Ritholtz Wealth Management Raises Position in Intuit Inc. (NASDAQ:INTU)

Ritholtz Wealth Management lifted its position in shares of Intuit Inc. (NASDAQ:INTU) by 4.5% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 3,921 shares of the software maker’s stock after acquiring an additional 169 shares during the quarter. Ritholtz Wealth Management’s holdings in Intuit were worth $2,577,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its holdings in shares of Intuit by 1.1% in the 1st quarter. Vanguard Group Inc. now owns 26,057,696 shares of the software maker’s stock valued at $16,937,502,000 after buying an additional 283,291 shares during the period. Wellington Management Group LLP lifted its holdings in Intuit by 173.0% in the fourth quarter. Wellington Management Group LLP now owns 3,687,583 shares of the software maker’s stock valued at $2,304,850,000 after acquiring an additional 2,336,654 shares during the period. Brown Advisory Inc. lifted its holdings in Intuit by 2.3% in the fourth quarter. Brown Advisory Inc. now owns 3,548,119 shares of the software maker’s stock valued at $2,217,681,000 after acquiring an additional 80,517 shares during the period. Norges Bank acquired a new position in shares of Intuit during the 4th quarter worth $2,101,848,000. Finally, Fisher Asset Management LLC increased its holdings in shares of Intuit by 9.5% in the 4th quarter. Fisher Asset Management LLC now owns 3,114,975 shares of the software maker’s stock valued at $1,946,954,000 after purchasing an additional 270,432 shares in the last quarter. Institutional investors and hedge funds own 83.66% of the company’s stock.

Insider Buying and Selling

In other Intuit news, insider Scott D. Cook sold 75,000 shares of Intuit stock in a transaction on Monday, June 10th. The shares were sold at an average price of $567.75, for a total value of $42,581,250.00. Following the transaction, the insider now owns 6,626,721 shares in the company, valued at approximately $3,762,320,847.75. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other Intuit news, insider Scott D. Cook sold 27,309 shares of the company’s stock in a transaction dated Wednesday, June 12th. The stock was sold at an average price of $593.16, for a total transaction of $16,198,606.44. Following the completion of the sale, the insider now directly owns 6,524,412 shares in the company, valued at $3,870,020,221.92. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Scott D. Cook sold 75,000 shares of Intuit stock in a transaction dated Monday, June 10th. The shares were sold at an average price of $567.75, for a total value of $42,581,250.00. Following the completion of the transaction, the insider now directly owns 6,626,721 shares in the company, valued at $3,762,320,847.75. The disclosure for this sale can be found here. Over the last quarter, insiders sold 104,367 shares of company stock valued at $60,118,991. Insiders own 2.90% of the company’s stock.

Intuit Trading Up 1.2 %

Shares of Intuit stock opened at $630.26 on Monday. Intuit Inc. has a fifty-two week low of $473.56 and a fifty-two week high of $676.62. The business’s fifty day moving average is $640.13 and its two-hundred day moving average is $633.32. The company has a quick ratio of 1.50, a current ratio of 1.29 and a debt-to-equity ratio of 0.30. The firm has a market cap of $176.19 billion, a PE ratio of 58.14, a P/E/G ratio of 3.08 and a beta of 1.23.

Intuit (NASDAQ:INTU) last released its earnings results on Thursday, August 22nd. The software maker reported $1.99 earnings per share for the quarter, topping the consensus estimate of $1.85 by $0.14. The firm had revenue of $3.18 billion for the quarter, compared to the consensus estimate of $3.08 billion. Intuit had a return on equity of 18.64% and a net margin of 18.19%. The firm’s revenue for the quarter was up 17.4% compared to the same quarter last year. During the same period in the prior year, the business posted $0.40 earnings per share. Analysts anticipate that Intuit Inc. will post 14.06 earnings per share for the current year.

Intuit Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, October 18th. Investors of record on Thursday, October 10th will be issued a $1.04 dividend. This represents a $4.16 dividend on an annualized basis and a yield of 0.66%. This is an increase from Intuit’s previous quarterly dividend of $0.90. The ex-dividend date is Thursday, October 10th. Intuit’s payout ratio is presently 33.21%.

Wall Street Analyst Weigh In

A number of analysts recently commented on the stock. Royal Bank of Canada started coverage on shares of Intuit in a report on Wednesday, July 3rd. They set an “outperform” rating and a $760.00 price objective on the stock. JPMorgan Chase & Co. upped their price target on Intuit from $585.00 to $600.00 and gave the stock a “neutral” rating in a report on Friday, August 23rd. Jefferies Financial Group lifted their price objective on Intuit from $770.00 to $790.00 and gave the stock a “buy” rating in a report on Friday, August 23rd. Stifel Nicolaus raised their price target on Intuit from $690.00 to $795.00 and gave the company a “buy” rating in a research report on Friday, August 23rd. Finally, Wells Fargo & Company boosted their price objective on shares of Intuit from $725.00 to $750.00 and gave the stock an “overweight” rating in a research report on Tuesday, May 21st. Five analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $716.35.

Intuit Company 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 four segments: Small Business & Self-Employed, Consumer, Credit Karma, and ProTax.