Sycomore Asset Management Boosts Stake in Intuit Inc. (NASDAQ:INTU)

Sycomore Asset Management grew its stake in shares of Intuit Inc. (NASDAQ:INTU) by 23.7% in the second quarter, HoldingsChannel.com reports. The fund owned 31,553 shares of the software maker’s stock after acquiring an additional 6,039 shares during the quarter. Intuit comprises about 3.6% of Sycomore Asset Management’s investment portfolio, making the stock its 6th biggest position. Sycomore Asset Management’s holdings in Intuit were worth $20,114,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of the stock. Vanguard Group Inc. raised its position in Intuit by 1.1% during the first quarter. Vanguard Group Inc. now owns 26,057,696 shares of the software maker’s stock valued at $16,937,502,000 after purchasing an additional 283,291 shares in the last quarter. Wellington Management Group LLP raised its holdings in shares of Intuit by 173.0% during the 4th quarter. Wellington Management Group LLP now owns 3,687,583 shares of the software maker’s stock worth $2,304,850,000 after buying an additional 2,336,654 shares in the last quarter. Fisher Asset Management LLC lifted its position in shares of Intuit by 9.5% during the 4th quarter. Fisher Asset Management LLC now owns 3,114,975 shares of the software maker’s stock worth $1,946,954,000 after buying an additional 270,432 shares during the last quarter. Legal & General Group Plc boosted its stake in Intuit by 1.0% in the second quarter. Legal & General Group Plc now owns 2,340,555 shares of the software maker’s stock valued at $1,538,236,000 after buying an additional 23,995 shares in the last quarter. Finally, Ameriprise Financial Inc. boosted its stake in Intuit by 17.3% in the second quarter. Ameriprise Financial Inc. now owns 1,616,811 shares of the software maker’s stock valued at $1,062,578,000 after buying an additional 238,486 shares in the last quarter. 83.66% of the stock is owned by institutional investors and hedge funds.

Intuit Stock Performance

INTU stock opened at $621.00 on Tuesday. The company has a quick ratio of 1.29, a current ratio of 1.29 and a debt-to-equity ratio of 0.30. The firm has a market cap of $173.60 billion, a PE ratio of 57.29, a P/E/G ratio of 3.13 and a beta of 1.24. The business has a 50 day moving average of $634.62 and a 200-day moving average of $630.21. Intuit Inc. has a 12-month low of $473.56 and a 12-month high of $676.62.

Intuit (NASDAQ:INTU) last announced its quarterly earnings data on Thursday, August 22nd. The software maker reported $1.99 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.85 by $0.14. The firm had revenue of $3.18 billion during 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 business’s revenue for the quarter was up 17.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.40 EPS. As a group, sell-side analysts expect that Intuit Inc. will post 14.07 earnings per share for the current year.

Intuit Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 18th. Shareholders of record on Thursday, October 10th will be given a $1.04 dividend. This is a positive change from Intuit’s previous quarterly dividend of $0.90. The ex-dividend date of this dividend is Thursday, October 10th. This represents a $4.16 annualized dividend and a yield of 0.67%. Intuit’s payout ratio is currently 38.38%.

Insider Buying and Selling at Intuit

In other Intuit news, CFO Sandeep Aujla sold 1,061 shares of the firm’s stock in a transaction on Wednesday, July 3rd. The stock was sold at an average price of $651.27, for a total value of $690,997.47. Following the completion of the sale, the chief financial officer now directly owns 3,333 shares of the company’s stock, valued at $2,170,682.91. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, CFO Sandeep Aujla sold 1,061 shares of Intuit stock in a transaction dated Wednesday, July 3rd. The shares were sold at an average price of $651.27, for a total value of $690,997.47. Following the completion of the transaction, the chief financial officer now owns 3,333 shares in the company, valued at $2,170,682.91. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Scott D. Cook sold 2,461 shares of the company’s stock in a transaction that occurred on Wednesday, September 18th. The shares were sold at an average price of $637.19, for a total transaction of $1,568,124.59. Following the sale, the insider now owns 6,453,105 shares in the company, valued at $4,111,853,974.95. The disclosure for this sale can be found here. Insiders have sold a total of 51,583 shares of company stock worth $32,975,909 over the last three months. 2.90% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

INTU has been the subject of a number of research reports. Morgan Stanley cut shares of Intuit from an “overweight” rating to an “equal weight” rating and dropped their target price for the stock from $750.00 to $685.00 in a report on Wednesday, August 14th. Citigroup raised their target price on shares of Intuit from $727.00 to $750.00 and gave the company a “buy” rating in a research report on Friday, June 28th. Barclays lowered their price target on shares of Intuit from $745.00 to $740.00 and set an “overweight” rating for the company in a report on Friday, August 23rd. Erste Group Bank reiterated a “hold” rating on shares of Intuit in a research note on Friday, June 14th. Finally, JPMorgan Chase & Co. boosted their price objective on Intuit from $585.00 to $600.00 and gave the stock a “neutral” rating in a research report on Friday, August 23rd. Four research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $735.71.

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.