Rhumbline Advisers Buys 4,704 Shares of Intuit Inc. (INTU)
Rhumbline Advisers increased its position in shares of Intuit Inc. (NASDAQ:INTU) by 1.1% during the second quarter, Holdings Channel reports. The institutional investor owned 414,737 shares of the software maker’s stock after buying an additional 4,704 shares during the period. Rhumbline Advisers’ holdings in Intuit were worth $55,081,000 at the end of the most recent quarter.
Several other hedge funds also recently added to or reduced their stakes in INTU. Smith Asset Management Group LP bought a new stake in Intuit during the second quarter worth about $40,451,000. Teacher Retirement System of Texas increased its stake in Intuit by 194.0% in the second quarter. Teacher Retirement System of Texas now owns 31,581 shares of the software maker’s stock worth $4,194,000 after buying an additional 20,838 shares in the last quarter. Schwab Charles Investment Management Inc. increased its stake in Intuit by 11.1% in the second quarter. Schwab Charles Investment Management Inc. now owns 856,611 shares of the software maker’s stock worth $113,767,000 after buying an additional 85,812 shares in the last quarter. Wetherby Asset Management Inc. increased its stake in Intuit by 0.4% in the second quarter. Wetherby Asset Management Inc. now owns 7,040 shares of the software maker’s stock worth $935,000 after buying an additional 27 shares in the last quarter. Finally, Canada Pension Plan Investment Board increased its stake in Intuit by 30.3% in the second quarter. Canada Pension Plan Investment Board now owns 331,217 shares of the software maker’s stock worth $43,989,000 after buying an additional 77,100 shares in the last quarter. 85.57% of the stock is currently owned by institutional investors and hedge funds.
Shares of Intuit Inc. (INTU) traded up 0.08% during midday trading on Friday, hitting $135.27. The stock had a trading volume of 48,733 shares. The company has a market cap of $34.66 billion, a price-to-earnings ratio of 38.87 and a beta of 1.15. The stock’s 50-day moving average price is $135.14 and its 200 day moving average price is $127.61. Intuit Inc. has a 52 week low of $103.22 and a 52 week high of $143.81.
Intuit (NASDAQ:INTU) last issued its quarterly earnings results on Tuesday, May 23rd. The software maker reported $3.90 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $3.87 by $0.03. Intuit had a net margin of 17.82% and a return on equity of 80.88%. The company had revenue of $2.54 billion during the quarter, compared to analyst estimates of $2.50 billion. During the same quarter last year, the business posted $3.43 EPS. Intuit’s quarterly revenue was up 10.3% compared to the same quarter last year. On average, equities analysts forecast that Intuit Inc. will post $4.39 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, July 18th. Investors of record on Monday, July 10th were issued a $0.34 dividend. This represents a $1.36 annualized dividend and a yield of 1.01%. The ex-dividend date was Thursday, July 6th. Intuit’s dividend payout ratio (DPR) is presently 39.19%.
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A number of equities analysts recently commented on the company. BidaskClub cut Intuit from a “buy” rating to a “hold” rating in a report on Thursday, June 29th. Citigroup Inc. cut Intuit from a “buy” rating to a “neutral” rating and reduced their price target for the stock from $148.00 to $141.00 in a report on Monday, June 26th. Zacks Investment Research upgraded Intuit from a “sell” rating to a “buy” rating and set a $155.00 price target for the company in a report on Monday, May 29th. Barclays PLC reiterated an “equal weight” rating on shares of Intuit in a report on Sunday, May 28th. Finally, CIBC lifted their price target on Intuit from $125.00 to $141.00 and gave the stock an “outperform” rating in a report on Friday, May 26th. 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’s stock. The stock has a consensus rating of “Buy” and an average target price of $135.63.
In related news, EVP Henry Tayloe Stansbury sold 3,742 shares of the firm’s stock in a transaction that occurred on Friday, May 26th. The shares were sold at an average price of $137.92, for a total value of $516,096.64. Following the completion of the transaction, the executive vice president now directly owns 4,580 shares of the company’s stock, valued at approximately $631,673.60. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Dennis D. Powell sold 16,686 shares of the firm’s stock in a transaction that occurred on Thursday, May 25th. The stock was sold at an average price of $136.82, for a total transaction of $2,282,978.52. Following the completion of the transaction, the director now directly owns 4,554 shares of the company’s stock, valued at $623,078.28. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 151,265 shares of company stock valued at $21,085,104. 5.70% of the stock is owned by insiders.
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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