Tairen Capital Ltd Takes $3.94 Million Position in Intuit Inc. (NASDAQ:INTU)

Tairen Capital Ltd acquired a new position in shares of Intuit Inc. (NASDAQ:INTU) during the second quarter, Holdings Channel.com reports. The institutional investor acquired 6,000 shares of the software maker’s stock, valued at approximately $3,943,000. Intuit comprises 0.1% of Tairen Capital Ltd’s holdings, making the stock its 17th largest holding.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Bank of Montreal Can lifted its stake in shares of Intuit by 11.2% in the second quarter. Bank of Montreal Can now owns 403,974 shares of the software maker’s stock valued at $265,871,000 after purchasing an additional 40,837 shares during the period. Lombard Odier Asset Management Europe Ltd acquired a new stake in Intuit during the 2nd quarter valued at $7,702,000. Evergreen Capital Management LLC boosted its stake in shares of Intuit by 1.7% during the second quarter. Evergreen Capital Management LLC now owns 4,331 shares of the software maker’s stock valued at $2,846,000 after acquiring an additional 73 shares during the last quarter. Public Sector Pension Investment Board grew its holdings in shares of Intuit by 71.9% during the second quarter. Public Sector Pension Investment Board now owns 10,717 shares of the software maker’s stock worth $7,043,000 after buying an additional 4,483 shares in the last quarter. Finally, Nippon Life Global Investors Americas Inc. raised its holdings in Intuit by 14.3% in the 2nd quarter. Nippon Life Global Investors Americas Inc. now owns 88,800 shares of the software maker’s stock valued at $58,360,000 after acquiring an additional 11,140 shares during the last quarter. Institutional investors and hedge funds own 83.66% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on INTU shares. Bank of America increased their target price on Intuit from $730.00 to $780.00 and gave the stock a “buy” rating in a research report on Friday, August 23rd. Jefferies Financial Group upped their price target on Intuit from $770.00 to $790.00 and gave the stock a “buy” rating in a report on Friday, August 23rd. Susquehanna reissued a “positive” rating and set a $757.00 target price on shares of Intuit in a research report on Friday, August 16th. StockNews.com lowered shares of Intuit from a “buy” rating to a “hold” rating in a report on Friday. Finally, Royal Bank of Canada initiated coverage on shares of Intuit in a research report on Wednesday, July 3rd. They issued an “outperform” rating and a $760.00 price objective for the company. Six equities research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the stock. According to data from MarketBeat.com, Intuit currently has a consensus rating of “Moderate Buy” and an average price target of $720.37.

Insider Transactions at Intuit

In other news, EVP Mark P. Notarainni sold 965 shares of the company’s stock in a transaction dated Tuesday, July 2nd. The shares were sold at an average price of $651.00, for a total transaction of $628,215.00. Following the transaction, the executive vice president now owns 1,020 shares in the company, valued at $664,020. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, insider Scott D. Cook sold 2,461 shares of the stock in a transaction on Wednesday, September 18th. The stock was sold at an average price of $637.19, for a total transaction of $1,568,124.59. Following the completion of the transaction, the insider now owns 6,453,105 shares in the company, valued at approximately $4,111,853,974.95. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Mark P. Notarainni sold 965 shares of Intuit stock in a transaction that occurred on Tuesday, July 2nd. The shares were sold at an average price of $651.00, for a total transaction of $628,215.00. Following the completion of the transaction, the executive vice president now owns 1,020 shares of the company’s stock, valued at $664,020. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 22,389 shares of company stock worth $14,231,188. Company insiders own 2.90% of the company’s stock.

Intuit Stock Down 1.4 %

Intuit stock opened at $644.99 on Monday. The company has a fifty day simple moving average of $636.82 and a 200 day simple moving average of $631.11. Intuit Inc. has a 1-year low of $473.56 and a 1-year high of $676.62. The company has a current ratio of 1.29, a quick ratio of 1.29 and a debt-to-equity ratio of 0.30. The company has a market cap of $180.31 billion, a P/E ratio of 59.50, a price-to-earnings-growth ratio of 3.14 and a beta of 1.24.

Intuit (NASDAQ:INTU) last issued its quarterly earnings data on Thursday, August 22nd. The software maker reported $1.99 EPS for the quarter, beating analysts’ consensus estimates of $1.85 by $0.14. Intuit had a return on equity of 18.64% and a net margin of 18.19%. The firm had revenue of $3.18 billion for the quarter, compared to analyst estimates of $3.08 billion. During the same period in the prior year, the firm posted $0.40 EPS. The company’s revenue for the quarter was up 17.4% on a year-over-year basis. Research analysts anticipate that Intuit Inc. will post 14.06 earnings per share for the current fiscal year.

Intuit Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 18th. Stockholders of record on Thursday, October 10th will be given a dividend of $1.04 per share. This represents a $4.16 dividend on an annualized basis and a dividend yield of 0.64%. This is an increase from Intuit’s previous quarterly dividend of $0.90. The ex-dividend date of this dividend is Thursday, October 10th. Intuit’s dividend payout ratio (DPR) is 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.