AE Wealth Management LLC Purchases 3,169 Shares of Intuit Inc. (NASDAQ:INTU)

AE Wealth Management LLC grew its position in Intuit Inc. (NASDAQ:INTU) by 57.0% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 8,726 shares of the software maker’s stock after acquiring an additional 3,169 shares during the quarter. AE Wealth Management LLC’s holdings in Intuit were worth $5,735,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of INTU. Intech Investment Management LLC boosted its stake in Intuit by 134.7% during the first quarter. Intech Investment Management LLC now owns 4,601 shares of the software maker’s stock worth $2,991,000 after buying an additional 2,641 shares in the last quarter. Parnassus Investments LLC lifted its holdings in shares of Intuit by 119.0% during the 4th quarter. Parnassus Investments LLC now owns 1,338,139 shares of the software maker’s stock worth $836,377,000 after acquiring an additional 727,185 shares during the period. Public Employees Retirement System of Ohio boosted its position in shares of Intuit by 1.1% during the 4th quarter. Public Employees Retirement System of Ohio now owns 179,801 shares of the software maker’s stock valued at $112,381,000 after acquiring an additional 1,990 shares in the last quarter. Wellington Management Group LLP increased its stake 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. Finally, Cetera Advisors LLC raised its position in Intuit by 33.4% in the first quarter. Cetera Advisors LLC now owns 10,607 shares of the software maker’s stock worth $6,895,000 after purchasing an additional 2,655 shares in the last quarter. Institutional investors and hedge funds own 83.66% of the company’s stock.

Insider Buying and Selling at Intuit

In other Intuit news, CFO Sandeep Aujla sold 1,061 shares of Intuit stock in a transaction on Wednesday, July 3rd. The shares were sold at an average price of $651.27, for a total transaction of $690,997.47. Following the completion of the sale, the chief financial officer now owns 3,333 shares of the company’s stock, valued at approximately $2,170,682.91. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In related news, Director Eve B. Burton sold 2,988 shares of Intuit stock in a transaction that occurred on Thursday, September 19th. The shares were sold at an average price of $649.87, for a total transaction of $1,941,811.56. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Sandeep Aujla sold 1,061 shares of the business’s stock in a transaction that occurred on Wednesday, July 3rd. The shares were sold at an average price of $651.27, for a total transaction of $690,997.47. Following the transaction, the chief financial officer now owns 3,333 shares of the company’s stock, valued at approximately $2,170,682.91. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 22,389 shares of company stock valued at $14,231,188. 2.90% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the company. Susquehanna reiterated a “positive” rating and issued a $757.00 price objective on shares of Intuit in a research note on Friday, August 16th. StockNews.com cut Intuit from a “buy” rating to a “hold” rating in a research report on Friday. BMO Capital Markets lifted their price objective on Intuit from $700.00 to $760.00 and gave the company an “outperform” rating in a report on Friday, August 23rd. Jefferies Financial Group upped their target price on shares of Intuit from $770.00 to $790.00 and gave the stock a “buy” rating in a report on Friday, August 23rd. Finally, Morgan Stanley downgraded shares of Intuit from an “overweight” rating to an “equal weight” rating and cut their price target for the company from $750.00 to $685.00 in a report on Wednesday, August 14th. Six equities research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $720.37.

Intuit Stock Down 1.4 %

NASDAQ:INTU opened at $644.99 on Friday. The stock’s fifty day moving average price is $636.82 and its two-hundred day moving average price is $631.24. The company has a market cap of $180.31 billion, a price-to-earnings ratio of 59.50, a P/E/G ratio of 3.14 and a beta of 1.24. Intuit Inc. has a 52-week low of $473.56 and a 52-week high of $676.62. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.29 and a current ratio of 1.29.

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

Intuit Increases Dividend

The firm also recently disclosed 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 is a positive change from Intuit’s previous quarterly dividend of $0.90. This represents a $4.16 annualized dividend and a yield of 0.64%. The ex-dividend date of this dividend is Thursday, October 10th. Intuit’s dividend payout ratio is currently 38.38%.

About Intuit

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.