Old Port Advisors Acquires New Position in Intuit Inc. (INTU)
Old Port Advisors acquired a new position in Intuit Inc. (NASDAQ:INTU) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 4,870 shares of the software maker’s stock, valued at approximately $995,000.
A number of other hedge funds and other institutional investors also recently made changes to their positions in INTU. Fundsmith Equity Fund L.P. bought a new stake in Intuit during the 2nd quarter valued at $810,956,000. FMR LLC boosted its position in Intuit by 14.3% during the 2nd quarter. FMR LLC now owns 10,343,136 shares of the software maker’s stock valued at $2,113,155,000 after acquiring an additional 1,290,503 shares in the last quarter. BlackRock Inc. boosted its position in Intuit by 5.2% during the 2nd quarter. BlackRock Inc. now owns 17,394,902 shares of the software maker’s stock valued at $3,553,866,000 after acquiring an additional 866,776 shares in the last quarter. Morgan Stanley boosted its position in Intuit by 25.1% during the 2nd quarter. Morgan Stanley now owns 2,623,888 shares of the software maker’s stock valued at $536,074,000 after acquiring an additional 525,743 shares in the last quarter. Finally, Millennium Management LLC boosted its position in Intuit by 287.7% during the 2nd quarter. Millennium Management LLC now owns 639,961 shares of the software maker’s stock valued at $130,747,000 after acquiring an additional 474,879 shares in the last quarter. 86.99% of the stock is currently owned by institutional investors and hedge funds.
INTU has been the topic of several recent research reports. Bank of America increased their target price on Intuit from $204.00 to $227.00 and gave the company a “buy” rating in a research report on Monday, June 11th. Stifel Nicolaus raised Intuit from a “hold” rating to a “buy” rating and increased their target price for the company from $197.00 to $240.00 in a research report on Monday, June 18th. BidaskClub lowered Intuit from a “strong-buy” rating to a “buy” rating in a report on Tuesday, June 26th. Zacks Investment Research lowered Intuit from a “buy” rating to a “hold” rating in a report on Tuesday, July 24th. Finally, Argus increased their price objective on Intuit from $225.00 to $250.00 in a report on Tuesday, July 24th. Three analysts have rated the stock with a sell rating, five have given a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company. The stock currently has a consensus rating of “Hold” and an average price target of $216.94.
Intuit (NASDAQ:INTU) last issued its quarterly earnings data on Thursday, August 23rd. The software maker reported $0.32 EPS for the quarter, beating the consensus estimate of $0.23 by $0.09. Intuit had a return on equity of 67.39% and a net margin of 20.31%. The firm had revenue of $988.00 million during the quarter, compared to analyst estimates of $952.67 million. During the same quarter in the prior year, the business posted $0.20 EPS. The business’s revenue for the quarter was up 17.3% compared to the same quarter last year. analysts forecast that Intuit Inc. will post 5.23 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, October 18th. Investors of record on Wednesday, October 10th will be paid a $0.47 dividend. This is a positive change from Intuit’s previous quarterly dividend of $0.39. The ex-dividend date is Tuesday, October 9th. This represents a $1.88 dividend on an annualized basis and a yield of 0.86%. Intuit’s dividend payout ratio (DPR) is 34.44%.
In related news, EVP Henry Tayloe Stansbury sold 31,396 shares of the firm’s stock in a transaction on Monday, August 27th. The stock was sold at an average price of $211.65, for a total value of $6,644,963.40. Following the completion of the transaction, the executive vice president now owns 27,186 shares in the company, valued at approximately $5,753,916.90. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Scott D. Cook sold 100,000 shares of the firm’s stock in a transaction on Wednesday, September 19th. The stock was sold at an average price of $221.58, for a total value of $22,158,000.00. The disclosure for this sale can be found here. Insiders sold a total of 618,585 shares of company stock valued at $137,074,229 in the last 90 days. 5.59% of the stock is currently owned by company 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.
Receive News & Ratings for Intuit Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Intuit and related companies with MarketBeat.com's FREE daily email newsletter.