter, Holdings Channel.com reports. The fund owned 32,635 shares of the software maker’s stock after buying an additional 30,431 shares during the quarter. Meeder Asset Management Inc.’s holdings in Intuit were worth $12,501,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of INTU. MUFG Americas Holdings Corp grew its position in shares of Intuit by 1,600.0% during the fourth quarter. MUFG Americas Holdings Corp now owns 68 shares of the software maker’s stock worth $26,000 after buying an additional 64 shares in the last quarter. Clearview Wealth Advisors LLC bought a new stake in Intuit in the 4th quarter valued at about $29,000. TRU Independence Asset Management 2 LLC acquired a new position in Intuit during the 4th quarter valued at about $29,000. Encompass Wealth Advisors LLC bought a new stake in shares of Intuit during the fourth quarter valued at approximately $29,000. Finally, Concord Wealth Partners acquired a new stake in Intuit in the 4th quarter valued at approximately $37,000. Hedge funds and other institutional investors own 84.79% of the company’s stock.

A number of research analysts recently commented on INTU shares. Wolfe Research assumed coverage on shares of Intuit in a research note on Wednesday, April 28th. They set an “outperform” rating and a $475.00 price objective on the stock. Stifel Nicolaus raised their target price on Intuit from $400.00 to $425.00 and gave the company a “buy” rating in a research note on Tuesday, March 2nd. Bank of America reiterated a “buy” rating and issued a $460.00 price target on shares of Intuit in a research report on Wednesday, April 14th. Credit Suisse Group reaffirmed an “outperform” rating and issued a $460.00 price objective on shares of Intuit in a research note on Monday, March 22nd. Finally, Mizuho increased their target price on shares of Intuit from $430.00 to $450.00 and gave the company a “buy” rating in a research note on Tuesday, March 2nd. Four equities research analysts have rated the stock with a hold rating and seventeen have given a buy rating to the stock. Intuit presently has a consensus rating of “Buy” and a consensus target price of $431.65.

NASDAQ:INTU traded down $13.52 during trading hours on Tuesday, hitting $397.82. 17,480 shares of the company traded hands, compared to its average volume of 1,359,424. The company has a current ratio of 3.09, a quick ratio of 3.09 and a debt-to-equity ratio of 0.39. The stock has a market capitalization of $108.94 billion, a price-to-earnings ratio of 53.55, a P/E/G ratio of 4.29 and a beta of 0.99. The firm has a 50-day moving average of $400.13 and a 200 day moving average of $376.89. Intuit Inc. has a twelve month low of $258.30 and a twelve month high of $423.74.

Intuit (NASDAQ:INTU) last released its earnings results on Tuesday, February 23rd. The software maker reported $0.68 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.13 by $0.55. The business had revenue of $1.58 billion during the quarter, compared to analysts’ expectations of $1.61 billion. Intuit had a net margin of 25.10% and a return on equity of 40.29%. The firm’s revenue was down 7.1% on a year-over-year basis. During the same quarter last year, the company earned $1.16 earnings per share. Equities research analysts predict that Intuit Inc. will post 5.87 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which was paid on Monday, April 19th. Investors of record on Monday, April 12th were paid a $0.59 dividend. The ex-dividend date was Friday, April 9th. This represents a $2.36 dividend on an annualized basis and a yield of 0.59%. Intuit’s payout ratio is currently 35.98%.

In other news, CFO Michelle M. Clatterbuck sold 2,253 shares of the company’s stock in a transaction on Tuesday, March 2nd. The stock was sold at an average price of $403.51, for a total transaction of $909,108.03. Following the transaction, the chief financial officer now owns 4,293 shares of the company’s stock, valued at $1,732,268.43. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP James Alexander Chriss sold 364 shares of the firm’s stock in a transaction that occurred on Thursday, February 25th. The shares were sold at an average price of $407.38, for a total transaction of $148,286.32. Following the completion of the transaction, the executive vice president now directly owns 221 shares in the company, valued at $90,030.98. The disclosure for this sale can be found here. 3.38% of the stock is owned by company insiders.

Intuit Profile

Intuit Inc provides financial management and compliance products and services for consumers, small businesses, self-employed, and accounting professionals in the United States, Canada, and internationally. The company operates in three segments: Small Business & Self-Employed, Consumer, and Strategic Partner.

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Institutional Ownership by Quarter for Intuit (NASDAQ:INTU)

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