Twin Tree Management LP Purchases New Position in Intuit Inc. (INTU)
Twin Tree Management LP purchased a new stake in Intuit Inc. (NASDAQ:INTU) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund purchased 694 shares of the software maker’s stock, valued at approximately $181,000.
Other hedge funds have also modified their holdings of the company. Financial Advantage Inc. acquired a new position in shares of Intuit during the 1st quarter worth about $26,000. CX Institutional increased its stake in shares of Intuit by 85.5% during the 1st quarter. CX Institutional now owns 102 shares of the software maker’s stock worth $27,000 after purchasing an additional 47 shares during the last quarter. Athena Capital Advisors LLC acquired a new position in shares of Intuit during the 4th quarter worth about $28,000. Financial Gravity Wealth Inc. acquired a new position in shares of Intuit during the 1st quarter worth about $28,000. Finally, Private Ocean LLC acquired a new position in shares of Intuit during the 1st quarter worth about $28,000. Hedge funds and other institutional investors own 88.04% of the company’s stock.
In other news, CFO Michelle M. Clatterbuck sold 10,628 shares of the company’s stock in a transaction that occurred on Tuesday, May 28th. The shares were sold at an average price of $256.27, for a total transaction of $2,723,637.56. Following the completion of the sale, the chief financial officer now owns 10,628 shares of the company’s stock, valued at approximately $2,723,637.56. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Laura A. Fennell sold 67,488 shares of the company’s stock in a transaction that occurred on Tuesday, March 12th. The stock was sold at an average price of $251.43, for a total transaction of $16,968,507.84. Following the sale, the executive vice president now directly owns 95,102 shares of the company’s stock, valued at approximately $23,911,495.86. The disclosure for this sale can be found here. Insiders sold a total of 96,231 shares of company stock valued at $24,236,914 in the last three months. Insiders own 4.60% of the company’s stock.
Intuit (NASDAQ:INTU) last posted its quarterly earnings data on Thursday, May 23rd. The software maker reported $5.55 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $5.12 by $0.43. The firm had revenue of $3.27 billion during the quarter, compared to the consensus estimate of $3.23 billion. Intuit had a net margin of 24.34% and a return on equity of 52.65%. The business’s revenue for the quarter was up 12.4% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $4.82 EPS. On average, research analysts forecast that Intuit Inc. will post 5.49 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, July 18th. Shareholders of record on Wednesday, July 10th will be issued a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a yield of 0.77%. The ex-dividend date of this dividend is Tuesday, July 9th. Intuit’s dividend payout ratio is currently 41.50%.
INTU has been the topic of several recent analyst reports. Morgan Stanley upgraded shares of Intuit from an “underweight” rating to an “equal weight” rating and set a $225.00 price objective on the stock in a research note on Monday, February 4th. Royal Bank of Canada boosted their price objective on shares of Intuit from $274.00 to $290.00 and gave the stock an “outperform” rating in a research note on Tuesday, April 2nd. BNP Paribas initiated coverage on shares of Intuit in a research note on Friday, March 29th. They set an “underperform” rating and a $200.00 price objective on the stock. Oppenheimer boosted their price objective on shares of Intuit from $254.00 to $269.00 and gave the stock an “outperform” rating in a research note on Wednesday, March 27th. Finally, Jefferies Financial Group boosted their price objective on shares of Intuit from $272.00 to $300.00 and gave the stock a “buy” rating in a research note on Friday, May 24th. Three research analysts have rated the stock with a sell rating, five have given a hold rating and fifteen have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average target price of $252.55.
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Intuit Inc provides financial management and compliance products and services for small businesses, consumers, self-employed, and accounting professionals in the United States, Canada, and internationally. The company's Small Business & Self-Employed segment provides QuickBooks online services and desktop software solutions comprising QuickBooks Enterprise, a hosted or server-based solution and QuickBooks Advanced, an online enterprise solution; QuickBooks Self-Employed solution; and QuickBooks Online Accountant and QuickBooks Accountant Desktop Plus solutions; payroll solutions, such as online payroll processing, direct deposit of employee paychecks, payroll reports, electronic payment of federal and state payroll taxes, and electronic filing of federal and state payroll tax forms.
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