Tower Research Capital LLC TRC Buys New Position in Intuit Inc. (INTU)
Tower Research Capital LLC TRC bought a new stake in Intuit Inc. (NASDAQ:INTU) in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 9,497 shares of the software maker’s stock, valued at approximately $1,941,000.
A number of other hedge funds also recently modified their holdings of the business. BlackRock Inc. boosted its stake in Intuit by 5.2% in the second 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 during the period. FMR LLC boosted its position in shares of Intuit by 14.3% during the second quarter. FMR LLC now owns 10,343,136 shares of the software maker’s stock worth $2,113,155,000 after buying an additional 1,290,503 shares during the period. OppenheimerFunds Inc. boosted its position in shares of Intuit by 0.5% during the second quarter. OppenheimerFunds Inc. now owns 2,974,690 shares of the software maker’s stock worth $607,744,000 after buying an additional 16,086 shares during the period. Brown Advisory Inc. boosted its position in shares of Intuit by 16.3% during the first quarter. Brown Advisory Inc. now owns 2,967,883 shares of the software maker’s stock worth $514,484,000 after buying an additional 416,938 shares during the period. Finally, Royal Bank of Canada boosted its position in shares of Intuit by 1.7% during the first quarter. Royal Bank of Canada now owns 2,887,262 shares of the software maker’s stock worth $500,508,000 after buying an additional 48,265 shares during the period. Institutional investors own 87.02% of the company’s stock.
Several brokerages have recently issued reports on INTU. Zacks Investment Research downgraded Intuit from a “buy” rating to a “hold” rating in a research report on Friday, May 18th. Barclays reiterated a “hold” rating and set a $190.00 price objective on shares of Intuit in a research report on Sunday, May 20th. BidaskClub downgraded Intuit from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, June 26th. Stifel Nicolaus upgraded Intuit from a “hold” rating to a “buy” rating and boosted their price objective for the stock from $197.00 to $240.00 in a research report on Monday, June 18th. Finally, Oppenheimer boosted their price objective on Intuit from $181.00 to $206.00 and gave the stock an “outperform” rating in a research report on Wednesday, May 23rd. Three analysts have rated the stock with a sell rating, five have issued a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average target price of $216.94.
INTU opened at $227.78 on Friday. The company has a market capitalization of $58.38 billion, a price-to-earnings ratio of 50.28, a PEG ratio of 2.39 and a beta of 1.21. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.14 and a quick ratio of 1.14. Intuit Inc. has a 1-year low of $140.21 and a 1-year high of $228.38.
Intuit (NASDAQ:INTU) last released its earnings results on Thursday, August 23rd. The software maker reported $0.32 earnings per share for the quarter, topping analysts’ consensus estimates of $0.23 by $0.09. The firm had revenue of $988.00 million during the quarter, compared to the consensus estimate of $952.67 million. Intuit had a return on equity of 67.39% and a net margin of 20.31%. The firm’s revenue for the quarter was up 17.3% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.20 earnings per share. analysts predict that Intuit Inc. will post 5.23 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, October 18th. Shareholders of record on Wednesday, October 10th will be given a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a yield of 0.83%. This is an increase from Intuit’s previous quarterly dividend of $0.39. The ex-dividend date of this dividend is Tuesday, October 9th. Intuit’s dividend payout ratio is 34.44%.
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.
Further Reading: Risk Tolerance
Want to see what other hedge funds are holding INTU? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Intuit Inc. (NASDAQ:INTU).
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.